Benyamini, Tax-exempt trusts: New guidance on Sec. 199A deduction, The AICPA Tax Adviser (Nov. 1, 2019)

Nanaz Benyamini has published his article, Tax-exempt trusts: New guidance on Sec. 199A deduction in The AICPA Tax Adviser (Nov. 1, 2019). The Abstract is as follows: The IRS has posted informal guidance to explain how trusts that file Form 990-T, Exempt Organization Business Income Tax Return, and have unrelated business income, can claim the qualified … Continue reading Benyamini, Tax-exempt trusts: New guidance on Sec. 199A deduction, The AICPA Tax Adviser (Nov. 1, 2019)

Zhao: New rule on nonresident aliens in an S corporation, The AICPA Tax Adviser (Nov. 1, 2019)

Fei Zhao, CPA, has published his article in the AICPA Tax Adviser, New rule on nonresident aliens in an S corporation. The Abstract is as follows: The new tax law provides a way to avoid the unexpected termination of the S election when a nonresident alien becomes a potential current beneficiary of an electing small … Continue reading Zhao: New rule on nonresident aliens in an S corporation, The AICPA Tax Adviser (Nov. 1, 2019)

Kim Trujillo, Unexpected tax bills for simple trusts after tax reform, AICPA Tax Advisor (Sept. 1, 2019)

Kim Trujillo has published an article, Unexpected tax bills for simple trusts after tax reform, published in the AICPA Tax Advisor (Sept. 1, 2019). The article begins as follows: An overlooked impact of the 2017 tax reform act has resulted in many simple trusts' having a tax liability on ordinary income, which was rarely the … Continue reading Kim Trujillo, Unexpected tax bills for simple trusts after tax reform, AICPA Tax Advisor (Sept. 1, 2019)

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

Diana Theis: IRA Beneficiary Options: What You Need to Know (Aug. 13, 2019) (Wolters Kluwer)

Diana Theis, Sr. Specialized Consultant at Wolters Kluwer has published her insight, IRA Beneficiary Options: What You Need to Know (Aug. 13, 2019) (Wolters Kluwer). Her article begins as follows: The required minimum distribution (RMD) rules applicable to individual retirement accounts (IRAs) are written in two parts, including distributions before an IRA owner’s death (i.e., … Continue reading Diana Theis: IRA Beneficiary Options: What You Need to Know (Aug. 13, 2019) (Wolters Kluwer)

Deloitte Free Webinar: Developments in State Taxation of Trusts, including Kaestner

Deloitte is offering a free webinar on the state taxation of trusts, including planning after Kaestner. The summary is as follows: On June 21, 2019, the Supreme Court issued its opinion in North Carolina Department of Revenue v. Kimberley Rice Kaestner Family Trust concerning the constitutionality of the North Carolina fiduciary income tax approach. How does this … Continue reading Deloitte Free Webinar: Developments in State Taxation of Trusts, including Kaestner

PLR 201931006: Decedent IRA Not Inherited IRA

In PLR 201931006, the IRS concluded that an IRA inherited by a surviving spouse was not an inherited IRA under Code Sec. 408(d)(3)(C). The IRA lacked a designated beneficiary. However, the IRA custodian provided that in such cases, with no designated beneficiary, the IRA would be payable to the decedent’s estate. Here, the taxpayer was … Continue reading PLR 201931006: Decedent IRA Not Inherited IRA