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Individual Tax Topics

Insights on individual income tax issues, reporting, and planning considerations.

Section 645 Relieves Time Pressure for Tax Practioners and Benefits Trustees

Section 645 Relieves Time Pressure for Tax Practioners and Benefits Trustees

Most tax preparers have their hands full this time of year, with the due date for individual income tax returns and trusts less than a month away. Clients generally want…
A Narrow Window of Opportunity for Married Couples to Enhance Tax Credits

A Narrow Window of Opportunity for Married Couples to Enhance Tax Credits

It is common knowledge that some things just can’t be done on a tax return, such as changing a filed and accepted Married Filing Jointly (MFJ) return to a Married…
Revisiting Dependency: To Claim or Not To Claim

Revisiting Dependency: To Claim or Not To Claim

The question asking if an individual is a dependent or if they might file on their own as an independent taxpayer has always been an issue. In recent years this…
Why the 65-Day Rule & March 6 Is Important to Complex Trusts

Why the 65-Day Rule & March 6 Is Important to Complex Trusts

Why is March 6 important when dealing with trustees who are in control of complex trusts? March 6 becomes a very important date for the trustee of a complex trust…
The Ethical Dilemma of Dependency with Newly Enacted Tax Benefits

The Ethical Dilemma of Dependency with Newly Enacted Tax Benefits

Tax professionals face ethical dilemmas with each client they meet. In today’s blog we’re going to take you to a video scenario where the age-old question of dependency runs up…
Social Security 2022 Fact Sheet

Social Security 2022 Fact Sheet

Social Security 2022 Fact Sheet On October 13, The Social Security Administration released its 2022 fact sheet. Let’s look at some of the important provisions to consider when planning with…