As 2014 comes to a close, the AAA-CPA would like to wish its members a safe and happy holiday season. As we reflect on the past year for the industry, we would like to provide the readers of the AAA-CPA Weekly Update a look at the most accessed articles from the year. Our regular publication will resume Wednesday, Jan. 7, 2015.
Most Tax-friendly States for Retirees
From Feb. 5: When it comes to finding a state to which to retire, there are plenty of factors to consider.
There's the weather, proximity to family and friends, access to health care, quality of life and the list goes on, according to CCH, Wolters Kluwer.
CBO: Everyone's Taxes Will Go Up Quietly
From July 23: The value of the mortgage interest deduction will be cut by nearly half.
Many more will owe taxes on their Social Security benefits. And Obamacare taxes aimed at the well-to-do will begin hitting a lot more taxpayers.
The Least Tax-friendly States for Business
24/7 Wall St. via USA Today
From Nov. 12: Policymakers have the difficult task of generating adequate tax revenue without excessively hampering economic growth and employment. States can promote business in various ways, but the tax system is one of the key elements encouraging economic activity. According to the Tax Foundation, a think tank that advocates for lower taxes and a simpler tax code, some states remain much more tax friendly to business than others.
Who Pays the Most Income Taxes?
From May 7: The average American pays more in tax and social security than Canadians, Australians, the Japanese and the British.
But when you compare the American tax burden to other developed nations, the numbers don't look so bad.
The Top 1 Percent and What They Pay
From April 9: Everyone talks about the 1 percent — but who are they exactly? It takes at least $389,000 to make the club: That was the minimum threshold of adjusted gross income in 2011, the most recent year for which the Internal Revenue Service has final data.
IRS Raises Limit on Tax-free Lifetime Gifts for 2015
From Nov. 5: As many estate planners anticipated, the Internal Revenue Service has raised the limit on tax-free transfers during life or at death. Starting in 2015, that amount, known as the basic exclusion, will go up to $5.43 million per person from $5.34 million this year. The announcement indicates that there will be no change in the annual exclusion, which allows you to give $14,000 in cash or other assets each year to each of as many individuals as you want without dipping into the basic exclusion.
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Obama Plan: Cut Tax Breaks for Richest Retirement Savers
From Feb. 26: President Barack Obama plans to ask Congress in early March, as part of his fiscal 2015 budget, to reduce some of the tax advantages for employer-sponsored retirement plans for higher-income earners, according to published reports.
Plus, the president wants to limit the value of all tax deductions, defined contribution exclusions and IRA deductions to 28 percent of income — and include an overall cap on all retirement accounts, including pensions, that could bring in $1 billion a year in new tax revenue, according to a Pensions & Investments report.
The Top 5 Professional Liability Issues CPAs Need to Watch in 2015
CPA Practice Advisor
From Nov. 25: One way to help avoid a professional liability claim is to be aware of the evolving exposures within the profession. The following is a list of the five top areas of concern for CPAs in 2015.
IRS Announces New Tax Preparer Program to Mixed Reactions
From July 2: There will be a tax preparer certification program after all. That was the word from Internal Revenue Service Commissioner John Koskinen.
If you're scratching your head after Loving v. Commissioner and wondering how that's possible, here's your answer: The program will be voluntary.
10 Least Tax-friendly States in the US
Kiplinger via Yahoo News
From Sept. 3: Considering a move to another state? Not so fast. Be sure to weigh state taxes when calculating the difference in cost of living.
Here is the updated 2014 list of the 10 least tax-friendly states.
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