It has been many years in the making, but the effective date of the Corporate Transparency Act (the “CTA”) is finally here. The CTA, enacted in 2021, is designed to prevent money laundering and other unlawful activity...more
1/12/2024
/ Anti-Money Laundering ,
Business Ownership ,
Corporate Transparency Act ,
Filing Requirements ,
FinCEN ,
Fraud ,
Investment Adviser ,
Limited Liability Company (LLC) ,
Penalties ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
U.S. Treasury
The Eighth Circuit Court of Appeals recently affirmed the decision in Connelly vs. United States, holding that the fair market value of stock in a closely-held corporation, for purposes of valuing that stock held by a...more
Digital assets, such as cryptocurrency, are becoming a larger component of investors’ portfolios. More and more people are owning some form of cryptocurrency....more
A recent Tax Court case, Smaldino v. Commissioner, T.C. Memo. 2021-127, provides important lessons on gifting. The Tax Court found that Louis Smaldino understated the size of his gift to a trust set up for his children...more
If your life changes, so should your estate plan. Marriage, divorce, death of a spouse, a birth and a changing relationship with a child are just some of the life changes that may affect your estate plan. Unfortunately, as...more
On April 28, President Biden announced the American Families Plan. The American Families Plan is touted as an investment in America’s children and families – helping families cover basic expenses that so many struggle with...more
5/11/2021
/ 3.8% Medicare Tax ,
Biden Administration ,
Business Losses ,
Capital Gains ,
Carried Interest ,
Financial Institutions ,
Investment ,
Like Kind Exchanges ,
Medicare Taxes ,
Proposed Legislation ,
Reporting Requirements ,
Tax Rates
What does Medicare cover? What are the costs of Medicare? What happens if you forget to enroll for Medicare?
Medicare is the federal health insurance program for people in the United States who are over the age of 65 or...more
11/6/2020
/ Disability Benefits ,
Durable Medical Equipment ,
Home Health Care ,
Hospice ,
Hospitals ,
Medicaid ,
Medicare ,
Medicare Part A ,
Medicare Part B ,
Medicare Part D ,
Mental Health ,
Payroll Taxes ,
Prescription Drugs ,
Preventive Health Care ,
Skilled Nursing Facility ,
Social Security Disability
As we all cope with the new challenges posed by COVID-19, we wanted to review opportunities currently available amid this unusual time.
ESTATE PLANNING -
The current pandemic has caused U.S. markets to lose...more
In Executive Order 20-12 issued Tuesday, Arkansas Governor Asa Hutchinson suspended certain requirements for witnessing and notarization of legal documents in order to limit in-person encounters and face-to-face meetings in...more
The IRS has issued proposed regulations related to § 529A of the Internal Revenue Code (the “Code”), which allows a State (or its agency or instrumentality) to establish and maintain a tax-advantaged savings program under...more
A change in the tax law will eliminate a tax break for alimony payments made pursuant to divorces that are finalized after December 31, 2018.
For 2018, alimony (or spousal support or spousal maintenance) is tax deductible...more
What do we, as tax professionals, do when we discover (or our clients discover) that a tax election has been inadvertently missed? There may be a solution for some missed elections. Regulations §§ 301.9100-1 through...more
5/2/2018
/ Affidavits ,
Corrective Actions ,
Exempt Organizations ,
Filing Requirements ,
Income Taxes ,
IRS ,
Private Letter Rulings ,
Revenue Procedures ,
Tax Extensions ,
Tax Relief ,
Tax Returns
Typically, a trust must file a separate income tax return for each calendar year. However, for most grantor trusts, filing a separate tax return is optional. The general rule and the alternative methods of reporting are...more