The Tax & Accounting business of Thomson Reuters released a significantly revised guide, PPC’s Guide to Tax Planning Strategies, to help CPAs turn recession struggles into tax-saving opportunities for their clients.
Fifteen of the 55 chapters in PPC’s Guide to Tax Planning Strategies are new, covering strategies to:
Recover from a real estate foreclosure;Fully utilize net operating losses;Survive bankruptcy;Maximize the deduction for fraudulent theft losses;Minimize FICA and SE tax;Realize the maximum proceeds from a proprietorship disposition;Survive and prosper when employment is terminated;Retain key employees during economic turmoil; andProperly classify workers to avoid penalties and interest.
The newly revised guide also includes updates to executive summaries, client letters, and practice aids to help clients:
Minimize alternative minimum tax (AMT);Maximize bonus depreciation;Utilize eligible tax credits;Benefit from family limited partnerships;Manage investment losses to reduce taxes;Re-evaluate retirement prospects; and
Defer compensation.
“The current recession is producing an epidemic of financial losses, layoffs, real estate foreclosures, declining asset values, and unprecedented economic uncertainty,” says Blake Smith, senior director of Product Development at the Tax & Accounting business of Thomson Reuters. “PPC’s Guide to Tax Planning Strategies offers ways to help clients save taxes, maximize deductions, improve cash flow, deal with employment issues, fully utilize net operating loss deductions, and plan for better times.”
Additional information can be obtained by visiting http://ppc.thomsonreuters.com.
L.D.