More On Tax Planningfrom The Advisor's Professional Library
- Cafeteria Plans The income tax treatment of cafeteria plans is key to their popularity. Learn how to maximize the tax benefits of these “flexible benefit plans”.
- Health Insurance: Health and Medical Savings Accounts A Health Savings Account is a trust created exclusively for the purpose of paying qualified medical expenses of an account beneficiary. Although they are popular, they are not without their pitfalls and the regulations can be complicated. Learn more about how to avoid federal taxation on the accumulation and distributions of HSA.
The following quotes of note were made by IRS officials and tax professionals on recent Tax Talk Today webcasts.
"They have taken all of the penalties and taxes that apply under Chapter 42 and essentially doubled them."
--Theresa Pattara, project manager, Internal Revenue, Tax-Exempt and Government Entities Division, Office of Exempt Organizations, IRS, on the big changes for tax-exempt organizations found in the Pension Protection Act of 2006.
"If you're planning on claiming a tax deduction, you better be sure that the item is in good used condition."
-- Patricia Read, senior vice president, Public Policy and Government Affairs, Independent Sector, on the new rules governing charitable donations.
"For very small organizations, that's a very scary thought."
--Read commenting on the stiffer penalties, including loss of tax-exempt status, for tax-exempt organizations that fail to file required returns for three years.
"I'm glad it's a pilot program. The jury's still out."
--Marianna Dyson, Miller & Chevalier, on the Attributed Tip Income Program