AICPA Tax Insider (October 29, 2020): Offer-in-compromise Scams Expected to Increase; 2021 Inflation Adjustments and Tax Tables Issued; Inflation-adjusted Income Ranges for 2021 IRA and 401(k) Plans; and More!

Offer-in-compromise scams expected to increaseBy Dave Strausfeld, J.D.What can be done about predatory firms that make exaggerated promises of being able to settle tax debt? A recession provides fertile ground for their scams. 2021 inflation adjustments and tax tables issuedThe IRS issued the 2021 inflation adjustment amounts and tax tables for use in preparing 2021 … Continue reading AICPA Tax Insider (October 29, 2020): Offer-in-compromise Scams Expected to Increase; 2021 Inflation Adjustments and Tax Tables Issued; Inflation-adjusted Income Ranges for 2021 IRA and 401(k) Plans; and More!

Chuck Cavanaugh (Citi Personal Wealth Management): Federal Estate Tax Exemption Is Set to Expire – Are You Prepared?

Chuck Cavanaugh, of Citi Personal Wealth Management, has made availablefor download his article, "Federal Estate Tax Exemption Is Set to Expire – Are You Prepared?" published in The Kiplinger Washington Editors. The abstract is as follows: A window of opportunity opened in 2018 when the Tax Cuts and Jobs Act (TCJA) doubled the lifetime gift, … Continue reading Chuck Cavanaugh (Citi Personal Wealth Management): Federal Estate Tax Exemption Is Set to Expire – Are You Prepared?

Forbes: The Serious Disconnect Between A Hot Residential Real Estate Market And The Coming Tsunami Of Foreclosures

Forbes has published an article, "The Serious Disconnect Between A Hot Residential Real Estate Market And The Coming Tsunami Of Foreclosures," which discusses the increase of foreclosures due to COVID-19. The article begins as follows: Various reports show that the market for previously-owned homes climbed nearly 10% in September, the fourth straight monthly increase. It is … Continue reading Forbes: The Serious Disconnect Between A Hot Residential Real Estate Market And The Coming Tsunami Of Foreclosures

John Bergner, Jeff Chadwick, Cheryl Cain Crabbe, Christine Wakeman, and Jordan Ware (Winstead PC): Potential Estate Planning Implications of 2020 Election Results (October 19, 2020)

John Bergner, Jeff Chadwick, Cheryl Cain Crabbe, Christine Wakeman, and Jordan Ware, of Winstead PC, have made availablefor download their article, "Potential Estate Planning Implications of 2020 Election Results," published on Winstead's website. The article begins as follows: With the election less than a month away, there has been significant discussion regarding potential tax law … Continue reading John Bergner, Jeff Chadwick, Cheryl Cain Crabbe, Christine Wakeman, and Jordan Ware (Winstead PC): Potential Estate Planning Implications of 2020 Election Results (October 19, 2020)

Forbes: Why Businesses Should Keep An Eye On State Tax Policies Before And After Presidential Election (October 15, 2020)

Forbes has published an article, "Why Businesses Should Keep An Eye On State Tax Policies Before And After Presidential Election," which discusses the how states and localities facing budget deficit can impact tax policies during the presidential election period. The summary is as follows: As a result of the COVID-19 crisis, many states and localities … Continue reading Forbes: Why Businesses Should Keep An Eye On State Tax Policies Before And After Presidential Election (October 15, 2020)

TAXATION OF TANGIBLE PERSONAL PROPERTY

By Laura Angel-Lalanne & G. Warren Whitaker Clients frequently make their choices regarding the disposition of their tangible personal property based on emotional considerations.  Nevertheless, they must be aware of the tax costs and benefits associated with the various methods of disposition they may be considering, so they can make fully informed decisions.  This article … Continue reading TAXATION OF TANGIBLE PERSONAL PROPERTY

What’s the Upside in a Downturn? —Today’s Environment Has Created Once-in-a-lifetime Wealth Planning Opportunities

By Nicholas J. Bertha IN A CLASSIC IRONY, WE NOW FIND OURSELVES IN PERHAPS THE MOST ATTRACTIVE WEALTH TRANSFER ENVIRONMENT OF OUR LIFETIMES. THE REASONS ARE TWO-FOLD. FIRST, A PAIR OF INTEREST RATES THAT ARE NOW AT THEIR LOWEST LEVELS IN HISTORY, MAKING IT EASIER FOR SEVERAL OF THE MOST WIDELY USED WEALTH TRANSFER TACTICS … Continue reading What’s the Upside in a Downturn? —Today’s Environment Has Created Once-in-a-lifetime Wealth Planning Opportunities

What COVID-19 Means for America’s Economic and Financial Statecraft

By Michael B. Greenwald It is already evident that coronavirus has triggered a deeper recession than that of the Global Financial Crisis. Much like the latter, monetary authorities at the Federal Reserve have undertaken unprecedented actions to support liquidity in global markets. These steps have included support for domestic debt markets, including a recent expansion … Continue reading What COVID-19 Means for America’s Economic and Financial Statecraft

How the Final Regulations on Qualified Opportunity Funds Come Out on Trust and Estate Related Issues

