An update from time to time on various tax and non-tax issues pertaining to qualified plans and their participants - by Ed Zollars and others - edited by Steve Leimberg and designed for tax professionals.
In this 14-minute podcast, Bob Keebler discusses strategies for planning IRA and qualified plan distributions under the new law, including Roth IRA conversions, charitable remainder trusts as beneficiaries, and the use of life insurance. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
In this six-minute podcast, Bob Keebler explains the new rules that apply to distributions to eligible designated beneficiaries under the SECURE Act. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
In this ten-minute podcast, Bob Keebler explains the new IRA distribution rules in the SECURE Act, H.R. 1994 which was passed by the House of Representatives on May 23, 2019. He suggests planning solutions to be considered if the bill is enacted. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
In this 19-minute podcast, Bob Keebler covers the basics of Roth IRAs, including general concepts; taxation of conversions and distributions; mathematics of conversions; and estate tax considerations. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
In this 25-minute podcast, Bob Keebler discusses planning to maximize the income tax benefits of retirement plans and IRAs under the Tax Cuts and Jobs Act. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
In this podcast, Bob Keebler discusses a powerful planning technique: multiple Roth IRA conversions. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
A Congressional proposal would limit the stretchout of IRA distributions after the death of the owner in most cases. Bob Keebler analyzes the proposed legislation in this podcast. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
Bob Keebler and Marty Shenkman discuss planning between now and December 31st. The time is crucial and the opportunity is not to be missed. Marty has created a postcard to inform clients of 2012 planning opportunities. A company called "Printing for Less" - which does Marty's newsletter - will customize and mail it for any practitioner at a 20% discount off printing costs + postage. (Marty gets no payment from this). You can use his postcard primarily with no royalties (but a nice note and perhaps a gift to charity in Marty's name is in order). To learn more, just go to http://www.printingforless.com/shenkman and you can quickly handle the entire process. LISI has posted Marty's sample postcard and a flyer that explains it. You can find it by loging into LISI and looking under ActualText. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
Bob interviews attorney Michael Goller who discusses the new Covered Opinion Proposed Regulations. This is a very important development focusing on Section 10.37 - dealing with tax opinions and how attorneys must comply. Also stressed in this interview is section 10.35, which requires competence and 10.36 dealing with management oversight proceedures and standards. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
Bob Keebler Discusses one of the most dangerous of all retirement and IRA planning topics, prohibited transactions. Don't miss this most important PodCast! This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
In this important PodCast, Bob Keebler reviews what he is calling the Section 1022 Election/AMT 'Curveball.' According to Bob, it appears that there is a strong possibility that taxpayers electing carryover basis will have different basis for AMT and regular tax purposes. This, according to Bob, appears to have been missed by the tax writing committees and the IRS. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
In this PodCast, Bob Keebler reviews a variety of strategies that can immediately help clients with their stock and bond investments. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
Bob Keebler discusses Revenue Procedure 2011-41, which was issued by the IRS on August 5th. Bob covers the safe harbor rules applicable when executors elect out of paying estate tax, as well as the rules on how-to allocate basis This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
In this PodCast, Bob Keebler focuses on Notice 2011-66, the 1022 election not to pay estate tax, along with impact of Form 8939 This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
In this PodCast, Bob Keebler focuses on the tax issues raised by the Budget Control Act of 2011, along with what Congress might do in in the future. Bob also reviews the things advisors should be doing to help their clients. This is Part 2 of 2 This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
In this PodCast, Bob Keebler reviewd the current fiscal situation and important dates contained in the Budget Control Act of 2011. This is Part 1 of 2 This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
Bob Keebler provides an overview of issues planners must consider when planning for clients with deferred compensation and/or compensatory stock. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
Bob Keebler discusses how charitable and financial planning can intersect to accomplish client goals. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
