Income and losses generated within a trust must be reported, but the entity or person required to report such income or losses depends on what kind of trust it is. If a trust is a “grantor trust,” the grantor (i.e. the person who funded the trust) is responsible for the reporting and payment of tax.
A federal district court judge in Texas signed an order on February 17 lifting the last remaining nationwide injunction blocking beneficial ownership information (BOI) reporting under the Corporate Transparency Act (CTA).
The Financial Crimes Enforcement Network (FinCEN) enforces BOI requirements and has promised a 30-day filing delay to allow reporting companies to comply. On February
Many individuals are honored when asked to serve on a philanthropic non-profit board of directors. Serving as a board member can be a rewarding experience, but it also comes with significant responsibilities. This article guides you through the essential steps and considerations before committing to this important role.
Members of a
Navigating the tax landscape during estate administration is like solving a complex puzzle with each piece representing opportunity and risk. One challenge is determining where key expenses can be deducted – on the estate tax return (Form 706) and/or the estate’s income tax return (Form 1041). Making this decision impacts the estate’s overall tax liability
In a dramatic turn of events, a Fifth Circuit panel has reinstated the nationwide injunction blocking enforcement of the Corporate Transparency Act (the “CTA”) just three days after a separate panel of the Fifth Circuit had lifted it.
Thus, for now, reporting companies once again are not required to submit Beneficial Ownership Information Reports by
The nationwide injunction enjoining the Corporate Transparency Act (the “CTA”) was lifted by order of the United States Court of Appeals for the Fifth Circuit on December 23, 2024. This ruling notably impacts reporting companies subject to the CTA that were formed prior to 2024 and which were facing a January 1, 2025 deadline to
Art is a unique asset. A piece of artwork may have incredible personal significance to the collector and the collector’s family. It may also be a lucrative investment and a significant estate asset. In the event of a collector’s death, artwork cannot be easily divided and distributed to beneficiaries. The market value of a piece
As the new year approaches, we present our annual year-end advisory for 2024. This edition highlights noteworthy estate and gift tax changes and outlines planning opportunities for year-end and beyond. We also take a moment to recognize some of our accomplishments in 2024 and provide our outlook for the new year.
A quality education may be one of the best gifts to give a minor child or grandchild this holiday season. As the cost of education continues to increase annually, families may be contemplating various gifting strategies to accumulate funds, minimize taxes and ultimately support younger generations with their future security and education goals.
Two popular
What is Guardianship?
Guardianship is a legal arrangement whereby an individual is granted the legal authority to make decisions on behalf of another person who is deemed unable to make those decisions independently. Most commonly, this applies to minor children whose parents are deceased, but this also applies to incapacitated adults.
Guardianship law serves as