In this second installment of an annual update on trust, estate, and gift taxation, the topics include split-dollar life insurance arrangements, indirect gifts, formula clauses in transfers of limited partnership interests, valuation discounts, and grantor retained annuity trusts.
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Topics
Personal Financial Planning
Dividing up assets when a marriage ends: Tax implications
Tax advisers can help divorcing couples reach an agreement that divides marital property equitably with respect to taxes and each party’s financial goals.
Tax planning for bond transactions
Bonds offer tax advantages and can help protect a portfolio against inflation.
Retirement account inflation adjustments issued for 2023
The IRS issued the retirement account inflation adjustments for 2023, including the maximum contribution amounts for 401(k) plans and IRAs.
Rembrandt and retirement: The pitfalls of collectibles and self-directed IRAs
This item explores how certain tax provisions may affect potential investors planning to indirectly invest in collectibles.
IRS raises per diem standard rates for business travel
Under Notice 2022-44, the high-low method rates will be slightly higher and the list of high-cost localities in the continental United States is revised, both effective Oct. 1.
Virtual currency grantor trusts and ETFs: Tax compliance
The unique characteristics of this new asset class present a host of additional issues unique to digital asset transactions.
Mutual fund-to-ETF conversion: Tax implications
The conversion of a traditional mutual fund to an ETF can have significant tax benefits, depending on the nature of the fund’s activities and the makeup of the fund shareholder base.
Using I bonds for education savings
I bonds provide a flexible, tax-advantaged method for saving for children’s education.
Bargain sales to charities: What are they and how do they work?
When considering a sale of the property, one planning opportunity that a taxpayer may explore is a bargain sale to a charity.
Considerations for philanthropic vehicle decisions
Philanthropic giving involves consideration of several structures and depends on factors including client control, level of contribution or investment, and the ability and willingness of the client’s family to participate in administrating the endeavor.
How an HSA can be viewed as a flexible tax-favored investment
This article shows how clients can benefit from viewing a health savings account as a flexible tax-favored investment strategy.
Opportunity zone program still plenty viable for clients with gains
The federal opportunity zone program creates jobs and improves communities, and the tax benefits for investors remain substantial.
Retirement transition: Crucial decisions
A CPA’s advice becomes even more vital once a client retires since poor decisions about Social Security, Medicare, and other retirement funding strategies will hamper clients for the rest of their lives.
Indirect gift tax considerations for 2021
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.
Seven strategies to accelerate income in response to increasing rates
Due to concern about tax rate increases, some taxpayers may be looking to accelerate income. While income acceleration does not make sense in all circumstances, this article outlines seven strategies for accelerating income when it does.
Planning with charitable lead trusts
Today’s low interest rates make charitable lead trusts a more powerful option for tax-efficient estate planning.
Cryptoassets: What to keep in mind in 2022
This article discusses four things for financial and tax advisers to keep in mind when working with clients holding cryptoassets.
Importance of purchase price allocation in real estate transactions
In a year when real estate prices are soaring in many areas of the country, these easily overlooked allocations can have a significant tax impact.
Investors are (legally) shielding crypto gains in opportunity zones
The opportunity zone program offers a solution for deferring gains and allows investors to diversify into real estate or operating businesses.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
