Accounting Today: Tax hikes turn estate and wealth advisors into ‘triage center’ for the rich (October 12, 2021)

Accounting Today has published an article, titled “Tax hikes turn estate and wealth advisors into ‘triage center’ for the rich”. The article begins as follows: Ever since Democrats unveiled their proposal to raise taxes on the wealthy, David Handler’s phone has been blowing up with pleas for help. But the trusts and estates lawyer at … Continue reading Accounting Today: Tax hikes turn estate and wealth advisors into ‘triage center’ for the rich (October 12, 2021)

Bloomberg: The Hidden Ways the Ultrarich Pass Wealth to Their Heirs Tax-Free (October 21, 2021)

Bloomberg Businessweek outlines an inside look at how Nike founder Phil Knight is giving a fortune to his family while avoiding billions in U.S. taxes. The article begins as follows: Sitting in the bleachers by the University of Oregon’s running track, Nike Inc. founder Philip Knight offered the sort of lofty promise many other super … Continue reading Bloomberg: The Hidden Ways the Ultrarich Pass Wealth to Their Heirs Tax-Free (October 21, 2021)

AICPA Tax Insider (October 14, 2021): Naked credits and the interest expense limitation; Historic global tax deal taking final shape; and More!

Naked credits and the interest expense limitationBy Murray J. Solomon, CPANew regulations providing guidance on the application of the Sec. 163(j) interest expense limitation may change how some companies calculate their naked credit. Historic global tax deal taking final shapeAfter years of difficult negotiations, an OECD-brokered deal to update international corporate tax rules has the … Continue reading AICPA Tax Insider (October 14, 2021): Naked credits and the interest expense limitation; Historic global tax deal taking final shape; and More!

Daniel J. Hemel and Robert Lord: Closing Gaps in the Estate and Gift Tax Base (August 13, 2021)

Daniel J. Hemel and Robert Lord, of University of Chicago Law School and Americans for Tax Fairness, have made available for download their article, Closing Gaps in the Estate and Gift Tax Base, published in SSRN. The abstract is as follows: Three transfer tax minimization mechanisms—zeroed-out grantor retained annuity trusts (GRATs), intentionally defective grantor trusts … Continue reading Daniel J. Hemel and Robert Lord: Closing Gaps in the Estate and Gift Tax Base (August 13, 2021)

AICPA Tax Insider (September 30, 2021): Donor has no standing to sue donor-advised fund; Final regulations establish a user fee for estate tax closing letters; and More!

Donor has no standing to sue donor-advised fundBy James A. Beavers, CPA, CGMA, J.D., LL.M.A suit challenging the actions of a donor-advised fund by a donor to the fund was dismissed because the plaintiff lacked standing. Final regulations establish a user fee for estate tax closing lettersThe letters, which the IRS provides as a courtesy … Continue reading AICPA Tax Insider (September 30, 2021): Donor has no standing to sue donor-advised fund; Final regulations establish a user fee for estate tax closing letters; and More!

Katten Muchin Rosenman LLP: Proposed Tax Legislation Would Dramatically Impact Private Wealth Planning (September 24, 2021)

Katten Muchin Rosenman LLP, has made available for download their article, Proposed Tax Legislation Would Dramatically Impact Private Wealth Planning, published in JDSUPRA. The abstract is as follows: The House Ways and Means Committee recently proposed new draft federal tax legislation that would dramatically affect the Private Wealth area. Many of the changes are time … Continue reading Katten Muchin Rosenman LLP: Proposed Tax Legislation Would Dramatically Impact Private Wealth Planning (September 24, 2021)

AICPA Tax Insider (September 23, 2021): IRS guidance denies ERC for most majority owners’ wages; Individual tax update; and More!

IRS guidance denies ERC for most majority owners' wagesBy Dayna E. Roane, CPA/ABV, CGMAMajority owners' wages are not qualified wages for purposes of the employee retention credit in most cases, according to IRS guidance issued last month. Individual tax updateBy David R. Baldwin, CPA; Katherine Bowles, CPA; Robert Caplan, CPA; Mary Kay Foss, CPA; Shannon … Continue reading AICPA Tax Insider (September 23, 2021): IRS guidance denies ERC for most majority owners’ wages; Individual tax update; and More!

Carlena Tapella (Weintraub Tobin): Don’t Skimp On The Facts – Failure Of Fiduciaries To Make Full Disclosure Of Matters Set Forth In An Accounting May Be Considered Fraud (September 21, 2021)

Carlena Tapella, of Weintraub Tobin, has made available for download her article, Don’t Skimp On The Facts – Failure Of Fiduciaries To Make Full Disclosure Of Matters Set Forth In An Accounting May Be Considered Fraud, published in JDSUPRA. The abstract is as follows: In the recently published case of Hudson v. Foster, 2021 Cal.App. LEXIS … Continue reading Carlena Tapella (Weintraub Tobin): Don’t Skimp On The Facts – Failure Of Fiduciaries To Make Full Disclosure Of Matters Set Forth In An Accounting May Be Considered Fraud (September 21, 2021)

Michelle Ferreira, Barbara T. Kaplan and Courtney A. Hopley (Greenberg Traurig LLP): House Proposal Targets Charitable Deductions for Conservation Easements by Passthrough Entities (September 20, 2021)

