May 2017 Tax & Business Alert

Businesses that have acquired, constructed or substantially improved a building recently should consider a cost segregation study. One of these studies can enable the company to accelerate depreciation deductions, reducing taxes and boosting cash flow. This article explains how. A sidebar points out that a “look-back” study can review many previous years of tax filings for missed deductions.

Someone who’s terminally or chronically ill may lack the funds to cover significant medical costs. It may be possible, however, to sell insurance to a viatical settlement provider who will then arrange with an investor to buy the policy. This article explains how such “viatical settlements” work, including the tax impact

Income in respect of a decedent (IRD) can create a surprisingly high tax bill for those who inherit property, especially substantial distributions from IRAs or retirement plans. This article discusses how IRD works and what taxpayers can do to claim an itemized deduction for estate taxes attributable to amounts reported as IRD.

In certain cases, an “innocent” spouse can apply for relief from the responsibility of paying tax, interest and penalties arising from a spouse’s (or former spouse’s) improperly handled tax return. This brief article reviews the rules for potentially affected taxpayers.