Estate Taxation

  • A New Environment for Estate Planning Takes Shape in 2021

    By:
    Kevin Matz, Esq., CPA, LLM (Taxation)
    |
    Mar 1, 2021
    A new environment is starting to take shape in 2021, and with it comes additional considerations to factor into one’s estate planning. As a result of the success of Georgia Senate candidates Raphael Warnock and Jon Ossoff in their respective Senate races on January 5, the makeup of the new Senate is 50 representatives per party, with Democratic Vice President Kamala Harris holding a tiebreaking vote. 
  • Final Regs. on Deduction of Administration Expenses of Estates and Non-Grantor Trusts

    By:
    Kevin Matz, Esq., CPA, LL.M. (Taxation)
    |
    Nov 1, 2020

    On September 16, 2020, the U.S. Department of Treasury (“Treasury”) and the IRS released final regulations on the deduction of administration expenses of estates and non-grantor trusts under sections 67(e) and (g), and on the treatment of excess deductions in the final year of the estate or non-grantor trust under section 642(h) (the “final regulations”).

  • Equity and Equity-Based Compensation for LLCs

    By:
    Robert M. Finkel
    |
    Jun 1, 2020
    The structures for granting equity incentives to employees and other service providers of corporations are tried and true. The income tax consequences to a grantee upon his receipt of restricted stock and stock options and to the issuing corporations are well settled.
  • Form 5471 Reporting Refresher and Updates

    By:
    Justin Lynch
    |
    Mar 1, 2020
    The Tax Cut and Jobs Act (TCJA), signed into law in December 2017, brought significant changes to U.S. international taxation. During the 2018 tax filing season, practitioners had to navigate the new reporting requirements of the deemed repatriation of offshore accumulated earnings and global intangible low-taxed income (GILTI), among other provisions.
  • Excess Benefit Transactions

    By:
    Magdalena M. Czerniawski, CPA, MBA, and Robert Lyons, CPA, MST
    |
    Jan 1, 2020
    Excess benefit transactions (EBT) are an outgrowth of IRC section 4958, which was first introduced in 1996 and modified in 2003. Its purpose was to punish the wrongdoer but not necessarily revoke the exemption of what may be a perfectly good charitable organization with bad management.
  • Customized Retirement Plans Revisited—An Overlooked Benefit for Business Owners: Higher Contributions, Flexibility and Opportunities for Additional Deductions

    By:
    Kenneth A. Horowitz CLU, ChFC, RICP
    |
    Sep 1, 2019

    The current pension legislation was just given a boost to assist business owners of closely held privately entities with income tax planning strategies to help manage current income taxes as well as attract, retain, and reward talent to their businesses.

  • Key Estate Planning Concepts That Every CPA Should Know for Their High Net Worth Clients

    By:
    Randy P. Siller, CPA*, CIMA®, and Daniel L. Daniels, JD
    |
    Aug 1, 2019

    A Credit Shelter Trust [(CST), also known as a bypass trust, estate tax shelter trust, or family trust], is a type of irrevocable trust used by married couples with large estates to take full advantage of the federal estate tax exemptions. The federal exemption for 2019 is $11,400,000 per taxpayer, so proper use of this vehicle can allow a married couple to shield up to $22,800,000 of assets from federal estate tax.

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