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Friday, November 20, 2009
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 Tax INsight is prepared by experts who are active members of the American Institute of Certified Public Accountants. Tax INsight appears on the web and in IN Daily every Tuesday. Comments are welcome at IN_Editor@InvestmentNews.com.
 Jonathan Horn
 Michelle Musacchio
 Lisa Featherngill
 Joe Walloch
 Art Auerbach
The Senate bill contains tax credits for low- and middle-income families, but the House bill has proposals that would affect high earners.
Your client has invested in an LLC or LLP that sustains losses. Since the IRS considers him or her to be a limited partner, the losses are considered passive and the client is unable to offset salary and investment income with the losses.
Suppose your client decides to invest in the stock of a European company that is not traded in the United States. How would he report the transactions for tax purposes?
Mortgage interest deductions are the subject of recent examinations conducted by the Internal Revenue Service through the mail.
General Motors Corp. has returned and the “cash for clunkers” bill has been enacted by Congress, providing vouchers valued from $3,500 to $4,500 when you trade in a vehicle. Let us explore some of the tax and finance decisions that enter the process.
Your client would like to transfer securities to family members and asks for your help.
Your client has an account with a bank located in a foreign country. The client has heard that the government is imposing onerous penalties for failure to file a FBAR report by June 30. Are they in trouble? What should they do immediately to resolve the situation?
Clients should be encouraged to do some midyear tax planning, especially given the many changes in the Internal Revenue Code recently enacted. The biggest effect is potentially from the change in the withholding tables effective April 1.
Your client has a small business and is considering some capital expenditures this year but is wondering about the tax implications.
Situation: When your clients ask whether anything good will come out of proposed tax legislation, you can point to a House bill that offers a silver lining in the looming dark clouds of proposed tax...
While succession planning involves many decisions and alternatives, there is one outcome that is always an either/or option: ownership of the practice will pass either to a family member or to an outsider.
Your client is considering either a surrender or sale of a life insurance policy and asks about the income tax consequences.
Your clients have filed their 2008 federal and state tax returns. Now, you and the couple are wondering whether there are any improvement to their home they could make that would help them taxwise.
Your clients are sitting on the edge of their seats, anxiously awaiting word of how the alternative minimum tax will affect them.
This is a good time during the year to discuss the Internal Revenue Service deductibility rules for charitable contributions with clients, as they are all probably being inundated with mail and telephone solicitations for donations.
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