May I Pay Your Taxes?: Colorado Enacts a New Grantor Reimbursement Statute
Grantor trusts are a powerful tool in estate planning in part because they facilitate depletion of the grantor’s estate by the grantor’s payment of income taxes attributable to the trust. There may be...
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‘Tis the Season – For Year-End Charitable Giving
Most people make the bulk of their charitable contributions during the year-end holiday season. This post summarizes some of the charitable giving ideas and opportunities, as well as some planning...
View ArticleIRS “Wealth Squad” – Something to Keep in Mind During Tax Season
The IRS Global High Wealth Industry (“GHWI”) (part of the IRS Large Business & International Division) is auditing individuals with tens of millions of assets or income who utilize complicated...
View ArticleCRESCENT HOLDINGS: An Issue of First Impression for Partners with Capital...
On December 2, 2013, the United States Tax Court issued an opinion in Crescent Holdings, LLC v. Commissioner, 141 T.C. No. 15. This opinion affects individuals who receive a non-vested capital...
View ArticleACTEC Wealth Advisor App Offers Powerful Planning Tool for Wealth Management...
The American College of Trust and Estate Counsel (ACTEC) is a national association of leading trust and estate attorneys. ACTEC contributes to the field of trusts and estates law through scholarship,...
View ArticleA Disconcerting Proposal from the Senate: Proposed Repeal of Section 1031
Last November, Senate Finance Committee Chairman, Max Baucus, released the third package in a series of “Staff Discussion Drafts” proposing various changes to reform the Internal Revenue Code. Of...
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Will Camp Tax Plan Impact Charitable Giving and Tax-exempt Organizations?
In late February 2014, House Ways and Means Committee Chairman Dave Camp (R-MI) released a nearly 1,000 page discussion draft addressing tax reform. Chairman Camp’s proposal includes changes to...
View ArticleU.S.TAX COURT DECISION MAY ALLEVIATE THE 3.8% NET INVESTMENT INCOME TAX...
Because trusts are subject to the 3.8% Net Investment Income Tax at a very low income level, $12,150 for 2014, trustees of trusts owning interests in operating entities have been considering ways to...
View ArticleIRS Issues Warnings about Email and Telephone Tax Scams
As the 2014 tax filing season progresses the Internal Revenue Service has issued warnings to taxpayers about convincing fraudulent email messages and telephone calls seeking payments or personal...
View ArticleIncome Tax Reporting for Decanting
Decanting refers to the distribution of trust property of one trust (the “first trust”) to another trust (the “second trust”). Over the past several years, the number of states specifically...
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Trusts Find Shelter from State Taxes in State Courts
In two recent cases, taxpayers have successfully challenged state taxation of trust income on the basis that the taxing states had a minimal connection to the trust. In The Kimberly Rice Kaestner 1992...
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The Ohio Supreme Court Places Limitations on the Ohio Bright Line Income Tax...
On July 8, 2015, the Ohio Supreme Court found that Ohio nonresidents may not claim the benefit of the Ohio “bright line” presumption of nonresidency for income tax purposes if the taxpayer attests to...
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IRS Simplifies Rules for Correcting Failed Rollover
On August 24, 2016 the IRS published Revenue Procedure 2016-47, which simplifies the steps for correcting a missed rollover from a qualified plan or IRA to another qualified plan or IRA. Amounts...
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Tax Season Is in Full Swing: Beware of the W-2 Spear Phishing Scam
By Patrick H. Haggerty Editor’s Note: This blog post is a joint submission with BakerHostetler’s Data Privacy Monitor blog. Last year we saw an unprecedented number of companies of all sizes fall...
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