Reproduced with permission from Tax Management Memorandum, 61 TMM 19, 09/14/2023. Copyright R 2024 by The Bureau of National Affairs, Inc. (800-372-1033) http://www.bna.com Three Important Areas in 2024 Year-End Tax Planning By Robert L. Rojas and J. Michael Pusey* Rojas & Associates CPAs Los Angeles, CA The tax planning environment in the latter half of 2024 presents new challenges. There are new tax laws and government programs generally aimed at helping taxpayers. Yet there are also prospects of both federal and state tax increases, particularly on the wealthy. In this rapidly changing environment, it is particularly important that we remember ‘‘other taxes’’ in our year-end planning, such as gift and estate taxes, even property taxes. This article encourages the practitioner to remember some ‘‘old favorites’’ of estate planning, family limited partnerships, and GRATs, and the importance of property tax planning. While we stress considering all the taxes … [Read more...] about Three Important Areas For 2024 Year-End Tax Planning
Tax Reform
Net Operating Loss Carryback Repeal Isn’t Getting the Attention It Deserves
The changes being discussed are of such a magnitude that many taxpayers are filing extensions while their advisers ponder how 2016 tax elections may affect 2017. We focus here on one major provision that seems to be getting only a minor amount of attention. An important revenue raiser for the government in House Speaker Paul Ryan’s 2016 proposals is repeal of the net operating loss carryback. There is even some enhancement of the net operating loss as a carryforward – the ability to carry losses forward indefinitely with an increase in the actual loss for an interest factor. There is a new restriction on the net operating loss as a carryforward in that such loss couldn’t decrease income by more than 90%. While net operating losses could be carried forward, they couldn’t be carried back. The unfairness of eliminating the net operating loss carryback isn’t getting enough discussion. Current rules generally allow an NOL to carry back two years, three years in the … [Read more...] about Net Operating Loss Carryback Repeal Isn’t Getting the Attention It Deserves
