Posts Tagged: loopholes

New IRS tax law focuses on top paid coaches

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Income Taxes, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to Accounting Today, highly paid college sports coaches (and some hospital executives) are are targets of a 21 percent excise tax by the IRS if these nonprofit employees receive $1 million or more in salary. Questions: What is the big loophole in the law? Who pays the tax? Employee or nonprofit organization? What is… Read more »

Bye-bye Loopholes! You will be missed!

Posted by & filed under Accounting Information Systems, Accounting Principles, Auditing, Cost Accounting, Financial Accounting, Intermediate Accounting, Managerial Accounting, Video Updates.

Keep an eye out for three retirement loopholes that the government may close shortly. They have become increasingly popular as financial advisers have learned how to exploit kinks in the law. Questions: 1. Who benefits from the Back-door Roth IRA conversions and how does this work? 2. What bothers lawmakers about “the stretch IRA?” 3…. Read more »