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By now, CPAs should be aware of the Corporate Transparency Act (CTA), passed in 2021 and effective January 1, 2024. There have been many articles and programs covering which information [...]

Tax season is always busy for preparers, but as part of the process, CPAs might identify planning considerations to address with clients after tax season is over. Although some of [...]

Individuals who own interests in a closely held family business need to address an exit strategy. In many cases, such individuals wish to have a child who is involved in [...]

The profession lost a wonderous and special guiding light in Sid Kess. I do not think he let anyone call him 'Sidney' or 'Mr. Kess,' as those would not reflect [...]

In Brief The COVID-19 pandemic has put the economy in a precarious state, but certain effects of the downturn, such as historically low interest rates and certain provisions of tax [...]

When CPAs talk to individuals about moving out of high-tax states such as New York, the focus of the conversation has typically centered on how to reduce or eliminate state [...]

The article offers ways on how estate planning firms can adopt paperless to increase profit margins. Topics mentioned include the need to review and process all offsite storage, the importance of making a decision on what should be done with original wills, the creation of an electronic file system option, and the digital review and annotation of documents.

The article discusses taxation topics, particularly how to plan for estate taxation before the implementation of the lifetime exemption from federal gift, estate, and generation-skipping transfer tax in the U.S. in 2024. Also cited are the benefits of early planning like protecting one's assets through strategies like settling irrevocable trusts and accomplishing asset protection transfers.

The U.S. population is aging, and CPAs should consider this fact in determining which services they can offer and how they will adapt their practices to assist this growing client [...]

Real estate developers and investors need to address estate planning. This need is likely not urgent, as it is unlikely that a Democratic House and Republican Senate will pass any [...]

The year 2012 was monumental for estate and retirement planning. Individuals flooded advisors' offices in the latter part of the year to make gifts to use exemption in anticipation of [...]

In the article, the authors discuss issues on estate planning in the U.S., particularly the importance of planning for future probate and post-death issues like federal and state income tax and estate tax. Also cited are the importance of conducting annual tax reviews with clients to address possible issues after death, how to treat a revocable trust as qualified revocable trust (QRT), and the states imposing inheritance tax on transfers like New Jersey, Iowa, and Maryland.

The article discusses the ethical considerations that companies, particularly law firms, should consider when entering into office sharing arrangements as recommended by the American Bar Association (ABA). Also cited are the types of hybrid arrangements like rotational offices, subscription models, and shared offices, as well as the suggestions by ABA under its Formal Opinion 507.

The article offers tips on gift tax return filings in the U.S. Also cited are how taxpayers can transfer their wealth under the federal estate tax exemptions that are due to decline in 2026, how the International Revenue Service (IRS) can overturn a transaction due to violations of the adequate disclosure on said return, and some filing tips like careful checking and evaluation to avoid missing documents.

Gift tax returns that have been extended can provide a breather for tax preparers. That time should be used to plan the return, obtain relevant information, and identify issues that [...]

In Brief The sweeping changes of the Tax Cuts and Jobs Act (TCJA) have prompted reconsideration of many financial plans. The realm of estate planning will be especially affected by [...]

The article discusses the factors that family business owners should consider during succession planning. Topics mentioned include the goals of the owners for the business and for the family, the assessment of the capabilities of owners' children, the examination of the structure of the gifts of business interests, and the importance of coordination with estate planning

Every CPA understands that 'asset allocation' is the determination of which asset classes (e.g., tax-exempt bonds, large cap stocks, international stocks) are included in a client portfolio. If, however, the [...]

Chronic illness is far more common than most people realize; 130 million Americans live with some form of long-term malady. More than 5 million Americans have Alzheimer's disease (which accounts [...]

The accounting profession must be understanding and sensitive to the changing landscape of diversity, equity, and inclusion (DEI) in the workplace. Frankly, we can--as individuals and as firms--do more. We [...]

The Tax Cut and Jobs Act (TCJA) was signed into law by President Trump on December 22, 2017 and is the most comprehensive tax law change in decades. Far from [...]

The past year was a wild one for estate planning, as high-net-worth individuals raced to complete planning before the end of the year, not knowing what the political future held [...]

Taxpayers and their advisors alike are focused on the potentially massive tax changes being discussed in Congress. As of this writing, it is uncertain what tax reform, if any, will [...]

