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2025 Tax Facts on Individuals & Small Business

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SKU
3190025

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Tax Facts on Individuals & Small Business is your complete source for tax information that relates to the types of tax implications most often faced by individual taxpayers and business owners. With thousands of easy-to-use Q&As that cover the most critical topics, Tax Facts helps advisers of all kinds understand the tax implications of the recommendations that they make for their clients.

Tax Facts on Individuals & Small Business is your complete source for tax information that relates to the types of tax implications most often faced by individual taxpayers and business owners. With thousands of easy-to-use Q&As that cover the most critical topics, Tax Facts helps advisers of all kinds understand the tax implications of the recommendations that they make for their clients. Insurance and employee benefits are complicated tools that each carry their own set of tax issues, and advisers cannot possibly make the thorough and complete assessments that clients depend on without understanding this ever-changing area.

This book features:

  • Easy-to-read Q&As that comprehensively cover both individual tax issues and also tax issues that are most likely to be faced by small business owners
  • Practical advice for any professional, including CPAs, attorneys, and estate and financial planners
  • Detailed explanations of the various types of investment products and techniques that are most commonly used by individuals and businesses
  • Practice Points give concise advice on how to handle real-world issues
  • The right tax information to help avoid problems before they become costly mistakes, as well as correct problems when they do occur

New in the 2025 Edition:

  • Notice of the IRS warnings about false or overstated employee retention credits and an overview of the withdrawal process for taxpayers who filed employee retention tax credit claims that they now believe to be erroneous
  • Explanation of the IRS’s voluntary disclosure program to allow employers with erroneous employee retention credit claims to avoid potential penalties, interest and civil litigation
  • An expanded discussion of how the child and dependent care tax credit provides a tax credit to offset the cost of qualifying work-related dependent care expenses
  • Update on the Department of Labor’s standard for determining whether a worker is an employee or an independent contractor under the Fair Labor Standards Act under the six-factor "economic reality" test
  • Analysis of the new rule where PayPal, Venmo and other third-party payment networks must report a taxpayer’s transactions in excess of $5,000 per year to the IRS
  • Note on how the IRS issued an FAQ on the tax treatment of work-life referral services as de minimis fringe benefits
  • Update of the IRS’s interim guidance on QSLPs via Notice 2024-63, where the IRS clarified that the QSLP must be for the employee, the employee's spouse or dependents
  • Discussion of the U.S. Supreme Court’s ruling in Connelly v. United States, which changes the expected estate tax result when companies use life insurance to fund redemption style agreements.
  • Update on the Northern District of Alabama’s ruling that the Corporate Transparency Act (CTA) that created the new FinCEN BOI reporting requirements was unconstitutional

Key Topics covered:

  • Capital gains and losses
  • Tax issues related to business income
  • Passive and active business income
  • Estate planning issues for small business owners
  • Bad debt and worthless securities
  • Small business valuation issues
  • Buy-sell agreements
  • Casualty and theft losses for individuals and businesses
  • Nontaxable exchanges
Additional Information
SKU 3190025
Publication Date October 22, 2024
ISBN 978-1-58852-876-6
Page Count 806
Author Robert Bloink, Esq., LL.M. and William H. Byrnes, Esq., LL.M., CWM®
Edition 2025
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Robert Bloink, Esq., LL.M.

Prof. Robert Bloink worked to put in force in excess of $2 billion of death benefits for the insurance industry’s producers in the past five years. His insurance practice incorporates sophisticated wealth-transfer techniques, as well as counseling institutions in the context of their insurance portfolios and other mortality-based exposures. Prof. Bloink is a professor of tax for the Graduate Program of International Tax and Financial Services, Thomas Jefferson School of Law, San Diego, CA.

Previously, Prof. Bloink served as Senior Attorney in the IRS Office of Chief Counsel, Large and Mid-Sized Business Division, where he litigated many cases in the US Tax Court, served as Liaison Counsel for the Offshore Compliance Technical Assistance Program, coordinated examination programs audit teams on the development of issues for large corporate taxpayers, and taught continuing education seminars to Senior Revenue Agents involved in Large Case Exams. In his governmental capacity, Prof. Bloink became recognized as an expert in the taxation of financial structured products and was responsible for the IRS’s first FSA addressing variable forward contracts. Mr. Bloink’s core competencies led to his involvement in prosecuting some of the largest corporate tax shelters in the history of the United States.

William H. Byrnes, Esq., LL.M., CWM

William Byrnes is the leader of National Underwriter's Financial Advisory Publications, having been appointed in 2010. He is a professor and an associate dean of Texas A&M University School of Law. He is one of the leading authors and best-selling authors in the professional markets​ with 30 books that have sold in excess of 100,000 copies in print and online, with thousands of online database subscribers. His National Underwriter publications include Tax Facts, Advanced Markets, and Sales Essentials.

Mr. Byrnes held senior positions of international tax for Coopers & Lybrand and has been commissioned and consulted by a number of governments on their tax and fiscal policy. He has served as an operational board member for companies in several industries including fashion, durable medical equipment, office furniture and technology.

He pioneered online legal education in 1994. In 1998 he developed the first online program to achieve American Bar Association acquiescence. His Master, LL.M. and doctoral programs are leveraged by wealth managers, financial planners and life insurance underwriters.