By Jacqueline L. Messler Now that the Tax Cuts and Jobs Acts has passed and the estate tax exemption has been doubled, trusts are no longer advantageous, right? And perhaps, we can look to terminate existing irrevocable trusts, as discussed in Fixing Irrevocable Trusts. The answers are not so simple. First, revocable trusts have many…
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By Ann M. Rieger & Mark J. Andres Tax season is upon us. Individuals and businesses are collecting year-end tax statements and have begun the task of completing 2017 income tax returns. These returns will be filed under the “old” rules which predate the adoption of the Tax Cuts and Jobs Act that was passed…
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By Katharine G. Shaw One of the changes included in the final tax reform bill last year was the elimination of the employer deduction of the cost of company-provided parking and transit expenses. As a result, companies that either pay for employee parking or reimburse transit fees should evaluate the financial effect of the changes…
Read MoreBy Jacqueline L. Messler When estate planners meet with clients to review their estate plan, it is very common to run across clients who created irrevocable trusts in the 1980s, 90s, or early 2000s. The goal in creating these irrevocable trusts was often to reduce the size of the client’s estate to avoid estate tax….
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By Mark G. Kmiecik & Danielle S. Snyder The new partnership audit rules under the Bipartisan Budget Act of 2015 (the “BBA Rules”) are scheduled to go into effect on January 1, 2018 for partnerships with a calendar year. The BBA rules signal a marked change in the way entities that are classified as partnerships…
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By Ann M. Rieger & Jacqueline L. Messler While recent news reports focus on the potential for tax change as result of the introduction of the “Tax Cuts and Jobs Act” in the House on November 2, 2017, the IRS continues its job of administering existing law. Under the current rules, several key gift and…
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By Ann M. Rieger Since the start of the new administration, there has been much speculation regarding potential tax law changes. Below is a comparison of revisions proposed by President Trump on the campaign trail, the House of Representatives in the House blueprint known as the “Better Way for Tax Reform,” and the Tax Cut…
Read MoreAttracting capital remains challenging for most investors due to regulatory burdens, higher capital costs, and the high risk, high return nature of venture capital. Often, capital projects won’t get off the ground unless projected returns are above market rates. This “mini-IPO” or “on-ramp to IPO” allows investors to raise up to $50 million in a…
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By Katharine G. Shaw & Bruce B. Deadman Under a new IRS program, tax-exempt entities who sponsor 403(b) retirement plans can adopt pre-approved documents that include determination letters that confirm the tax-qualified status of their plans. Plan sponsors need to adopt pre-approved plans before March 31, 2020, in order to qualify for the program. Under…
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By Jacqueline L. Messler Does your YouTube station with tutorials teaching the perfect contouring makeup technique have a million subscribers and significant advertising revenue? Probably not. Do you store music, documents, or photos on the Cloud? Possibly. Do you conduct online banking? Probably. Do you have a Facebook, Instagram, Google, Yahoo, or Twitter account? Most…
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