A buy/sell agreement is a contract that restricts business owners from freely transferring their ownership interests in the business; they are a tool in providing for a planned and orderly transfer of a business interest.
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Personal Financial Planning
The 10 Most Powerful Postmortem Planning Pointers for Trusts and Estates
Taking control of the postmortem planning process can be a powerful way to save tax dollars for the decedent’s estate and family.
Strategies for the Social Security Safety Net
For approximately the next 20 years, 10,000 people a day will become eligible for Social Security retirement benefits and will be looking to a tax practitioner to help them plan for the future.
Current Leading Practices for Structuring the Family Office
This article explores certain structural attributes of the family office in an attempt to identify some leading practices for families (and their advisers). These structural attributes are organized into four categories: (1) ownership and governance, (2) scope of services provided, (3) capital structure and funding, and (4) entity selection and taxation.
Incorporating the Statement on Responsibilities in Personal Financial Planning into a Tax Practice
This column explains the Statement on Responsibilities in Personal Financial Planning Practice, issued by the AICPA’s PFP Executive Committee, and discusses how practitioners can use it to help clients with personal financial planning.
Making Gifts to Minors
This column discusses the advantages and disadvantages of gifting under the Uniform Gifts to Minors Act or the Uniform Transfers to Minors Act and in what kinds of situations each should be used.
Generations of Wealth in Marcellus Shale
Many in the Marcellus shale areas are being faced with difficult financial decisions due to the newfound wealth associated with the sudden interest in the Marcellus formation.
Estate Tax Planning for a U.S. Citizen with a Noncitizen Spouse
Under current U.S. tax law, a U.S. citizen may transfer property to his or her U.S. citizen spouse without any tax consequence or limitation. However, a U.S. citizen married to a noncitizen can make only a limited amount of bequests to his or her spouse.
Tax Court Rules on Valuation of Life Insurance Policy in Bargain Sale
The Tax Court held that where the profit-sharing plan of an S corporation wholly owned by the taxpayers distributed to them a life insurance policy on their lives, the taxpayers could not reduce the taxable value of the policy by the amount of the surrender charge for purposes of determining their income from the transfer
Protecting the Elderly from Financial Abuse
This column explores the warning signs of senior fraud and offers suggestions for identifying those signs and resources for guidance in handling such situations.
Life Settlements
The tax treatment of life settlement proceeds has been unclear until recently. However, the IRS issued guidance during 2009 that clarifies when and to what extent policyholders must recognize capital gain when they sell a life insurance policy.
The Valuation of FLPs
Due to the popularity of family limited partnerships (FLPs) and the significant tax savings they can provide, the IRS has sought to limit the benefits of their use. As part of its attack on an FLP, the IRS frequently will challenge the value of the FLP that is claimed on an estate or gift tax return.
Last-Minute Estate Planning for 2009: Focus on the GST
This article focuses on estate planning opportunities relating to the generation-skipping transfer tax that practitioners and taxpayers should consider for implementation in 2009.
Into the Medicare Maze: Decisions Facing Seniors
Because health care costs can have serious detrimental effects on savings and lifestyle, understanding what Medicare covers and the difference between Medicare supplements and Medicare Advantage plans is an essential part of helping clients with retirement planning.
Estate Planning While We Sit, Watch, and Wait
Despite the impending confusion, there are some steps tax practitioners can take in working with clients to ensure their estates are in the best position over the next few years.
Financial Planning Using a Client’s Form 1040
CPAs can provide valuable assistance to their clients by taking some time after busy season to use the tax return as a guide to helping their clients deal with the current economic difficulties.
Ponzi Schemes: The Implications for Defrauded Investors
The losses incurred in a Ponzi scheme may be deductible as theft loss under Sec. 165(a) as an ordinary deduction in the year the loss was discovered, with certain limitations. A taxpayer cannot deduct losses as long as there is a possibility of recovery and litigation is ongoing.
Be Careful Making Disclaimers Where Trusts Are Involved
Disclaimers are very useful tools for estate planners, especially in postmortem planning. However, if an estate planner is not diligent in the planning and execution of a disclaimer, it can have adverse transfer tax consequences.
Communicating with Clients in Difficult Times
The trusted, knowledgeable adviser must be proactive. Clients trust their CPAs and the advice, information, and education they provide.
Taxation of Long-Term Care Insurance
Discussing LTC insurance should be a priority for all professional advisers in order to help protect the best interests of their clients and families as they enter the “golden years” of their lives.
INDIVIDUALS
Current Developments in Taxation of Individuals: Part 1
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.
