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Estate Taxation

  • Taxation of NFTs: The Hottest Digital Assets, Part 2

    By:
    Andrea S. Kramer, JD
    |
    Sep 1, 2022
    Gain or loss is treated as capital or ordinary, depending on whether the taxpayer is an investor or trader (capital), or a creator or dealer (ordinary). Ordinary losses are fully deductible; capital losses are subject to the special loss limitations that apply to capital assets. 

  • Taxation of NFTs: The Hottest Digital Assets, Part 1

    By:
    Andrea S. Kramer, JD
    |
    Aug 1, 2022
    Non-fungible tokens (NFTs) were the hottest digital asset class in 2021. They were so hot, in fact, that the Collins Dictionary named “NFT” its 2021 word of the year.[1] An indication of the explosive growth in NFTs was shown by reports that NFT purchases in 2021 increased by more than 11,000% from 2020, generating sales of close to $25 billion.

  • Estate Planning with Digital Assets

    By:
    Melissa Gillespie, JD, CPA, MST
    |
    Jun 1, 2022

    When we think of digital assets, we usually think of cryptocurrency, Bitcoin, etc. Although, the definition of  “digital asset” does not appear in the Merriam Webster, Macmillan or Britannica dictionaries, it did appear in Free Dictionary.

  • Estate Tax Planning for NRNCs Using the Foreign Corporation

    By:
    Gary A. Forster, JD, LLM
    |
    May 1, 2022
    Lifetime gifts of U.S. intangibles by non-resident non-citizens (NRNCs) are exempt from gift tax. However, all U.S. situs assets, both tangible and intangible (unless falling within a limited exemption), are subject to estate tax. Those same assets held in a foreign corporation are excluded from estate tax.

  • Five CAA Benefits Changes and their Tax-Exempt Entity Impact

    By:
    Daniel N. Kuperstein, Esq.
    |
    Apr 1, 2022
    Although extraordinarily helpful to benefit plan participants, the coronavirus (COVID-19) tax relief available under the Consolidated Appropriations Act, 2021 (CAA) has caused many headaches for CFOs and other managers of tax-exempt (TE) entities. These headaches have continued into 2022.

  • The Evolution of the Form 990-T

    By:
    Heather Leggiero, CPA, JD
    |
    Apr 1, 2022
    Over the past several years, Form 990-T, Exempt Organization Business Income Tax Return, has changed from its pre-2018 versions. The Taxpayer Cuts and Jobs Act of 2017 (TCJA) made significant changes to the unrelated business income (UBI) tax law and required years of revisions as guidance was issued by the IRS. Two major UBI TCJA changes were made to the net operating loss (NOL) rules and the introduction of siloing to segregate multiple unrelated trade or business activities.

  • Go With the Flow: Cash Flow Planning for Every Life Stage

    By:
    Jill A. Harris, CPA, MBA
    |
    Jan 1, 2022
    Cash flows are among the most basic components of personal financial planning. They are a great way to jump-start discussions with your clients about other financial planning issues. If you prepare individual income tax returns for your clients, you already have a good start on their cash flows.
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