This is Part I of a two part series. Bob discusses planning strategies where a client has or is considering stock options at a time when interest rates are increasing. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
Bob Keebler discusses important factors to consider when a client owns or is considering the use of stock options during a time when rates are increasing. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
Bob Keebler discusses early distributions from IRAs and Qualified Plans. He talks about both federal and state "penalties" (i.e. the additional tax). Bob distinguishes between public employees, corporations, and money in an IRA. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
Bob Keebler discusses crucial and time-senstive issues such as excess accumulations, excess contributions, late recharacterizations, and missed 60 day roll-overs. Even if you are in the middle of tax season, you need to stop and listen to this short and timely commentary crammmed with tax traps and their solutions. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
Bob Keebler discusses net unrealized appreciation. Only available for clients with appreciated employer securities in their pension or profit-sharing plan, this is an incredible income tax planning opportunity. Hear the magic of turning ordinary income into capital gains. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
This podcast is the sequel to a November 2006 podcast on the same case--that of Kadillak v. Commissioner where an individual who was caught by the "dot bomb" crash of the technology stock of his former employer attempted to mitigate the damage caused by his ISO exercise and 83(b) election made at the height of the craze. A year later, Mr. Kadillak was no longer employed by the organization, the stock price had tanked, and when he sold the stock that he didn't have to surrender got stuck with a $3,000 per year AMT capital loss deduction (probably for lifetime) to "offset" a large prior year AMT liability. The Ninth Circuit has now ruled on the case and, unfortunately for Mr. Kadillak, agreed with the Tax Court's decision. We look at the Section 83(b) election, it's downside risk that Mr. Kadillak obtained "up close and personal" experience with, and some general observations on counseling clients about the "what if" problem when they are sure they know what the future will hold. The materials are available at http://www.edzollars.com/2008-08-04_83b.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
This PodCast is the first of what will be a series of two on the proposed regulations for preparer penalties. Considering the length of the regulations and podcast, the first hour is in this file to listen to and digest, with part two to be posted later. The materials are at http://edzollars.com/2008-06-23_Penalty.pdf . . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
This PodCast pertains to a case involving a failure to meet SEP rules. Simplified employee pensions (SEPs) are a popular retirement plan for extremely small businesses, with one of the key attractions being that don't require many of the formalities of regular qualified plans. But that has led to taxpayers treating them too informally, and in this case(Brown v. Commissioner, TC Summary 2008-56) a taxpayer discovered the hard way what can be the consequences of failing to faithfully follow the simplified rules for this type of plan. The materials for this podcast can be found at http://www.edzollars.com/2008-05-26_SEP_Issue.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
This PodCast concerns the issue of whether "7502(c) provides the exclusive means to prove timely filing of a document by a taxpayer. What the Third Circuit had to say, the IRS didn't like hearing. In the case of Philadelphia Marine Trade Ass'n.-Int'l Longshoremen's Association Pension Fund et al. v. Commissioner, 2008 TNT 74-16 the Third Circuit held that the reports of the death of the common law mailbox rule were, in the words of Mark Twain, greatly exaggerated. That places the Third Circuit in the same camp with the Eighth, Ninth and Tenth Circuits, and opposed to the positions of the Second and Sixth Circuits. The materials for this podcast are located at http://www.edzollars.com/2008-04-21_Mailbox.pdf. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
This PodCast concerns guidance for Preparers of tax returns. The IRS celebrated the end of 2007 by releasing three Notices late on December 31 that provide guidance on the application of the revised preparer penalties contained in the Small Business and Work Opportunity Tax Act of 2007 that was passed last May. The IRS had previously released interim relief in Notice 2007-54, but that relief was set to expire as 2007 did.The centerpiece of this guidance is Notice 2008-13, which provides interim guidance on applying the "6694 preparer penalty standards. The interim rules are not nearly as onerous as many had feared they would be, and need to be incorporated rapidly into our practices as tax season approaches. Note, as well, that this guidance applies only until the IRS releases revised regulations, something the notice indicates they plan to do during 2008.The materials for this podcast can be downloaded at http://www.edzollars.com/2008-01-01_6694.pdf . Those materials include the full text of all three notices.. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
