Strategies for optimal intergenerational wealth transfer may require reconsideration, given the continuation of a higher basic exclusion amount by the law known as the One Big Beautiful Bill Act.

Families with significant estate tax exposure may consider intergenerational split-dollar (IGSD) arrangements, where the senior generation loans funds to a trust to purchase life insurance on children ...

Investors must be careful to properly time purchases and sales of mutual fund shares to avoid unfavorable income recognition from distributions.

Critical issues include marking returns as final, determining due dates for final returns, filing Form 966, closing IRS accounts, and handling audits of dissolved entities.

Considerations in accounting for income taxes can include choice of method and classification of assets and liabilities.

This first column in a “When the Numbers Don’t Add Up” series explores what it means to lead from inside the pressure cooker.

The IRS may apply the step-transaction doctrine, a rule of substance over form, in a variety of taxpayer circumstances to deny tax benefits derived from a series of transactions that should more ...

Planning with revocable trusts has become increasingly popular in recent years. In many instances, the motives for using a revocable trust are nontax and include avoiding probate, asset protection ...

On occasion, taxpayers holding investments in foreign financial assets or with foreign financial institutions may find themselves in the uncomfortable position of realizing that they have failed to ...

Each year, tax professionals who deal with real estate must evaluate the most recent building expenditures and determine which items should be deducted as a repair expense or capitalized. Of all the ...

Every fall, students all over the country set off to attend various colleges and universities. With the rising cost of higher education, many of these students are looking forward to receiving some ...

First, ordinary income and such undistributed income of the trust for prior years; Second, capital gain (including unrecaptured Sec. 1250 gain and gain on collectibles taxed at 28%) and such ...