These trusts can be advantageous to wealthier clients, but their future use in estate planning is threatened by current legislative proposals.
Advertisement
Topics
Personal Financial Planning
IRS makes retirement account inflation adjustments for 2022
The IRS issued the adjusted ceilings, thresholds, and limitations for various retirement plans and individual retirement accounts for 2022.
Using donor-advised funds in 2021 (and beyond)
Donor-advised funds have increased in popularity because of recent legislative changes that affect charitable giving.
Recent developments in estate planning: Part 2
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.
The grantor trust rules: An exploited mismatch
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.
Finding the right capital gains tax strategy for your client
With potential tax hikes looming, CPAs can help clients manage capital gains taxes with the right strategy.
Individual tax update
This semiannual update surveys recent federal tax developments involving individuals.
Replacing your ‘how’ with a ‘why’ approach to PFP services
You must know why your clients are seeking your advice before building a financial plan that fits their needs.
Commercial real estate: Debt restructuring and planning
As many companies continue to work remotely and demand for office space dries up, landlords and banks may be forced to renegotiate debt agreements or foreclose on assets, which could have significant tax consequences.
ARPA expands tax credits for families
The American Rescue Plan Act made significant changes to the child tax credit and child and dependent care credit for the 2021 tax year, making the credits larger for most taxpayers and more widely available.
Sorting the tax consequences of settlements and judgments
This article discusses issues taxpayers should consider during a litigation or arbitration process.
ARPA-adjusted 2021 individual credit amounts set
The IRS issued guidance on the amount of and limitations on the child tax credit, earned income tax credit, and premium tax credit available for taxpayers for the 2021 tax year.
Taxation of qualified tuition plan contributions and distributions
Taxpayers can avoid unplanned taxes and penalties by carefully following rules for contributions to and
distributions from tax-favored education savings vehicles and making sure distributed funds are used for “qualified higher education expenses.”
Planning considerations for cross-border compensatory equity
Compensatory equity, such as company stock, held by employees that was acquired in connection with the performance of services may result in unexpected issues.
Planning with revocable trusts after the grantor’s death
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.
Using a family LLC for estate planning
LLCs can help families achieve key business and
tax objectives, while also providing liability protection and concentrating management power in
the hands of less than all of the owners.
Cafeteria plans may be amended during pandemic
The IRS issued guidance on how employers can amend their health flexible spending arrangements and dependent care assistance programs to respond to the coronavirus pandemic.
Final rules for interest expense deductions affecting hedge funds
The final regulations provide relief to hedge funds
and their passive investors, although the regulations may increase the administrative burden
and reporting requirements on hedge fund managers.
Senate Budget resolution supports mobile workforce legislation
The resolution creates the possibility that mobile workforce legislation, which the AICPA strongly supports, will be enacted this year.
2021 child tax credit, EITC, and premium tax credit limits updated
The IRS issued guidance on the amount of and limitations on the child tax credit, earned income tax credit, and premium tax credit available for taxpayers for the 2021 tax year as a result of changes to those provisions enacted by the American Rescue Plan Act of 2021, P.L. 117-2.
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.
