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Tax Reform Beneficiaries

Holland & Knight LLP

Supreme Court declares Mexico's controlling beneficiary reform constitutional

Holland & Knight LLP on

The Second Section of the Mexican Supreme Court of Justice (SCJN) on June 14, 2023, ruled that it is constitutional for the Tax Administration Service (SAT) to request from taxpayers information related to their controlling...more

Chambliss, Bahner & Stophel, P.C.

New Guidance for Inherited IRAs

Historically, if one inherited an IRA, he or she was able to stretch the distributions over the beneficiary’s lifetime. However, under the SECURE Act, passed in 2019, those stretched out rules were changed for most...more

Greenbaum, Rowe, Smith & Davis LLP

Proposed “For The 99.5% Act” Could Bring Significant Changes To Existing Federal Estate, Gift And Trust Tax Rules

The recent introduction of Senator Bernie Sanders’s proposed tax reform bill, the “For the 99.5% Act,” brings the possibility of unprecedented changes to the tax and estate planning landscape by reducing existing federal...more

Bilzin Sumberg

For The 99.5% Act – Is Change a Coming for the Estate Planning World?

Bilzin Sumberg on

On March 25, 2021, Senator Bernie Sanders introduced legislation called “For the 99.5% Act.” This bill is aimed at the fortunes of the top 0.5% of wealthy Americans. ...more

Lasher Holzapfel Sperry & Ebberson PLLC

New Year, New Uncertainties: Estate Planning Changes on the Horizon

With Democrats gaining control of the White House, the House of Representatives, and, albeit somewhat tenuously, the Senate, there is a growing possibility of legislative changes to the federal estate tax laws to fulfill...more

Dentons

Proposed Tax Reform Regulations: Application of Section 199A to Estates, Trusts, and Beneficiaries

Dentons on

This update covers the proposed Treasury regulations associated with the new IRS Code 199A as it relates to estates, trusts, and beneficiaries. An overview of Section 199A can be found here....more

Bowditch & Dewey

Tax Cuts and Jobs Act Effect on ABLE Accounts and 529 Funds

Bowditch & Dewey on

Based on changes implemented by the Tax Cuts and Jobs Act, this is an update on a previous post written by Eileen Y. Lee Breger in May 2017, “Families Can Use a Tax-Advantaged ABLE Account to Save for Disability Expenses.” ...more

Burr & Forman

The New Section 199A 20% “Profit Deduction” for Pass-Through Businesses: The Undecided Issue of Owner Compensation

Burr & Forman on

Under the Tax Cuts and Jobs Act, Congress is now offering a new 20% deduction for “pass-through” businesses – i.e. businesses that are not corporations. With the corporate tax rate being reduced under the new law to a flat...more

Schwabe, Williamson & Wyatt PC

CPA Shoptalk: 8 Takeaways

On January 10th, 11th and 18th our tax attorneys ?hosted a "CPA Shoptalk" seminar in ?Portland, Vancouver and Bend. Below are ?some key takeaways to consider... 1. Partnership Audit Rules Post-TEFRA - The Balanced...more

Adler Pollock & Sheehan P.C.

Year end is an ideal time to review your estate plan

As of this writing, it’s still anybody’s guess as to whether Congress will enact major tax reform legislation affecting federal gift and estate taxes. This situation casts a large shadow over estate planning at the end of...more

Adler Pollock & Sheehan P.C.

Estate Planning Pitfall: You reside in a state with high estate tax

Even though reforms being debated by Congress could repeal the federal estate tax with certain modifications, state estate taxes might still siphon off hundreds of thousands of dollars regardless of what happens under federal...more

Adler Pollock & Sheehan P.C.

The flexibility of stretch IRAs: Learn how your IRA can benefit your spouse and other beneficiaries

IRAs are meant to be used for retirement saving. However, if a person doesn’t need to tap into an IRA for income during retirement, he or she can preserve the assets as part of his or her estate, above and beyond what was...more

Moore & Van Allen PLLC

South Carolina Legislative Update

Moore & Van Allen PLLC on

Prefiled Legislation - The Senate finished their prefiling this week on December 10 and the House prefiled over 180 bills on December 11. Highlights from this week’s prefiles include measures related to: ethics...more

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