News & Analysis as of

Income Taxes › Internal Revenue Service › Trusts

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
BakerHostetler

[Podcast] Estate and Tax Planning for Globally Mobile Clients: Purchasing U.S. Real Estate by Non-U.S. Persons

BakerHostetler on

Non-Americans who wish to purchase U.S. real estate should be aware of the tax consequences of owning real estate here. George McCormick discusses these tax issues and steps to minimize their impact....more

Rivkin Radler LLP

Trust Beneficiary Engages In Like Kind Exchange Using Trust Property

Rivkin Radler LLP on

It is a basic principle of the income tax that the gain or loss realized by a taxpayer from the conversion of property into cash, or from the exchange of property for other property that differs materially in kind from the...more

DarrowEverett LLP

Maximizing QSBS Benefits with Estate Planning: The Art of Stacking

DarrowEverett LLP on

The number of taxpayers seeking the benefits of Qualified Small Business Stock (“QSBS”) has picked up steam in recent years, particularly since the Tax Cuts and Jobs Act (“TCJA”) lowered the federal corporate tax rates to...more

Roetzel & Andress

Now That We’ve Seen the Eclipse, It’s Time To Plan for the TCJA Sunset

Roetzel & Andress on

As the ball drops in Times Square on December 31, 2024, many of the tax breaks established by the Tax Cuts and Jobs Act (TCJA) of 2017 will disappear. While the TCJA made some permanent tax cuts, a number of tax cuts and...more

Keating Muething & Klekamp PLL

Recent IRS Decision Threatens Some Irrevocable Trust Modifications

Keating Muething & Klekamp PLL on

A recent Chief Counsel Advice issued by the IRS has been described by one team of estate planning experts as “the most important IRS ruling in a decade,” and it directly contradicts the prior IRS position on the issue. Should...more

Davidoff Hutcher & Citron LLP

If It's Too Good To Be True...The Latest Guidelines from the IRS

Davidoff Hutcher & Citron LLP on

There are a lot of very smart tax attorneys out there who are trying to figure out something new, and yet there’s very little innovation.  Almost all techniques that we use are incremental variations of an older technique...more

Rivkin Radler LLP

Taxes and the 2024 Election: ‘Tis the Season to Plan and Act

Rivkin Radler LLP on

This is The End- I have dreaded the year end for as long as I can remember. As a teenager and then as a young adult I associated the final quarter of the year, and especially the period beginning on Thanksgiving and...more

Seyfarth Shaw LLP

Year-End Estate Planning for 2023

Seyfarth Shaw LLP on

A strong stock market and “soft landing” have generated significant wealth this year. The gift tax, estate tax and generation-skipping transfer tax are all imposed on the fair market value of assets at the time of transfer....more

Allen Barron, Inc.

Estate and Tax Planning for US Expatriates

Allen Barron, Inc. on

What are the most important elements of estate and tax planning for US expatriates?  Are you planning to move out of the United States?  Are you a US taxpayer who lives and works outside of the country?  What are some of the...more

Allen Barron, Inc.

Tax Tips for Lottery Winners

Allen Barron, Inc. on

Today is the anniversary of the largest Powerball lottery victory in the United States of $2.04 billion.  Just over the $1.765 billion jackpot claimed last month (Oct 2023).  What are some tax tips for lottery winners and...more

Perkins Coie

Washington Court of Appeals Limits B&O Tax Deduction for Investment Income

Perkins Coie on

The Washington Court of Appeals has held that investment funds are subject to Washington state business and occupation (B&O) tax on their investment income. Although Washington law allows taxpayers to deduct “amounts derived...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Think Twice Before You End A Trust – Income Tax Consequences of Trust Commutations and "Early Terminations"

Mitchell, Williams, Selig, Gates & Woodyard,... on

Despite the Rule Against Perpetuities (which basically says a trust can’t go on forever) being repealed in many states, most trusts, as a practical matter, don’t go on forever. In an ideal scenario, the terms of the trust...more