Too often, valuable planning steps fall between the tasks a high-net-worth individual's various advisors believe to be within their purview. Should the step be addressed by an estate planning attorney, [...]

Attorneys routinely build flexibility into their documents to address the uncertainty of future tax laws. This same care can be applied to helping clients deal with the uncertainties aging and [...]

The article offers suggestions for estate-planning attorneys related to engagement in protective practices. Topics discussed include using a collaborative team of advisors to reduce the risks to the estate-planning attorney, reviewing firm marketing materials and evaluating the statements made to provide optimal estate tax savings and conducting an online search for general information on the prospective clients.

Elderly and disabled clients may qualify for valuable home improvement medical expense deductions when costs are incurred to make a residence more accessible, safer, or capable of meeting specific health [...]

The article discusses strategies which may be considered to mitigate exposure to state and local taxes (SALT) imposed on trusts in the U.S. Topics explored include the taxation of income generated by grantor trusts, factors being considered to determine the residence of a trust in U.S. states such as New York and New Jersey, and the possible identification of U.S. states where SALT may be deemed probable during the estate planning process.

The article assesses the potential implications of the General Explanations of the Administration's Fiscal Year 2024 Revenue Proposals Analysis and Discussions, or the Green Book, for estate tax and planning. Topics discussed are categories of clients who might consider preemptive planning steps, Green Book proposals that might affect ultra-high-net-worth clients with hard-to-value assets, impact on succession planning for closely held business owners, and bipartisan support to tax changes.

The article focuses on complexities related to estate planning when the parties have been previously married or have children from another relationship. Topics discussed include need of assessing one's ethical duties in the context of estate planning, the advisability of joint representation of marital property and economic dependence of one partner on the other.

Estate planning for real estate developers is in many ways similar to planning for any taxpayer, but CPAs should be aware of many planning nuances, some of which this article [...]

The article discusses taxation issues in the U.S., particularly income taxes and grantor trusts. Other topics include how tax practitioners can make current financial forecasts or updates to better understand the sources of their clients' grantor trust angst and the possible solutions to address said angst like restructuring a trust or estate plan.

The article discusses how the proposed clawback regulations could undermine estate planning strategies in the U.S. Other topics include the possible effects of the proposals in areas like estate tax exemptions, spousal lifetime access trusts (SLAT) and self-settled domestic asset protection trusts (DAPT), and the exemptions under the Tax Cut and Jobs Act of 2017 (TCJA).

Diversity and Disability When discussing the concept of diversity we all have our own sensitivities and perspectives. The definitions of what constitutes diversity, as well as the views on how [...]

One hundred twenty million Americans live with chronic illnesses; thus, a significant portion of clients are affected by the issues chronic illness creates. Part 1 of this series, which appeared [...]

CPAs do not review contracts or practice law, but if they fail to pose common sense legal questions to their business clients, those clients may overlook vital steps that are [...]

The article discusses how practitioners, firms and families can help address mental health challenges among lawyers in the U.S. Topics discussed include the prevalence of depression, anxiety and stress among lawyers, resolutions adopted by the American Bar Association (ABA) House of Delegates to address lawyer mental health issues, and signs and symptoms of anxiety, depression and substance abuse.

The estate planning tax sea change created by the American Taxpayer Relief Act of 2012 (ATRA), P.L. 112-240, is old news by now. Every practitioner is well-familiar with the inflation-adjusted [...]

Year-end cheer: benefits of gift annuities It's getting near year-end, when everyone starts thinking about Prancer, Dancer, Vixen, Donner and the IRS. Yes, year-end brings Christmas cheer, and year-end tax [...]

The common use of trusts in estate and asset protection planning makes a seemingly esoteric issue of the application of the passive loss rules to trusts, which was examined in [...]

This article concerns taxation issues regarding family limited partnerships and limited liability companies, and planning methods which are aimed at avoiding investment company tax treatment.

The article provides insights on using estate-planning tools to address risk of conflict and controversy in Sharia inheritance estate plans. Topics discussed include the role of Sharia as a moral, ethical and social code of conduct for American Muslims, implication of the prohibition on riba or interest in Islamic estate planning, and issues to be considered by the drafting attorney in the forced heirship or non-discretionary inheritance regime under the Islamic law.