This Month’s Poll
The automobile deduction limits raised — the CCA ceiling for passenger vehicles to $39,000 plus tax for 2026. In your opinion, is that high enough?Adjusting Tax Returns: Permissive Deductions
The post-tax season often involves a specific type of “catch-up” for busy tax accounting offices: filing returns for procrastinators and making adjustments for errors and omissions. But this must be done carefully; especially because these adjustments can lead to a broader audit. Further, there are special rules for claiming “permissive deductions” including CCA (Capital Cost Allowance). That’s very important if the goal is to preserve tax reducers in the future or recover taxes paid in the past.
RWM Meeting of the Minds: August 17, 2022
There are six key reasons, you will want to mark your calendar to attend the next Meeting of the Minds Event, presented by the Society of Real Wealth Managers™ on August 17, 11:00 – 12:00 PM CST. It’s a complimentary event, and it could be one of the most informative hours of your summer.
DAC Acuity 2022: Nominations Open for the Prestigious New Advisor Award
Submit the name of your worthy nomination for the DAC New Advisor Award now. The application deadline September 1, 2022. The prestigious award recognizes the next generation and their contributions to excellence in the tax, accounting and/or financial services. Here’s what the winner of this prestigious award will receive and how to apply:
Retirement Plans Must be Adjusted at Age 65
Have you discussed the nine key issues that require renewed consideration in retirement planning with boomers? To begin, testing a financial plan against longevity is very important. For instance, did you know that a 65 year old male and female have a 50% probability of reaching age 89 (male), 91 (female) and 94 (either the male or the female)? There is also a 10% probability that either the male or the female lives to age 101. A female couple could have a greater likelihood of living even longer.
When is a Loss Considered to be Superficial?
If you sell a capital property and the net proceeds from the sale are less than your adjusted cost base, you have a capital loss – but only if you don’t purchase (or acquire the right to purchase) an identical property within 30 days before or after the sale of the capital property.
Poll Results: Is the New House Flipping Tax a Concern?
For the second consecutive month, participants of our June poll went head to head with results split almost down the middle. The controversial topic discussed: “Are your clients concerned they will lose their principal residence exemption due to the new house flipping tax?”. Just over half of the tax and financial professionals polled said “yes”, yet most of the comments came in from the no “side”. Here are some of their comments:
