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

Crawford, Magical Thinking and Trusts (July 20, 2019) [Kaestner commentary]

Professor Bridget J. Crawford, Pace University School of Law, has made available for download her article, Magical Thinking and Trusts, to be published in the Seton Hall Law Review. The Abstract is as follows: At a time of monumental economic inequality in the United States, wealthy individuals and their tax-motivated behavior have come under significant … Continue reading Crawford, Magical Thinking and Trusts (July 20, 2019) [Kaestner commentary]

Joint Committee on Taxation Description of President Trump’s FY 2020 Budget Recommendations, including Proposal to Make Permanent Individual Tax Provisions, Including Estate & Gift Tax Provisions

The Joint Committee on Taxation has made available it's description of revenue provisions in President Trump's FY 2020 Budget Proposal. These include the proposal to make permanent the individual tax provisions that sunset for tax years beginning on or after January 1, 2026, including the estate and gift tax provisions, among others. To see the … Continue reading Joint Committee on Taxation Description of President Trump’s FY 2020 Budget Recommendations, including Proposal to Make Permanent Individual Tax Provisions, Including Estate & Gift Tax Provisions