This PodCast examines a new set of standards released by the American Institute of CPAs' Consulting Services Executive Committee that will take effect for engagements entered into after January 1, 2008. The Statement on Standards for Valuation Services No. 1, Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset can have an impact on tax practice where the value of an asset covered by this standard has an impact on a tax issue. CPAs will need to be aware of when this standard may become applicable and the options when that might take place. Those that work with CPAs in tax practice, include tax attorneys who are working with the client's CPA, need to be aware of this change and the impact of this standard on both what the CPA can do and the cost of having the CPA perform certain functions. The materials for this podcast can be downloaded from http://www.edzollars.com/2007-07-04_SSVS.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
This Podcast provides guidance on Circular 230 issues. The IRS on April 23 released guidance on the application of monetary penalties to practitioners, their employers, firms and related entities for violations of Circular 230 as authorized by the American Jobs Creation Act of 2004 This guidance gives some insight into the IRS's views on how they will make use of this new enforcement tool, as well as some indication of what the IRS might view as an appropriate quality control system for a tax practice. If, as expected, SSTS No. 9 goes from an exposure draft to a final standard for CPAs, this document may be one to consider when a CPA firm sets out its tax quality control standards. And given the existence of the 'aspirational' standard for best practices in Circular 230 Section 10.33, the importance of SSTS No. 9 may not be limited to CPAs. The materials for this podcast can be found at http://www.edzollars.com/2007-04-24_Monetary_Penalties.pdfThere's an excellent book on this topic by Jonathan Blattmachr, Mitchell Gans, and Damien Rios entitled The Circular 230 Handbook. It's published by The Practicing Law Institute. (800 260 4554). This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
This Podcast is Part II in a discussion on Insurable Interest between Steve Leimberg and Randy Zipse of the John Hancock. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
This Podcast is the first in a 3 part series on Insurable Interest. In this Podcast, Steve Leimberg and Randy Zipse of the John Hancock discuss the underlying philosophy and legal background. In the following Podcasts, Steve and Randy will cover more specific situations such as the insurable interest between spouses, unmarried couples, parents and children, partners and their partnerships, and employers and employees. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
This PodCast covers the issue of whether an individual is or isn't considered an active participant in a retirement plan.The determination can be complex, as the taxpayer found out in the case of Colombell v. Commissioner, TC Summary 2006-184. As the taxpayer discovered, the mere fact she was not earning any benefit under the plan (nor was she likely ever to do so) did not mean she was not an active participant, as the regulations define that term.The materials can be downloaded from http://edzollars.com/2006-12-02_Participant.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
This podcast covers a number of recent tax developments, including dealing with the burning issue of whether a preparer must sign the client's copy of the return, a recent case involving again the question of what is alimony and the IRS's recent reprieve from the requirement that nonqualified deferred compensaton plans be in compliance with the (as of yet) not issued final regualtions by January 1, 2007.Documents for this podcast are available at http://edzollars.com/2006-10-06_ThisandThat.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
This PodCast deals with the continuing problems of employee related options that were exercised when the stock was at a high price, but whose price collapsed before the tax was due. The case involved was the case of Racine v. Commissioner, TC Memo 2006-162.The materials can be downloaded at http://edzollars.com/2006-08-19_Margins_and_Options.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
This PodCast is about taxpayer advice and its reliability and its credibility in court. Taxpayers get their advice from a lot of sources, and we often end up having to defend our own advice against other sources. This week we have two cases that show that all advice is not created equal. In the case of Lehrer v. Commissioner (TC Memo 2006-156) a taxpayer learned the hard way that selecting a preparer predominantly on which one computes the lowest tax is not necessarily the best way to end up well advised.And the case of Diem v. Commissioner (TC Summary 2006-121) is useful for those clients that will try and check your advice by calling the IRS for an answer and then reporting the IRS's answer to you (so, you know, you don't have to do any work on that one). Mr. Diem was clobbered when it turned out an IRS employee's assurance that the program offered by his employer would be treated just like the workers compensation style claim he was giving up for tax purposes turned out not to be so.The materials for this week's presentation are found at http://edzollars.com/2006-08-03_Trust.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
