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2013 tax on net investment income tips

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  • 1. ShareThis2013  Tax  on  Net  Investment  Income  Tips Online  ResourcesMost  folks  are  aware  of  the  new  2013  tax  on  net  investment 2013  Emerging  Leaders  Certificate  Programincome  (the  Obama  Care  Tax).  However,  not  as  widely  discussed Announcedis  the  application  of  Obama  Care  tax  to  estates  and  trusts.  Forthese  entities  the  tax  will  apply  when  undistributed  income  is  only CalCPA,  Education  Foundation  Slates$11,650  (as  adjusted  for  inflation). UPS  Savings  Program  Sweepstakes:  Win  aHere’s  an  idea  to  delay  the  3.8  percent  Obama  Care  tax  for Trip  for  Two  to  Las  Vegasestates  and  trusts.  The  new  tax  is  effective  for  tax  years Forensic  Services  Section  Membershipbeginning  after  2012.  Here’s  an  example: Special  OfferYour  client  passed  away  in  January  2012.  Normally  you’d  do FASB  Issues  Update  on  Foreign  Currencynothing  and  file  a  2012  calendar  year  return  (without  the  3.8 Matterspercent  tax)  and  a  2013  calendar  year  return  (with  the  3.8  percenttax).  Instead,  the  estate  should  elect  a  Nov.  30  fiscal  year  end(FYE).  So  you  file  an  FYE  Nov.  30,  2012,  return  (without  the  3.8percent  tax)  and  an  FYE  Nov.  30,  2013,  return.  Now  you’ve Education  Foundationeliminated  the  3.8  percent  tax  for  the  first  eleven  months  of  2013. Courses/ConferencesThe  election  is  made  on  a  timely  filed  income  tax  return  so,  in  ourexample,  the  FYE  Nov.  30,  2012,  return  is  due  March  15,  2013. Internal  Control:  Your  Number-­One  Defense Against  Errors  and  Fraud  -­  4121303E  -­Moreover,  a  revocable  trust,  which  is  normally  unable  to  use  a Monday,  March  18  -­  Universal  Cityfiscal  year  end,  can  elect  to  be  taxed  as  an  estate  (or  with  theestate)—thereby  achieving  the  same  result.  This  is  done  by  filing Basic  Concepts  of  GovernmentalForm  8855,  which  in  our  example,  would  also  be  due  March  15. Accounting,  Financial  Reporting  and Auditing  Webcast  -­  4121646C  -­  Tuesday, —By  Michael  B.  Allmon,  CPA March  19  -­  Online and  Robert  M.  Birgen,  CPA  (inactive),  PFS,  CFP,  CIMA Basic  Concepts  of  Governmental Accounting,  Financial  Reporting  and Auditing  -­  4121646B  -­  Tuesday,  March  19  -­ San  Mateo This  entry  was  posted  on  Tuesday,  February  19th,  2013  at  2:10  pm  and  is  filed  under CalCPA  Buzz.  You  can  follow  any  responses  to  this  entry  through  the  RSS  2.0  feed. Accounting  and  Auditing  Update  -­  4121010K You  can  leave  a  response,  or  trackback  from  your  own  site. -­  Tuesday,  March  19  -­  Universal  City The  Accountants  Responsibility  for  Fraud  -­ 4121051F  -­  Wednesday,  March  20  -­  Santa Clara View  More... Visit  our  Education  Foundation  page  to  learn more  about  our  products  and  services. Classifieds Business  Manager
  • 2. Business  Manager0 comments 0 Staff  Accountant Staff  Accountant Leave a message... Staff  Accountant Forensic  Accountant Discussion Share View  More... Visit  our  Classifieds  page  to  place  an  ad  or  to conduct  a  more  thorough  search. No one has commented yet. CalCPA  Buzz CalCPA  Update  on  News  &  Events  Find  more resources  at  www.calcpa.org Sound  Off  About  BUZZ!  Post  your  comments and  questions  about  BUZZ  items  on  this  page or  e-­mail  editor@calcpa.org. Comment feed Subscribe via email Archives Select Month Subscribe Subscribe  to  CalCPA  Buzz  by  Email Subscribe  in  a  reader Whats  a  reader? Watch  the  video  tutorial  on  CalCPAs  website. (CalCPA  members  only)