Wealth Strategies Estate Planning Commentary Weekly Update (May 9, 2023)
Tax Developments (May 2, 2023)
Table of Contents Primary Law: New Developments IRS News Tax Development Commentary Primary Law: New Developments Backdoor roth IRA: A tax-saving strategy for some high earners, Mark Friedlich, Tax professionals are considering offering value-added planning services such as backdoor Roth IRAs to help clients save for retirement without facing income restrictions, enabling tax-free growth and … Continue reading Tax Developments (May 2, 2023)
Wealth Strategies Estate Planning Commentary Weekly Update (May 1, 2023)
Corporate Tax Update – April 2023
By Celine Park Listed below are notable State Corporate Tax updates as of April 2023 that may be relevant to business and estate planners, categorized by state. Colorado Colorado's recently enacted House Bill 23-1006 mandates employers to inform their employees about certain state and federal tax credits on an annual basis, applying to income tax … Continue reading Corporate Tax Update – April 2023
Tax Developments (April 25, 2023)
Table of Contents Primary Law: New Developments IRS News Tax Development Commentary Primary Law: New Developments Tax relief for Indiana victims of storm, straight-line winds, and tornadoes: IRA and HSA deadlines postponed, Michael Schiller, The IRS grants tax relief to Indiana storm victims by postponing IRA, HSA, and other tax advantaged account deadlines until July … Continue reading Tax Developments (April 25, 2023)
Wealth Strategies Estate Planning Commentary Weekly Update (April 23, 2023)
Table of Contents SSRN Talking Heads Practitioner Journals Law Reviews Law Firm and Similar Newsletters Lay Person News SSRN Monetary Tightening and U.S. Bank Fragility in 2023: Mark-to-Market Losses and Uninsured Depositor Runs? By Erica Xuewei Jiang, Gregor Matvos, Tomasz Piskorski, and Amit Seru Jiang, Matvos, Piskorski, and Seru attribute U.S. bank asset exposures to … Continue reading Wealth Strategies Estate Planning Commentary Weekly Update (April 23, 2023)
Wealth Strategies Journal Financial Planning Weekly Update (April 21, 2023)
Table of Contents AICPA Financial Planning Popular Press AICPA Financial Planning AICPA Personal Financial Planning Section – April 11, 2023 Change in publication date for next two weeks Free CPE: How to guide clients through the maze of Social Security decisions CPE: Health savings accounts beyond the basics Planning for the surviving spouse: Part 3 … Continue reading Wealth Strategies Journal Financial Planning Weekly Update (April 21, 2023)
Corporate Tax Update – March 2023
By Celine Park Listed below are notable State Corporate Tax updates as of March 2023 that may be relevant to business and estate planners, categorized by state. Florida On March 1, a Florida circuit court ruled in favor of a group of taxpayers who disputed the proper interpretation of the state's rule on sourcing service … Continue reading Corporate Tax Update – March 2023
Considerations for Charitable Giving with Noncharitable Irrevocable Trusts
By Kim Kamin I. SYNOPSIS1 This article first reviews some fundamentals of how charitable deductions apply in the context of trusts and then shares ideas for how estate planning professionals can help clients think about situations when it might be desirable to tap into noncharitable trusts for charitable giving. The piece examines (1) how to … Continue reading Considerations for Charitable Giving with Noncharitable Irrevocable Trusts
TaxProf Blog – Lesson From The Tax Court: Fill Out The Damn Form (March 6, 2023)
Bryan Camp has published an article on the TaxProf Blog, titled "Lesson From The Tax Court: Fill Out The Damn Form," which discusses Bittner v. U.S.. The article begins as follows The fuss has focused on FBARs. The FBAR requirements and penalty provisions have been hotly litigated. Recently the Supreme Court issued an opinion in Bittner v. … Continue reading TaxProf Blog – Lesson From The Tax Court: Fill Out The Damn Form (March 6, 2023)
KPMG: Administration releases FY 2024 budget recommendations with tax proposals (Mar. 9, 2023)
KPMG has reported that the Biden Administration has released its FY 2024 Budget proposals, which contain significant tax proposals. The KPMG post begins as follows: The Office of Management and Budget (OMB) today released and transmitted to Congress its budget recommendations for fiscal year (FY) 2024. This release [PDF 9.8 MB] (182 pages) includes the budget message of the … Continue reading KPMG: Administration releases FY 2024 budget recommendations with tax proposals (Mar. 9, 2023)
Bridgewater Global Observations: Co-CIO Karen Karniol-Tambour On Global Investment Outlook (March 6, 2023)
In Bridgewater's Global Observations, co-CIO Karen Karniol-Tambour discusses why she sees a fundamental paradigm shift to a more inflationary world that markets are being slow to adjust to, as businesses and policy makers operate in a context of greater geopolitical tensions and decarbonization. She also shares how this is playing out in the current cycle … Continue reading Bridgewater Global Observations: Co-CIO Karen Karniol-Tambour On Global Investment Outlook (March 6, 2023)
Weston Blasi: How Kobe Bryant Made His $600 million Fortune — and Who Is in Charge of it Now (January 26, 2023)
Weston Blasi, of MarketWatch, has made available for download his article "How Kobe Bryant Made His $600 million Fortune — and Who Is in Charge of it Now," published on MarketWatch. The abstract is as follows: It’s been three years since NBA legend Kobe Bryant, his daughter Gianna, and seven others tragically died in a … Continue reading Weston Blasi: How Kobe Bryant Made His $600 million Fortune — and Who Is in Charge of it Now (January 26, 2023)
REG- 122286-18: IRS Releases New Proposed Regulations on Use of Forfeitures in Qualified Retirement Plans (February 25, 2023)
On February 24, 2023, the IRS released new proposed regulations regarding the use of forfeitures in qualified retirement plans. The new regulations say that forfeitures arising in any defined contribution plan (including in a money purchase pension plan) may be used for three purposes: to pay plan administrative expenses, to reduce employer contributions under the … Continue reading REG- 122286-18: IRS Releases New Proposed Regulations on Use of Forfeitures in Qualified Retirement Plans (February 25, 2023)
Forbes- Kelly Phillips Erb: A Look At State Income Tax Rates In 2023—And What Else To Consider (February 22, 2023)
Kelly Phillips Erb, of Forbes Magazine, has made available for download her article, A Look At State Income Tax Rates In 2023—And What Else To Consider, published in Forbes. The abstract is as follows: There's been a lot of chatter about state income taxes over the past few years—thanks, in part, to the expansion of … Continue reading Forbes- Kelly Phillips Erb: A Look At State Income Tax Rates In 2023—And What Else To Consider (February 22, 2023)
David Biscoe Bingham (Mitchell, Williams, Selig, Gates & Woodyard, P.L.L.C.): Think Twice Before You End A Trust – Income Tax Consequences of Trust Commutations and “Early Terminations”(February 24, 2023)
David Biscoe Bingham, of (Mitchell, Williams, Selig, Gates & Woodyard, P.L.L.C.), has made available fordownload his article, Think Twice Before You End A Trust – Income Tax Consequences of Trust Commutations and "Early Terminations", published in JDSUPRA. The abstract is as follows: Despite the Rule Against Perpetuities (which basically says a trust can’t go on … Continue reading David Biscoe Bingham (Mitchell, Williams, Selig, Gates & Woodyard, P.L.L.C.): Think Twice Before You End A Trust – Income Tax Consequences of Trust Commutations and “Early Terminations”(February 24, 2023)
The Northern Trust Institute: Join Us For The Northern Trust Institute’s Third Annual Wealth Planning Symposium (April 27, 2023)
The Northern Trust Institute are going to present the Northern Trust Institute’s Third Annual Wealth Planning Symposium on April 27, 2023. The summary is as follows: Join us live in Chicago for The Northern Trust Institute’s Third Annual Wealth Planning Symposium. We will dispel the outdated notion that wealthy families are destined to fail by … Continue reading The Northern Trust Institute: Join Us For The Northern Trust Institute’s Third Annual Wealth Planning Symposium (April 27, 2023)
Kitces Nerd’s Eye View : Creating Client Service Calendars That Demonstrate Ongoing Advisor Value (February 13, 2023)
Kitces Nerd’s Eye View has made available for download the article, “Creating Client Service Calendars That Demonstrate Ongoing Advisor Value”. The article begins as follows: EXECUTIVE SUMMARY While it can be easy for financial advisors to recognize the wide range of ways they add value for clients throughout the year, clients themselves might not be … Continue reading Kitces Nerd’s Eye View : Creating Client Service Calendars That Demonstrate Ongoing Advisor Value (February 13, 2023)
Acquired Podcast: How Bernard Arnault Turned $15 Million into The Worlds Largest Individual Fortune
The Acquired Podcast devotes a lengthy episode to the story of how Bernard Arnault, the world's wealthiest man, became the world's wealthiest man. The summary is as follows: We tell the full history of LVMH, and how Bernard Arnault turned a $15m investment in a bankrupt French textile company into the world’s largest individual fortune. … Continue reading Acquired Podcast: How Bernard Arnault Turned $15 Million into The Worlds Largest Individual Fortune
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