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Estate planning Q&A: Qualified Personal Residence Trusts Explained

Estate planning Q&A: Qualified Personal Residence Trusts Explained

Reduce estate taxes? Qualified Personal Residence Trusts (QPRT) can be a valuable tool to make a lifetime transfer of your home to your family, still enjoy the home during your life, and potentially reduce your estate taxes.
IRS announces new initiative aimed at high-income non-filers

IRS announces new initiative aimed at high-income non-filers

IRS announces initiative aimed at high-income earners who have not filed tax returns. IRS estimates 125,000 instances of non-filing.
IRS announces increased audit activity for personal usage of corporate planes

IRS announces increased audit activity for personal usage of corporate planes

An IRS examination of this issue can be time intensive and arduous if the business does not take the necessary proactive steps to ensure all required documents are in order to defend the company's position in front of the IRS.
Updated Form 8283 contains modest revisions

Updated Form 8283 contains modest revisions

The December 2023 revision of Form 8283 includes new reporting for digital assets, certified historic structures and passthrough entity information.
IRS to provide automatic penalty relief to eligible taxpayers

IRS to provide automatic penalty relief to eligible taxpayers

The IRS recently announced that taxpayers will receive penalty relief for failure to pay penalties incurred in tax years 2020 and 2021.
IRS releases fact sheet regarding residential energy credits

IRS releases fact sheet regarding residential energy credits

A recent IRS fact sheet explains tax credits for energy efficient home improvements residential energy property.
IRS releases 2023 tax inflation adjustments

IRS releases 2023 tax inflation adjustments

IRS releases inflation adjustments for 2023. Inflation adjustments impact individual tax brackets and other various provisions of the Code.
10 issues that affect wealth preservation and what you can do about them

10 issues that affect wealth preservation and what you can do about them

Wealth preservation issues and strategies for multigenerational wealth; how to prioritize grantor intent for future generations while minimizing taxes and reducing conflict.