Current Planning Considerations
 At DS&B Certified
Public Accountants, Consultants & Advisors , it is our job to
stay on top of the tax, business and financial topics that shape
your growth and bottom line. That's why we continually look for
timely topics that can help you better create, grow and preserve
wealth. Feel free to browse any of the current articles below —
written by DS&B professionals — to learn how you can better
plan your professional and personal financial future.
- S Corporation "Reasonable Compensation" Initiative
The IRS is now auditing income tax returns of profitable Subchapter S Corporations to assess reporting compliance behavior. Although the IRS hasn't specified if they will review the issue of unreasonably low owner compensation in the Subchapter S environment, recent Senate Finance Committee hearings have targeted this issue as a concern. Please read more to determine if your business could be selected for an IRS payroll assessment audit.
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Consensus is building that the Alternative Minimum Tax (ATM) is bad public policy and needs to go. But repeal would prove expensive. And with budget deficits already burgeoning, no one is sure how to replace $1.2 trillion.
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Politics and timing issues continue to delay estate tax reform efforts in the U.S. Senate. Sunset provisions require current law to be repealed in 2010 unless congress acts first. Right now, the only thing certain about the whole situation is ongoing uncertainty.
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- Donating Your Used Automobile To Charity — Major Changes In 2005
Tax laws that apply to vehicle donations to charity have changed to curb abuses. But, charities are still vigorously soliciting those donations. The bottom line: both donators and donees need to understand the new rules in order to avoid trouble with the IRS.
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Roth 401(k) deferrals can provide significant benefits as long as distributions qualify.
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DS&B's new paperless software helps us serve our clients faster and better than ever.
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- Minnesota Sales and Use Tax Issues
The Minnesota Department of Revenue is targeting the healthcare industry for "self review" sales tax audits. Overall, sales tax audits are on the rise. You need to review and understand regulations as they apply to you and your business.
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- IRS Releases Drafts On Form 8903–Domestic Production Activities Deduction
Your company could be eligible for a significant deduction beginning
with tax year 2005.
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- Congress Passes IRA Rollover
On August 17, President Bush signed into law the Pension Protection Act of 2006 (PPA 2006). Among its 900+ pages, PPA 2006 includes a mixture of provisions designed to promote charitable giving, and others that increase scrutiny of it.
The provision that has drawn the most attention for gifting purposes concerns IRA rollovers to charity made during a donor's life.
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- Pension Protection Act of 2006
After years of debate and months of negotiation between House and Senate lawmakers, Congress has passed and the President has signed the Pension Protection Act of 2006 (PPA). Besides strengthening traditional pension plans, the act includes
provisions affecting retirement savings plans (such as IRAs and 401(k) plans), charitable deductions, charitable organizations, Section 529 college savings and prepaid tuition plans, and other areas of tax law.
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