Category: Tax

Tax Adjustments for 2014 Gross Income

Once total or gross income from all sources has been determined, certain adjustments to income are available. These adjustments amount to a reduction in gross income and generally are granted to achieve tax fairness or in recognition of a desirable social objective. Adjustments to income are available regardless of whether a taxpayer itemizes deductions or takes the standard deduction.

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Court Rules That Section 419A(f)(6) Plan Sponsor Made Taxable Distribution of Life Insurance Policies

The Second Circuit upheld a Tax Court decision that the insured taxpayers, a husband and wife, received a taxable distribution of life insurance policies from a Section 419A multi-employer welfare benefit plan.

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IRS Advice Suggests Caution in Planning with Self-Canceling Installment Notes (SCINs)

A SCIN is a promissory note that includes a self-cancelation feature relieving the borrower of any future payments if the seller dies during the note term.

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IRS 2014 Inflation Adjustments

An update to the IRS 2014 Inflation Adjustments for Estate Planning Purposes

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