Few natural disasters have had the devastating impact that Hurricane Katrina had on the U.S. Gulf Coast. The scenes of New Orleans under water will stick with many for a lifetime. Even as the water was receding, Congress stepped in with an extensive package of legislation to provide relief to the victims of this crippling storm. While Katrina victims are only just now able to begin taking advantage of this tax relief, charitable donors and family members who have tapped into retirement funds to assist relatives can already begin their tax planning work. CCH has prepared an extensive look at the Katrina legislation in a special Tax Briefing.

 

Click here to read this special Tax Briefing .

 

October 1 was the effective date for the Streamlined Sales Tax in 18 states. Sort of. Some of those states are still working out the details of their participation in the Streamlined Sales Tax Project and dozens of unanswered questions remain about how the system, which is voluntary for now, will work in practice. One thing seems a near-certainty—sales and use tax compliance has not become “simplified” under the current state of affairs. CCH has prepared a Tax Briefing on the latest developments in the Streamlined Sales Tax—including comments on how disputes between e-commerce giants Amazon and e-Bay could hang up Congressional action.

 

Click here to read this special Tax Briefing .

 

---

Small businesses that are pass-through entities have a number of new tax planning opportunities based on recent tax legislation and other developments. But tax practitioners also need to be aware that the IRS has said it will focus more audit activity on S corps and other pass-through entities. In a recent issue of the CCH CPE Credit Service, Sidney Kess, J.D., CPA and Barbara Weltman, J.D., point out that a particularly good planning opportunity for S corps is the Sec. 199 Domestic Production Activities deduction that was part of the American Jobs Creation Act. Kess and Weltman also provide a thorough review of the latest court and administrative developments affecting S corps, partnerships and LLCs.

 

Click here to get a full copy of the course materials from this edition of CCH’s CPE Credit Service .

 

Was this article useful?
Send us your comments: CCH-FocusOnTax@cch.com

---

One of the most common tax questions practitioners face when dealing with real estate issues is the calculation of gain or loss on the sale or exchange of real property. Exchanges have been a particularly popular tax planning tool in recent years and there are real differences in how sales and exchanges are treated in making calculations for tax purposes. Other factors often emerge as well, such as multiple parties involved and the recapture of past depreciation on some properties. Real estate tax expert David F. Windish has recently updated CCH’s Real Estate Taxation: A Practitioner’s Guide with the new fourth edition. Chapter 13 of this book covers in detail the rules involved in calculating gain or loss on sales or exchanges of real property and it also provides many sample calculations to help you gain a practical understanding of this often-complex area.

 

 

Retirement benefits are, in many cases, protected assets when it comes to creditors. But there are confusing rules about the protection of such assets and some critical exceptions to those rules that should be considered by practitioners dealing with clients facing creditor claims or potential bankruptcy. Protection of retirement benefits requires planning and thorough knowledge of the rules. Leading asset protection strategist Barry S. Engel outlines the necessary strategies and the potential pitfalls in a chapter in the new edition of CCH’s Asset Protection Planning Guide. In chapter 15 of this book, Engel discusses the rules surrounding protecting retirement benefits, while pointing areas of potential confusion and strategies for avoiding problems when confusion arises.

 

 

---