January/February 2016 Tax Impact

 

| |

Designing a tax-wise bonus plan

An annual bonus plan can help attract, retain and motivate employees. And if the plan is designed carefully, the taxpayer can deduct bonuses earned this year even if he or she doesn’t pay them until next year. This article explains certain rules, such as the 2½ month rule and the all-events test. A sidebar discusses when it may be beneficial to change one’s accounting method.

Read More

The net investment income tax — Planning opportunities for small business owners

Those who own an interest in an S corporation, partnership or LLC should review the potential impact of the net investment income tax (NIIT). Why? Because there may be opportunities to reduce or even eliminate the tax. This article discusses how the tax works and offers some handy planning tips.

Read More

Need to protect your assets? Consider a BDIT

A BDIT, also known as the “Beneficiary Defective Inheritor’s Trust,” is one of the most powerful estate tax and asset protection strategies available to taxpayers. Essentially, it’s a third-party settled trust designed to give the taxpayer control and beneficial enjoyment of the trust property. This article explains how a BDIT works and why it’s so important.

Read More

Tax Tips
Thinking about expatriation? Watch out for the “exit tax”

This issue’s “Tax Tips” offers tidbits on expatriation and the “exit tax,” how to undo a Roth IRA conversion, and the nontaxability of identity protection services for some individuals.

Read More

This publication is distributed with the understanding that the author, publisher and distributor are not rendering legal, accounting or other professional advice or opinions on specific facts or matters, and accordingly assume no liability whatsoever in connection with

Latest Blog

Deadline Approaches for Remedial Amendments for 403(b) Plans

Maintaining compliance for 403(b) retirement plans historically has been challenging given the lack of historical regulatory oversight, guidance ...

First-Time Plan Audits: What to Expect

Download PDF. Growing beyond 100 employees is an important landmark in a company’s history. While companies may view ...

IRS Releases New Round of Qualified Opportunity Zone Proposed Regulations – Observations Regarding Certain Key Provisions

Yesterday afternoon, the U.S. Treasury and the Internal Revenue Service (IRS) published a 169-page document setting forth a ...

HM&M Updates

HM&M Opens New Office in Frisco, Texas

HM&M is Going North             We are excited to announce our new office ...

Power to the People Networking Event | Panel of Experts including HM&M’s Carmel B. Wood, CPA

Power to the People A luxury happy hour networking event Join Leverage and its special panel of experts ...

HM&M moves up to #18 on the Dallas Business Journal list of top 25 largest accounting firms in north Texas

We are thrilled to continue growing in the Dallas metroplex! HM&M moves up to #18 on the Dallas ...