The Net Investment Income Tax may be repealed at the end of 2017.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.
Domestic Asset Protection Trust statutes have been enacted in numerous jurisdictions over the past decade. Understanding the flexibility and restrictions pertaining to DAPTs within each state can help individuals select an ideal jurisdiction for their asset management needs
The DOL proposed to amend regulations governing the actions of fiduciaries. The new fiduciary rule takes effect this year. The fiduciary rule may affect IRA trustees and custodians of IRA trusts.
The pending phase-out of the stretch IRA has many account owners and advisors reviewing existing plans. The end of the stretch IRA would impact Standalone Retirement Trusts.
The IRS released a Private Letter Ruling last month that ruled in favor of retroactive trust modification. Here are a few factors to consider with this case involving tax benefits associated with modification of irrevocable trusts.
â€‹In case you missed it, TrustCounsel launched a collection of legal resources in January 2017. Created to enlighten individuals and legal practitioners on critical matters that surface in trust and estate administration, the Legal Library will be updated on a regular basis to address contemporary issues pertaining to probate, trusts, and related tax matters.
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.
While some tax scams have become routine each yearâ€”such as fraudulent calls from parties claiming to be the IRS, and ads for 'free money' from con artistsâ€”modern times provide more opportunities for scammers to swindle innocent people. Read on for W2 scams, email hacks, and tax preparer cyberattack information.
Senate Bill 446 was introduced to the Senate in late February. The bill, the Constitutional Concealed Carry Reciprocity Act of 2017, would implement concealed carry reciprocity nationally for certain firearms.
Last month our gun trust law firm provided details about the proposed North Carolina Constitutional Carry Act. Another version of the proposed legislation was recently filed with the House. The latest bill includes alternative language and proposed amendments, while still ultimately proposing to remove the requirement for concealed carry handgun permits.