A recent tax court case serves as a stern reminder to practitioners that (1) in order for a trust to qualify as a charitable remainder annuity trust (CRAT), the trust’s governing instrument must unambiguously provide for a...more
The Arkansas Uniform Fiduciary Income and Principal Act (the “Act”) became effective on January 1, 2022. Arkansas is one (1) of five (5) states, including Colorado, Kansas, Utah, and Washington, that has enacted the Uniform...more
Is it principal or it is income? This question has plagued trust beneficiaries, trustees, accountants, and attorneys since trusts have been used. The answer to the question is important, because the answer generally controls...more
IRS Rules Appointment of Special Trustee and Special Trustee’s Subsequent Exercise of Power to Limit or Eliminate Trust Beneficiary’s Testamentary General Power of Appointment Will Not Constitute Exercise or Release for...more
11/7/2018
/ Beneficiaries ,
Death Benefits ,
Estate Planning ,
Estate Tax ,
IRS ,
Power of Appointment ,
Private Letter Rulings ,
Testamentary Trust ,
Trustees ,
Trusts ,
Wills
In an effort to comply with the increasing complexity of the Internal Revenue Code (the “Code”) and the regulations promulgated thereunder, many taxpayers are looking to tax preparation software for assistance in preparing...more
11/7/2017
/ Corporate Understatements ,
E-Filing ,
Financial Statements ,
Good Faith ,
Income Taxes ,
IRS ,
Reasonable Cause Defense ,
Section 6662 ,
Tax Court ,
Tax Penalties ,
Tax Returns ,
Treasury Regulations ,
TurboTax ,
Underpayment