Michelle Ferreira, Barbara T. Kaplan, and Courtney A. Hopley , of Greenberg Traurig LLP, have made available for download their article, “House Proposal Targets Charitable Deductions for Conservation Easements by Passthrough Entities”, published in Greenberg Traurig Tax Legacy Advisors. The article begins as follows: On Sept. 13, 2021, the U.S. House Ways and Means Committee announced a proposal … Continue reading Michelle Ferreira, Barbara T. Kaplan and Courtney A. Hopley (Greenberg Traurig LLP): House Proposal Targets Charitable Deductions for Conservation Easements by Passthrough Entities (September 20, 2021)

Beckett Cantley and Geoffrey Dietrich: The U.S. Supreme Court In Kaestner: Deciphering the Constitutionally Required Minimum Contacts Necessary for State Taxation of Trust Income (June 24, 2021)

Beckett Cantley and Geoffrey Dietrich, of Northeastern University and Cantley Dietrich LLC, have made available for download their article, The U.S. Supreme Court In Kaestner: Deciphering the Constitutionally Required Minimum Contacts Necessary for State Taxation of Trust Income, published in Virginia Law & Business Review. The abstract is as follows: As far back as 1929, … Continue reading Beckett Cantley and Geoffrey Dietrich: The U.S. Supreme Court In Kaestner: Deciphering the Constitutionally Required Minimum Contacts Necessary for State Taxation of Trust Income (June 24, 2021)

Florida Probate & Trust Litigation Blog: For out-of-wedlock children, what counts as a written acknowledgment of paternity? (September 20, 2021)

Juan C. Antúnez, in his Florida Probate & Trust Litigation Blog, discusses the right approach to establish paternity. The article begins as follows: The U.S. has the world’s highest rate of children living in single-parent households. Against this backdrop it shouldn’t come as a surprise to anyone that questions about paternity are a common occurrence in … Continue reading Florida Probate & Trust Litigation Blog: For out-of-wedlock children, what counts as a written acknowledgment of paternity? (September 20, 2021)

TaxProf Blog – Bryan Camp: Lesson From The Tax Court: Failure To Understand Issue Preclusion May Trigger Sanctions (September 20, 2021)

Bryan Camp has published an article on the TaxProf Blog, titled “Lesson From The Tax Court: Failure To Understand Issue Preclusion May Trigger Sanctions”, which helps readers to understand the difference between issue preclusion and claim preclusion. The article begins as follows: Some people just cannot take no for an answer.  That is one of the reasons §6673 permits … Continue reading TaxProf Blog – Bryan Camp: Lesson From The Tax Court: Failure To Understand Issue Preclusion May Trigger Sanctions (September 20, 2021)

BDO USA: How to Realize Tax Savings When Tax Rates Increase (August 2021)

BDO USA has published an article, “How to Realize Tax Savings When Tax Rates Increase”, published on BDO USA. The abstract is as follows: The Treasury Department’s Green Book outlines proposals supported by the Biden Administration that would increase federal tax rates for corporations and high-income individuals, generally effective for taxable years beginning after December 31, 2021. … Continue reading BDO USA: How to Realize Tax Savings When Tax Rates Increase (August 2021)

BDO USA: The self-employment tax exemption may be ending for some limited partners. Will you be impacted? (August 2021)

BDO USA has published an article, “The self-employment tax exemption may be ending for some limited partners. Will you be impacted?”, published on BDO USA. The abstract is as follows: The recently published Green Book contains details on changes proposed by the Biden Administration that aim to rationalize the net investment income tax (NIIT) and the self-employment … Continue reading BDO USA: The self-employment tax exemption may be ending for some limited partners. Will you be impacted? (August 2021)

Deloitte: Wyden unveils discussion draft of international tax overhaul (August 25, 2021)

Deloitte has published an article, “Wyden unveils discussion draft of international tax overhaul,” which points out that there are still some unanswered topics in the discussion draft. The article begins as follows: Senate Finance Committee Chairman Ron Wyden, D-Ore., along with Senate Democratic taxwriters Sherrod Brown of Ohio and Mark Warner of Virginia on August … Continue reading Deloitte: Wyden unveils discussion draft of international tax overhaul (August 25, 2021)

Holland & Knight Alert: Offshore Lenders Targeted by IRS Audit Campaign (August 25, 2021)

Alan Winston Granwell, Katie Erin Gerber, Abbey Benjamin Garber, and William M. Sharp of Holland & Knight LLP, have made available for download their article, “Offshore Lenders Targeted by IRS Audit Campaign” published as a Holland & Knight Alert. The article begins as follows: Since 2017, the Internal Revenue Service (IRS) Large Business and International … Continue reading Holland & Knight Alert: Offshore Lenders Targeted by IRS Audit Campaign (August 25, 2021)

KPMG: IRS Priority Guidance Plan 2021-2022—exempt organization projects (September 10, 2021)

KPMG has made available for download their article, “IRS Priority Guidance Plan 2021-2022—exempt organization projects,” which discusses projects that directly affect exempt organizations and tax-exempt bonds. The abstract is as follows: The U.S. Treasury Department and IRS on September 9, 2021, released the 2021-2022 Priority Guidance Plan.The Priority Guidance Plan (PGP) is used each year … Continue reading KPMG: IRS Priority Guidance Plan 2021-2022—exempt organization projects (September 10, 2021)