IRS proposes to amend estate and gift tax basic exclusion regs.
Exceptions to the special rule allowing the temporarily higher basic exclusion amount to apply to gifts credited against estate tax.
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Exceptions to the special rule allowing the temporarily higher basic exclusion amount to apply to gifts credited against estate tax.
While it may take some finesse to report the most complicated transactions on Form 709, you do not have to be a gift tax specialist to be aware of 10 common return preparation mistakes.
This article discusses what partnerships, S corporations, and their owners need to know to manage the tax risks that arise when an individual partner or shareholder dies.
It is important to consider some of the less-obvious gifts when you are advising clients who are intent on using up their full $11.7 million basic exclusion amount before the end of the year.
Today’s low interest rates make charitable lead trusts a more powerful option for tax-efficient estate planning.
These trusts can be advantageous to wealthier clients, but their future use in estate planning is threatened by current legislative proposals.
This article discusses the history of the grantor trust rules, how they are exploited to avoid taxes, and ways the rules might be reformed to prevent them from being used for tax avoidance.
This second part of an annual update examining developments in estate, trust, and gift taxation covers recent court cases, proposed regulations, and other IRS guidance on estate tax.
This first part of this annual update focuses on trust and gift tax issues.
The penalty for failure to report a distribution from a foreign trust is not reduced when the trust beneficiary is also the trust owner.
The letters, which the IRS provides as a courtesy to executors and other authorized estate representatives, will now cost $67.
This article focuses on the key tax and reporting areas applicable to revocable trusts and the associated planning and pitfalls that arise at the grantor’s death.
The total tax owed by a trust can be significantly affected by the location of grantors, beneficiaries, trustees, and even trust assets.
The AICPA has released some recommendations for practitioners concerning various issues that have arisen due to the postponement of the April 15 tax deadline for individuals.
This article focuses on the key tax and reporting areas applicable to revocable trusts and the associated planning and pitfalls that arise at the grantor’s death.
Income tax charitable deductions for trusts and estates are governed by Sec. 642(c) — these rules are substantially different from the rules for charitable contribution deductions for individuals and corporations under Sec. 170.
A surviving spouse has the option to file a joint return for the deceased spouse’s year of death, but several factors must be considered to determine if this is a good idea.
For clients who are projected to have a federally taxable estate and desire to gift assets to heirs, now may be the right time to implement planning strategies
The IRS issued final regulations for distinguishing trusts’ and estates’ allowable deductions from miscellaneous itemized deductions currently suspended by the TCJA.
This second of a two-part article discusses regulations on calculating the basic exclusion amount once the higher estate tax exemption expires after 2025, as well as several court cases and IRS private letter rulings.
DEDUCTIONS
Business meal deductions after the TCJA
This article discusses the history of the deduction of business meal expenses and the new rules under the TCJA and the regulations and provides a framework for documenting and substantiating the deduction.
TAX RELIEF
Quirks spurred by COVID-19 tax relief
This article discusses some procedural and administrative quirks that have emerged with the new tax legislative, regulatory, and procedural guidance related to COVID-19.