By Kevin Matz On December 19, 2019, the U.S. Department of Treasury and the Internal Revenue Service (collectively, “the Treasury Department”) released long-awaited final regulations on qualified opportunity funds (“QOFs”) (the “final regulations”). The final regulations come on the heels of two tranches of proposed regulations, which generated more than 300 comment letters from organizations … Continue reading How the Final Regulations on Qualified Opportunity Funds Come Out on Trust and Estate Related Issues

Tax Reform Implications for Fiduciaries

By Nicole Pursley The Tax Cuts and Jobs Act of 2017 (the Tax Act) made significant changes to the United States Tax Code, with implications on virtually all areas of taxation, including some that affect fiduciaries. This article provides a broad overview of some tax implications that may be of importance to trust and estate … Continue reading Tax Reform Implications for Fiduciaries

Clark Merrefield, Journalist’s Resource: Federal Tax Evasion: Why It Matters and Who Does It (Jan. 14, 2020).

by Clark Merrefield, Journalist's ResourceJanuary 14, 2020 Every tax season people try to get out of paying the full share of what they owe the U.S. government in income taxes. The Internal Revenue service usually starts accepting tax returns in late January and returns typically need to be filed by April 15. Here are a … Continue reading Clark Merrefield, Journalist’s Resource: Federal Tax Evasion: Why It Matters and Who Does It (Jan. 14, 2020).

What Do You Mean I Cannot Take that Money? Duties, Responsibilities, and Ethics for Fiduciaries and the Attorneys Who Advise Them

By Lisa C. Henry & Francis J. Rondoni Chestnut Cambronne PA Minneapolis, Minnesota1 2 With the recent trend to sue anyone and everyone, practitioners should be aware of potential liability for their client’s acts.  Along with claims for malpractice, courts are coming around to considering a legal practitioner being liable for his or her role in … Continue reading What Do You Mean I Cannot Take that Money? Duties, Responsibilities, and Ethics for Fiduciaries and the Attorneys Who Advise Them

Why Can’t My Brother-In-Law Bob Be the Executor of My Estate?

CONSIDERATIONS INVOLVING FIDUCIARY SELECTION By Stuart C. Bear Chestnut Cambronne Minneapolis, Minnesota 1 2 Fiduciary selection is crucial to the success of an estate and disability plan.  Even a great plan can go awry if a fiduciary fails to uphold his or her fiduciary duties or fails to follow the terms of the Will or Trust.  Add family … Continue reading Why Can’t My Brother-In-Law Bob Be the Executor of My Estate?

Art Crimes and Misdemeanors: Managing Risk in Estate Administration and in Appraisals of Stigmatized Art

By Sarah Moore Johnson, Esq. & Cindy Charleston-Rosenberg, ISA CAPP Misattributed and other forms of stigmatized artwork lurking in important estate collections is far more pervasive than generally appreciated by fiduciaries. If overlooked during the appraisal process, misattributed and unattributed works may result in significant wealth loss through overpayment of tax liability or depressed sale … Continue reading Art Crimes and Misdemeanors: Managing Risk in Estate Administration and in Appraisals of Stigmatized Art

Successfully Moving to a Zero or Low Tax State

By Mark Klein & Dan Kelly If you have ever moved, you know it’s not easy!  The same can be said about changing your domicile.  Tax Departments are aggressive and thorough in their pursuit of taxpayers who claim to move, and taxpayers who are not focused on the most important actions, primary factors, and who do not … Continue reading Successfully Moving to a Zero or Low Tax State

Ethical Issues in Representing a Client with Diminished Capacity

By Howard S. Krooks, Esq., CELA, CAP, Partner at Elder Law Associates PA Attorneys often encounter working with clients who have declined physically and/or mentally, which is known in legal parlance as diminished capacity. However, the law assumes that every person has legal capacity unless and until a court has determined otherwise. The American Bar Association … Continue reading Ethical Issues in Representing a Client with Diminished Capacity

Emerging Issues for the Family Office

From taxation complexity to cyberthreats, what are today’s top concerns? By Randy Abeles, Tax Partner, RSM US LLP Family offices come in all shapes and sizes and the differences from one to another can be vast. And, yet family offices have common challenges—and opportunities—especially in today’s dynamic business environment. From addressing the complexities of taxation … Continue reading Emerging Issues for the Family Office

The Practice of Law or Not the Practice of Law, That is the Question

By Virginia H. Grigg This material was originally prepared for and presented at the Connor-Zaritsky 40thAnnual Advanced Estate Planning and Administration Seminar sponsored by Virginia CLE. As attorneys, we do not have to worry about engaging in the unauthorized practice of law (UPL) because we are licensed to practice law in our given jurisdictions.  However, we have … Continue reading The Practice of Law or Not the Practice of Law, That is the Question

Resolving Tax Debts is Easy: It’s All About the Process

By Eric L. Green, Esq. Taxpayers often become frustrated and scared when dealing with the IRS on a back tax debt.In reality, however, resolving a tax debt is reasonably straightforward and can save taxpayers from unnecessary distress. A statutory lien is normally issued after tax returns are filed and payments must be arranged by the … Continue reading Resolving Tax Debts is Easy: It’s All About the Process

The Virtual Family Office and Personal Financial Planning

By Susan M. Tillery Many consumers, as well as professional advisers, continue to think of personal financial planning as a tool to gather assets under management (AUM) or to sell products; however, CPA personal financial planners have developed a fee-for service model which offers integrated personal financial planning without AUM or product sales.  This model embodies … Continue reading The Virtual Family Office and Personal Financial Planning