Income tax planning_for_atra_compliance_aug2013
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From the Bloomberg BNA webinar held August 22, 2013. During the session we demonstrated how BNA Income Tax™ Planner can help you confidently present multiple scenarios to your clients including how to immediately show the impact of cash donations from the sale of a security, or the conversion from an IRA to a Roth IRA. All while ensuring full compliance with the American Taxpayer Relief Act (ATRA).
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Income tax planning_for_atra_compliance_aug2013
- 1. INCOME TAX PLANNING FOR COMPLIANCE WITH ATRA August 22, 2013
- 3. / / 3 SOFTWARE AT A GLANCE EXPERT SOFTWARE Software for tax and accounting professionals designed by tax and accounting professionals Top-rated technical support More than 70,000 customers, including the IRS • 92 of the Top 100 Accounting Firms • 30% of the Fortune 1000 BNA Income Tax™ Planner and BNA Fixed Assets™ earned the coveted 5-Star Rating by CPA Practice Advisor FOR ALL YOUR TAX PLANNING NEEDS Income Tax Planner Sales & Use Tax Rates and Forms Estate & Gift Tax Planning Fixed Assets Management Corporate Tax & Audit Planning Tax Forms Software
- 4. / / 4 AMERICAN TAXPAYER RELIEF ACT OF 2012 2012 PROVIDED UNCERTAINTY FOR YOU AND YOUR CLIENTS. Tax Relief Act of 2010 tax extensions and AMT patch set to expire. The American Taxpayer Relief Act of 2012 solved this. The question then became, how do we best use what has been passed to our clients benefit. BNA INCOME TAX™ PLANNER WEB Provides the most rapidly deployed, up-to-date calculations to ensure you are working with the current tax law. Focused exclusively on planning and not on preparation or compliance. BNA Income Tax Planner released an ATRA compliant version within a few weeks of the signed legislation.
- 5. USING BNA TO SOLVE ATRA QUESTIONS
- 6. / / 6 SELLING STOCK AND DONATING PROCEEDS VS. DONATING STOCK CASE 1: Set-up basics: • Joint with 2 exemptions • Resident: CA Ordinary Income • Wages > Taxpayer: $115,000 > Spouse: $115,000 • Interest > $4,000 > $9,000 Itemized Deductions • State Income Taxes > Resident - Auto • Property Taxes > Residential - $5,000 • Qualified Residence Interest > Housing Interest - $16,000 CASE 2: Scenario 1 • Sell Stock and Donate Cash IMPACT • $5,434 in Medicare Investment Income Tax due • Higher regular tax rate • AMT kicks in Donating the cash proceeds has no impact on Medicare investment income tax. CASE 3: Scenario 2: • Donate Stock IMPACT • Lower overall regular tax rate • No additional taxes
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- 8. / / 8 SELF-EMPLOYED BEFORE ADJUSTMENT: Set-up basics: • Single with 1 exemption • Resident: VA Ordinary Income • Self-employment income > Taxpayer: $200,000 • Interest > $720 • Dividends > $2,400 Capital Gain • $3,600 Itemized Deductions • State Income Taxes > Resident - Auto • Property Taxes > Residential - $4,000 • Qualified Residence Interest > Housing Interest - $12,000 ADJUSTMENT 1: IRA to Roth Conversion • $80,000 ADJUSTMENT 2: Additional self-employed income • $40,000 IMPACT Almost doubles regular tax Triggers • High-income Hospital tax • Medicare Investment Income Tax • AMT
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- 10. / / 10 BNA INCOME TAX™ PLANNER • The Most Trusted, Widely-Used Tax Planning Software • Makes Tax Planning Effective, Accurate & Efficient • Available with Secure, Anywhere, Anytime Web Access: BNA Income Tax Planner Web • Ensure Data Security and Audit Compliance • Makes Tax Planning Effective, Accurate & Efficient LEARN MORE: http://www.bnasoftware.com/IT