2018 inflation-adjusted figures for contributions to HSAs have been released by the IRS.
Inheriting an IRA means different things to different people. Everyone shares in the grief of a departed loved one, but the options available to those beneficiaries are very different. Spousal beneficiaries have options to treat the IRA as their own or can keep the account in the original owner's name. Non-spousal beneficiaries must keep the account in the original owner's name and are subject to different distribution rules that depend on the age of the original owner.
According to UHY partner Christopher Byrne, Internal Revenue Code § 121 provides taxpayers with an exclusion from gross income of up to $250,000 of gain on the sale of a taxpayer’s principal residence. A married couple filing a joint return may exclude up to $500,000. In order to qualify for the exclusion, the residence must have been the taxpayer’s principal residence for an aggregate of 2 years or more during the 5 year period leading up to the sale. The determination of a principal residence is a question of facts and circumstances.
As part of the Affordable Care Act (ACA), one of the many excise taxes imposed by this act is again quickly approaching. The Patient-Centered Outcomes Research Institute (PCORI) fee is an excise tax imposed on health insurance issuers and plan sponsors of self-insured health plans effective for plan years ending on or after Oct. 1, 2012.
A United States citizen dies in the United Kingdom having spent a significant number of years living and working in the UK. To which country or countries will estate taxes be payable?
Fortunately, in the case of the US and the UK there is an estate tax treaty that has mechanisms to prevent double taxation.
According to UHY partner Christopher Byrne, the US / UK Estate Tax Treaty uses domicile primarily as the bases of estate taxation. The exception is real property and business property of a permanent establishment. Those are taxed based on location.
The IRS, with an affirmative ruling from the Tax Court, has disallowed an S corporation's deduction of the unpaid portion of the payroll expenses for employees who participated in the S corporation's employee stock ownership plan (ESOP).
Many years ago you started to put some money aside to provide a comfortable retirement. Maybe it was a pension plan, possibly a 401K plan or even an IRA. Do you have more than one of these accounts because of job or investment advisor changes? Have you gotten married since you opened your account? Have you had children, got divorced, had grandchildren or had a death in the family? Chances are one or more of these life events will apply to you. When you set your retirement account up you made a beneficiary election. Do you remember who you selected...or have a copy of the election you made? Your retirement account is just that, for retirement. However, in most cases these funds are never totally exhausted before the account owner dies so your beneficiary election is vital to proper retirement planning. Your beneficiary election will determine who inherits your retirement account, but more importantly, how and when it will be taxed to them.
If you do not participate in your employer's retirement plan, you have up until April 18, 2017 to make a traditional IRA contribution which would be fully deductible on your 2016 income tax return.
There have been a lot of questions lately surrounding the 1095 reporting requirements for the 2016 reporting period. Read more to review some bullet points from frequently asked questions.
Although the end of the year is quickly approaching, there is still time to implement some tax strategies that can improve your tax circumstances for 2016 and beyond.
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Tuesday November 7 2017 | 7:00AM—9:30AM
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Wednesday September 27 2017 | 7:30AM—9:30AM
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