In a recent Mitchell Williams Blog we highlighted Arkansas’ enactment of the Uniform Limited Liability Company Act (the “ULLCA”), and pointed out some of the differences between the ULLCA and Arkansas’ existing Small Business...more
Recently widowed individuals whose deceased spouse’s estate did not make a portability election by the due date for filing an estate tax return -- because the estate either was not aware a portability election was available...more
Because of the current pandemic, the August 2020 applicable federal rates and section 7520 rate are at historical lows, creating opportunities for interest sensitive estate and gift tax planning. Loans to family members or...more
Arkansas’ most recent legislative session saw the adoption of a number of laws, none more complicated than Act 665, an Act to adopt the Uniform Protected Series Act. Arkansas’ Uniform Protected Series Act (the “UPSA”) is set...more
The Tax Cuts and Jobs Act (“TCJA”) passed in December, 2017, doubled the estate and gift tax basic exclusion amount from $5.0 million to $10.0, coupled with a cost of living adjustment. For 2019, the basic exclusion amount is...more
2/13/2019
/ Clawbacks ,
Cost-of-Living Adjustment (COLA) ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Generation-Skipping Transfer ,
Gift Tax ,
Gift-Tax Exemption ,
IRS ,
Proposed Regulation ,
Tax Cuts and Jobs Act ,
Tax Planning
One of the lessor discussed items in the recently enacted Tax Cuts and Jobs Act (“TCJA”) has been the change to Section 1031, limiting the like-kind exchange provisions to exchanges of real property only.
Section 1031 of...more
One of the more significant changes in the recently enacted Tax Cuts and Jobs Act is new Internal Revenue Code Section 199A, Qualified Business Income. Although touted as providing tax simplification, the Tax Cuts and Jobs...more
2/9/2018
/ Business Assets ,
Business Taxes ,
Corporate Taxes ,
Income Taxes ,
IRS ,
New Legislation ,
Pass-Through Entities ,
S-Corporation ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Threshold Requirements ,
Trump Administration