On the ballot in Arizona this November is Proposition 208 (the “Proposition”). Proponents assert it will benefit students in public schools. Critics warn it sends most of the increased income tax revenue it generates into the...more
The SECURE ACT (Setting Every Community Up for Retirement Enhancement Act) was included as part of the massive December 2019 appropriations bill. The inclusion of the Act was a stealthy surprise, since most thought that it...more
Last week Congress and the President actually got together on something and passed a huge appropriation bill. One part of it was the SECURE (Setting Every Community Up for Retirement Enhancement) Act. The inclusion of this...more
The 2017 Tax Act: The act significantly changes itemized deduction planning, making it very simple for some and more daunting for others. Most know the overall rules by now. But it doesn’t hurt to be reminded....more
If property is held by someone at their death, the “basis” in the property used by the seller to determine taxable gain on its sale is re-set to the fair market value at the date of death....more
I bet you have no idea what would happen if your intended beneficiaries pass away other than in the order you assume.
This is an effective lead in to getting procrastinating potential clients to do a likely much needed...more
Republicans are still expected to come up with significant changes in income taxation. The latest proposed significant change is to reduce the maximum marginal federal tax rate on corporations to 20% from its current...more
In last week’s Tax Tip our Henry Grix succinctly described the current lay of the land regarding estate tax repeal. This Tax Tip focuses on one narrow but very important aspect in anticipating such action, or possible...more
The ability to use transfer and liquidation restrictions in legal documents to reduce the value of an interest in a family-controlled (or “closely-held”) business entity (e.g., partnership, corporation, limited liability...more
8/30/2016
/ Business Succession ,
Business Valuations ,
Closely Held Businesses ,
Comment Period ,
Estate Planning ,
Estate Tax ,
Family Businesses ,
Family Limited Partnerships ,
Gift Tax ,
IRC Section 2704 ,
IRS ,
Limited Liability Company (LLC) ,
Partnerships ,
Proposed Regulation ,
Succession Planning ,
Transfer of Assets ,
Transfer Taxes ,
U.S. Treasury
Recent change in tax laws have many people rethinking their estate plans. Also, changes in the normal course of life make it a good idea for persons with estates that range from small to large to review wills, trusts, powers...more