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Business Owner Alert: Corporate Transparency Act Requires New Ownership Reporting in 2024 and Beyond

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

Value of Stock Included Life Insurance Proceeds Intended for Redemption of Stock

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

Estate Planning and Cryptocurrency

Digital assets, such as cryptocurrency, are becoming a larger component of investors’ portfolios. More and more people are owning some form of cryptocurrency....more

Lessons from the Tax Court: Smaldino v. Commissioner

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

Do I Need to Update My Estate Plan?

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

First Look: Select Tax Provisions in the Proposed American Families Plan

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

Understanding Medicare

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

Estate Planning Opportunities Amid COVID-19

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

Governor Issues Emergency Executive Order Suspending Provisions Requiring In-Person Witnessing and Notarization of Legal Documents

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

IRS Issues New Rules on ABLE Savings Programs

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

Divorce and the New Tax Law

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

I Missed a Tax Election…Now What? Requesting 9100 Relief

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

Tax Reporting for Grantor Trusts

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

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