This PodCast is about the Section 72(t) penalty tax on premature distributions and the question, "Is a distribution made to a surviving spouse that was rolled to her IRA but can be traced to her deceased spouse's IRA account eligible for the death benefit exception to Section 72(t)?" Considering a nearly $100,000 penalty was on the table, the taxpayer in the case of Gee v. Commissioner (127 TC No. 1) certainly hoped the Tax Court would answer "Yes". Unfortunately for her, the Tax Court answered in the negative. We look at the facts of her case, as well as the whole question of whether a surviving spouse should elect to treat an IRA as his/her own or take it as a beneficiary.The materials can be downloaded at http://www.edzollars.com/2006-07-29_IRA_Spouse.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
This Podcast deals with the 'premature distributions' penalty tax and its exceptions. Taxpayers who take distributions from retirement plans prior to attaining age 59 1/2 have to deal with a confusing set of rules that makes some distributions subject to and some distributions exempt from the 10 percent addition to tax under 72(t). Two recent cases illustrate both the traps that exist for the unwary and how a taxpayer managed to convince the Tax Court he qualified for an exception from the penalty despite IRS arguments to the contrary.The materials for the podcast can be downloaded from http://edzollars.com/2006-05-13_Premature.pdf. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
This PodCast covers tax issues relating to mail the IRS sends to the wrong address, mail that never makes it to the taxpayer, or mail that arrives late. Much of the information that taxpayers need to deal with their tax obligation arrives via the U.S. mail. While we've previously considered what happens when the taxpayer attempts to send documents to the IRS that the IRS claims never arrived, this PodCast considers a case and a letter ruling involving mail that was sent to an address the taxpayer did not currently live at when the mail arrived.Since those of us who do compliance work now have a real need to relax, the podcast also has a brief off-topic discussion of an additional internet audio option--internet radio with discussions about four different stations.The materials for this podcast can be found athttp://edzollars.com/2006-04-22_Lost_in_Transit.pdf This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
This week's podcast pertains to the potential overuse of Circular 230 disclaimers. It arose from a discussion that began on the California Society of CPAs TaxTalk group on Yahoo about the widespread use of Circular 230 disclaimers. There seems to be an unfortunately false belief among many in the professions involved that a standard disclaimer eliminates any and all issues related to the revisions last summer to Circular 230. The podcast discusses both the issues outside of Circular 230 that can arise from the indiscriminate use of this disclaimer, as well as those cases under the covered opinion rules when the disclaimer does not absolve the professional from having to issue a covered opinion. The materials can be found at this link: http://edzollars.com/2006-03-03_Disclaimers.pdf We also discuss briefly some technology matters, including a quick discussion of why it may be useful to listen to Steve Gibson's Security Now podcast. To check out what's available go to: http://grc.com/securitynow.htm If you ever use a wireless hotspot or plug into a hotel network when on the road, this week's broadcast, while a bit dense, also contains some very important information about risks you may not be aware of (the "man in the middle" attack to steal your passwords, or the simple sniffing allowed if you aren't wired directly to a switch--that is, the network uses either wireless or a simple hub). This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
This Podcast considers issues and methods of tax research. Ed Zollars deals with research issues that arise in a tax practice. The materials are found at this link. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
This podcast discusses simplified employee pensions, including the basic rules that apply to them, and the gotchas that clients tend to run into. The materials are available from this link. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
This podcast is based on a September 20, 2005 talk by Ed Zollars for the Arizona Society of CPAs on the changes to Circular 230 that became effective over the summer. To download a manual, click here. Please post your commments on the blogsite at http://ezollars.libsyn.com. Sponsored by Leimberg Information Services, Inc.(LISI) at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
This Podcast deals with reportable transactions and the penalty for failure to disclose.Download materials that consist of the Powerpoint for this presentation. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com
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