Katten Muchin Rosenman LLP

2022 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on

During 2022, COVID-19, the war in Ukraine, global inflation, the Tax Cuts and Jobs Act (TCJA), the uncertainty about the Build Back Better Act (BBBA), the Corporate Transparency Act (CTA), and the Inflation Reduction Act...more

Woods Rogers

‘Tis the Season (For Charitable Giving)

Woods Rogers on

The year-end is approaching, but you still have time to work on your 2022 tax planning. Consider giving to your favorite charity to make this holiday season merry. Planned charitable giving provides you a way to maximize...more

Freeman Law

What is a Trust?

Freeman Law on

Trusts - Trusts play an important role in estate and tax planning. A trust is a fiduciary arrangement that allows a trustee to hold legal title to assets for the benefit of a beneficiary. The beneficiary is, in turn, said...more

Blank Rome LLP

2022 California Estate and Tax Planning Newsletter

Blank Rome LLP on

Our annual estate and tax planning newsletter discusses certain concepts and techniques that should be considered in 2022 by our clients and friends in California. Perhaps the most important recent development was the failure...more

Gray Reed

A Horse, a Horse, My Kingdom for a Horse! Lack of Proper Documentation Dooms IRS Disputes

Gray Reed on

In real life (and especially, it seems, in tax law) it is more like to be the lack of a timely piece of paper that causes the taxpayer to lose. In the course of administering a trust, it sometimes happens that mistakes...more

Chambliss, Bahner & Stophel, P.C.

Tax Implications of House Passage of the Build Back Better Act

Chambliss, Bahner & Stophel, P.C. on

This morning, the House of Representatives voted 220 to 213 in favor of passing the Build Back Better Act (the Bill). The Congressional Budget Office estimates the bill will cost almost $1.7 trillion and add $367 billion to...more

Foster Garvey PC

House of Representatives 5376: Current Tax Legislation Pending in the U.S. House of Representatives

Foster Garvey PC on

...The federal tax laws are certainly about to change. With the need to raise revenue as a top priority for the Biden Administration, everyone is expecting dramatic changes to the Internal Revenue Code. Tax legislation is...more

McDermott Will & Emery

Weekly IRS Roundup September 27 – October 1, 2021

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 27, 2021 – October 1, 2021... September 28, 2021: The IRS released a revenue...more

Bowditch & Dewey

Impact of House Ways and Means Tax Proposals for Trusts, Estates, and Retirement Accounts

Bowditch & Dewey on

In this second blog post on the House Ways and Means Tax proposals, we address the proposed changes that will affect the taxation of trusts, estates, and retirement plans. As we discussed, on September 13, 2021, the...more

Perkins Coie

Washington’s New 7% Capital Gains Tax Questions Answered

Perkins Coie on

The Washington Legislature passed Senate Bill 5096 on April 25, 2021, the last day of the 2021 Washington legislative session. SB 5096 is a state capital gains tax on individual residents of the State of Washington. The state...more

Katten Muchin Rosenman LLP

2020 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on

In 2020, COVID-19, the US presidential election, the Tax Cuts and Jobs Act (the TCJA), and the Coronavirus Aid, Relief and Economic Security Act (the CARES ACT) dominated the planning landscape....more

Steptoe & Johnson PLLC

Selling Assets to Reduce Your Estate Tax Exposure - Act Before September 30

Steptoe & Johnson PLLC on

If you have an estate that may be subject to estate tax next year, particularly if the November election results in a greatly reduced federal estate tax exemption in 2021, now is the time to remove assets from your taxable...more

Cole Schotz

Nelson: IRS Prevails In Defined Value Provision Case

Cole Schotz on

On June 10, 2020, in Nelson v. Commissioner, T.C. Memo 2020-81, the Tax Court ruled in favor of the IRS and against a taxpayer who attempted to use a defined value provision to value a transfer of assets. The taxpayer’s...more

46 Results
 / 
View per page
Page: of 2
Next »

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up Log in
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide