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Taxation of Trusts and Estates in Probate

Posted on: May 18th, 2017
Income and estate tax implications vary for each estate depending on whether the decedent had a trust in place and, if so, the nature of the trust. Where the decedent transferred assets to a revocable living trust prior to death, one or more fiduciary income tax returns might be required to report income earned by assets in the estate and/or trust after death. ...

Proposed Estate Tax Repeal and Multiple Tax Breaks

Posted on: May 5th, 2017
The Trump Administration released updated tax proposal terms in late April that closely match the proposals made prior to Election Day last year. If adopted, these tax reform provisions would offer substantial benefits to business owners and the wealthy....

Tennessee’s Hall Income Tax Phase-Out Begins 2017

Posted on: May 4th, 2017
Tennessee has a favorable tax reputation. While it is widely recognized that Tennessee does not impose income tax on wages, the state levies the Hall income tax on dividend and interest income. However, that tax is no longer permanent. Legislation enacted one year ago approved full repeal of the Hall income tax by January 1, 2022....

Tax Alert: Pending Repeal of the Net Investment Income Tax

Posted on: April 6th, 2017
The Net Investment Income Tax may be repealed at the end of 2017. Two proposals released by the Joint Committee on Taxation in March 2017 advise removal of the 3.8 percent NIIT, which has been in effect since 2013. ...

IRS Estate Tax Transcript in Lieu of Closing Letter

Posted on: March 22nd, 2017
The IRS recently issued Notice 2017-12 describing new procedures for closing federal estate tax returns. Estate tax closing letters are not recognized as a formal closing agreement. Taxpayers must request a transcript....

3 New Tax Scams to Avoid

Posted on: March 21st, 2017
While some tax scams have become routine each year—such as fraudulent calls from parties claiming to be the IRS, and ads for “free money” from con artists—modern times provide more opportunities for scammers to swindle innocent people. Read on for W2 scams, email hacks, and tax preparer cyberattack information....


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