Implementing changes in accounting rules can be a real drag. But the new hedge accounting standard may be an exception to this generality. Many companies welcome this…Read More
Archive for the ‘Tax’ Category
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Basis consistency rules may come into play if you’re administering an estate or inheriting property
When it comes to tax law changes and estate planning, the substantial increases to the gift and estate tax exemptions under the Tax Cuts and Jobs Act…Read More
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The BDIT: A trust with a twist
The beneficiary defective inheritor’s trust (BDIT) allows you to enjoy the benefits of a traditional trust without giving up control over your property. BDITs can hold a…Read More
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The pros and cons of a SCIN
Many estate planning techniques are intended to minimize or even eliminate gift and estate taxes when transferring assets to family members. Sometimes, the most powerful techniques also…Read More
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IRS issues guidance to ease transition to FASB’s new revenue recognition rule
In 2014, a new accounting standard on how to recognize revenue from contracts was issued by the Financial Accounting Standards Board (FASB). Now the IRS is allowing…Read More
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If charitable giving is part of your estate plan, consider a donor-advised fund
Do you make sizable gifts to charitable causes? If you’re fortunate enough to afford it, you can realize personal rewards from your generosity and may be able…Read More
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Beware IRD if you’ve received an inheritance
Most people are genuinely appreciative of inheritances. But sometimes it may be too good to be true. While inherited property is typically tax-free to the recipient, this…Read More
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Public vs. private companies: When should different accounting rules apply?
Small private companies often criticize the Financial Accounting Standards Board (FASB) for writing overly complex standards that focus on the needs of stakeholders in large public companies…Read More
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What estate planning strategies are available for non-U.S. citizens?
Non-U.S. citizens in the United States face some estate planning challenges when it comes to taxes. If you’re a U.S. resident, but not a citizen, the IRS…Read More
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Apply for a waiver if you’ve missed the 60-day IRA rollover deadline
IRAs and employer-sponsored plans such as 401(k)s are powerful retirement savings tools, but they also provide valuable estate planning benefits. If you hold a traditional IRA for…Read More