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The SECURE Act was passed in December 2019 and effective in 2020. Although it did good things, like increasing the RMD age to 72 (now 73) and allowing those over [...]

The year 2010 started out to be the 'year without an estate tax,' hut Congress began tinkering with the it before the year was over. Portability was added for estates [...]

When a client passes away, CPAs aren't always informed soon enough to do some planning, but there are some opportunities we can share with the family before that time comes. [...]

Many clients are concerned about upcoming estate tax changes. Now is the time to use planning to avoid shrinkage in assets due to estate taxes. At the same time, there's [...]

How States Treat the Taxation of Trusts trUStS are taxed by a state based on residency, determined by either: 1. Contact with the decedent; 2. Contact with the trust grantor; [...]

When the Further Consolidated Appropriations Act 2020 was signed into law on Dec. 20, the Setting Every Community Up for Retirement Enhancement (SECURE) Act provision received most of the news [...]

Miscellaneous itemized deductions were limited by IRC Sec. 67(a) to the amount that exceeds 2 percent of adjusted gross income (AGI). The Tax Cuts and Jobs Act (TCJA) suspended deductions [...]

you may have heard some colleagues say the increased estate tax exemptions mean estate planning is no longer relevant. Or that only the top 1 percent or 2 percent of [...]

The latest round or estate tax law changes are 'permanent,' but can our clients avoid estate planning? First, let's look at what has happened. veil discuss whether the law change [...]

What's so Special about 2012 sifts? A number of things. To start, the exemption from the actual payment of lax is the highest in history: $120.000. Nexy. the lax rate [...]

While similar to a traditional IRA, a Roth IRA distinguishes itself in that contributions aren't tax deductible and may be made after age 70.5; distributions of earnings are tax free [...]

the family home and retirement plans are often the two largest assets a couple getting divorced must divide. The general rule is that there are no income tax consequences when [...]

Higher education costs are escalating and families are trying their best to keep up with them. This article will discuss various strategies to help fund this important expenditure. The Protecting [...]

One example would be intellectual property. The creator ol intellectual properly may have ordinary income associated with the sale of that properly or an extremely low tax basis. The beneficiary [...]

When dealing with retirement plans, 70.5 is the magic age when new rules apply: Retirement distributions must begin no later than the Required Beginning Date generally April 1 after the [...]

In January 2010 we were faced with a world without an estate tax. Most 'experts' expected Congress to re-enact the federal estate tax as it applied in 2009. The world [...]

One of the highest penalties imposed by the Internal Revenue Code usually applies to the elderly. If an individual fails to take out the Required Minimum Distribution (RMD) from a [...]

The IRS has issued a series of private letter rulings (LTRs 200317041, 200317043, 200317044) this year that make it difficult to use 'separate share' trusts. A separate share trust is [...]

Trying to fund a bypass trust can be problematic if clients only have a residence and a large retirement plan as their major assets. On the surface, a residence isn't [...]

The 2001 Tax Act exempts qualified plan loans to owner from the prohibited transactions rules. Previously, these loans could subject the plan to excise taxes or plan disqualification. Sole proprietors, [...]