FinCEN issued its annual reminder of the due date for filing FinCEN Form 114, Report of Foreign Bank and Financial Accounts(FBAR), to report foreign financial accounts held in 2017.
The IRS has rolled out a redesigned website with online tools to provide resources for tax season. The IRS news release is as follows:
With a surge of tax returns expected during the upcoming Presidents Day weekend, the Internal Revenue Service offers taxpayers several tips and time-saving resources to get
Tax Notes reports that Catherine Hughes, attorney-adviser, Treasury Office of Tax Legislative Counsel, speaking at the ABA Tax Section’s Mid Year meeting, noted that practitioners have been wary of Form 14611, which many practitioners have received in response to requests for transcripts of estate and gift tax returns, but she … Continue reading
Bill and Melinda Gates have published their 2018 annual letter, their 10th such letter, which answers the 10 tough questions they are most asked.
To read the 2018 annual letter click the following link: Read our 2018 Annual Letter
- The Best Way for Wealthy Parents to Talk to Children About Family Money, the Wall Street Journal (Feb. 11, 2018).
- What if the world’s richest paid for government spending, Bloomberg (Feb. 11, 2018).
- Court Affirmed Finding That An Oral Partnership Existed And That A Partner Breached Fiduciary Duties, Texas Fiduciary
President Trump signed the Bipartisan Budget Act of 2018, HR 1892, on February 9, 2018. The Act contains several tax provisions. Many are targeted to special situations (e.g., the excise tax on investment income of private universities is narrowed to only apply to universities with at least 500 tuition paying … Continue reading
In one of the more innovative and engaging presentations we’ve seen, Jackson Walker has published an interactive powerpoint, which has one interactive flowchart that explains the Tax Cuts & Jobs Act.
David Herzig, of Valparaiso University Law School, has made available for download his article, “The Income Equality Case for Eliminating the Estate Tax,” published in the Southern California Law Review. The abstract is as follows:
… Continue reading
The estate tax and income tax rules independently attempt to either promote or deter different behaviors. The
The Joint Committee on Taxation has issued a summary of the present law federal tax system as in effect in 2018.
The introduction is as follows:
… Continue reading
This document, prepared by the staff of the Joint Committee on Taxation (“Joint Committee staff”), provides a summary of the present-law Federal tax system
Melissa Sprinkle is a member of the Bryan Cave’s Private Client Group where she concentrates on fiduciary law, as well as tax and estate planning. She assists clients with their pre-death estate planning and wealth preservation, as well as with post-death trust and estate administration. Ms. Sprinkle also helps clients further … Continue reading
A partner in the firm’s Private Client Practice Group, Kimberly Civins concentrates her practice in the areas of estate planning, estate administration, trusts, tax exempt entities (including public charities and private foundations), transfer tax, business succession planning and federal and state regulation of bank trust departments. She also advises clients … Continue reading
- Real Estate Aspects of Tax Reform, by Sheppard Mullin.
- AI has arrived in investing but humans still dominate – for now, NY Times.
- Step Mothers – The Cause of So Many Estate Contests, by Michael Hackard.
- Four Planning Suggestions in 2018 to Address Tax Reform, by Faegre Daniels.
- Tax Reform
Historically, trustees and executors served without any compensation.1 In recognition of the fact that technological advancements have increased the complexity of dealing with assets in a trust or estate, modern legislation allows fiduciaries to collect commissions for their service. The character … Continue reading
Charles E. Rounds, Jr., has made available for download his article, The Uniform Directed Trust Act, published in Trusts & Estates Magazine.
As background, an increasingly common practice in contemporary estate planning and asset management is the naming of a trustee that is given custody of the trust property, but … Continue reading
Above the Law has published an article, What Books to Read to Become a Rainmaker that discussed just what it says, what books you should read to get more clients.