The IRS has released its draft 2019 Form 1040 along with associated schedules. See draft 1040 and schedules by clicking links below: Form 1040 (Schedule 8812)Additional Child Tax CreditForm 1040 (Schedule R)Credit for the Elderly or the DisabledForm 1040-SRU.S. Tax Return for SeniorsForm 1040-NR-EZU.S. Income Tax Return for Certain Nonresident Aliens With No DependentsForm 1040 … Continue reading Draft 2019 Form 1040 + Schedules Released
Claudia Sangster, Co-Director, Norther Trust, Family Education and Governance, has made available for download her article, Family Business Transitions: Rising to the Challenge (May 2019). The summary is as follows: • Only 12% of family businesses survive to the third generation• Developing a plan and process to prepare the next generation of leadership can improve … Continue reading Sangster, Family Business Transitions: Rising to the Challenge
The IRS has released a draft of its new simplified tax individual income tax form, Form 1040-SR, for seniors, which may be used by taxpayers 65 and over for tax year 2019 and future returns. Click here to see draft Form 1040-SR Click here to see commentary: Kiplinger.Accounting Today.Forbes.
In PLR 201928003 the IRS ruled that a terminal taxpayer may use a special actuarial factor to value certain gifts made by her during her lifetime. The facts were as follows: Taxpayer was born on Date 1. Taxpayer is the income beneficiary of three trusts. On Date 2, Taxpayer utilized the disclaimer provisions expressly provided … Continue reading PLR 201928003: Code Sec. 7520 – Terminal Taxpayer May Use Special Actuarial Factor for Gift Valuation
In PLR 201928005 the IRS ruled on tax consequences of the termination of a CLAT. Here, a decedent's estate was transferred from a charitable lead annuity trust (CLAT) to a charitable foundation after decedent's death pursuant to decedent's will. The CLAT paid annual annuity payments to the foundation. The CLAT requested a state court order … Continue reading PLR 201928005: Tax Consequences of Charitable Lead Annuity Trust (CLAT) Termination
The IRS in CCA 201928014 ruled that a corporation with several years of NOL carryovers and charitable contribution carryovers must determine a charitable contribution carryover adjustment using a chronological, year-by-year NOL absorption computation. The IRS stated that using an aggregate basis standard to determine the adjustment was not accurate. The IRS also stated that the … Continue reading CCA 201928014: Corporate Charitable Contribution Carryover Adjustment Determined Using NOL Absorption Computation
Jay Adkisson has summarized the Cleopatra Cameron Gift Trust cases dealing with the enforcement of a California child support order against a South Dakota Trust. Mr. Adkisson's article begins as follows: Through the gifts and subsequent death of her father, California resident Cleopatra Cameron ended up as the beneficiary of two trusts (collectively, the Trust) … Continue reading Adkison, California Child Support Order Not Enforced Against South Dakota Trust In Cleopatra (June 27, 2019).