The 2017 tax reform legislation (the “Tax Act”) doubled the gift, estate, and generation-skipping transfer (“GST”) tax exemptions effective January 1, 2018.
Tax treatment
Decoding Tax Reform: Pass-Through Entities Part 2 – Considerations in Converting to a C Corporation
Topics: Passthrough taxation, Tax treatment
As discussed in Part 1 of this WRMarketplace, the recent tax reform legislation reduced the effective tax rate for pass-through business owners by providing these owners with up to a 20% income tax deduction based on the owner’s share of the business’s “qualified business income.”
Decoding Tax Reform: Pass-Through Entities Part 1 – The 20% Deduction for Qualified Business Income
Topics: Passthrough taxation, Tax treatment
The new tax reform legislation enacts a 20% income tax deduction based on the “qualified business income” of an owner of a business structured as a sole proprietorship or pass-through entity. If the deduction can be fully utilized, it will result in a marginal rate on qualified business income of 28% for a typical taxpayer…
Tax reform legislation (“H.R. 1”) was signed by the President on December 20th, enacting numerous immediate changes affecting all areas of the Internal Revenue Code (“Code”), including changes to gift, estate, and generation- skipping transfer (“GST”) taxes. Effective January 1, 2018, H.R. 1 doubles the base exemption level for the gift/estate and GST tax from…
Read All About It – The Big Six’s “Unified” Tax Framework- Potential Impact & Look Ahead.
Topics: Estate planning, Estate tax, GST, Tax treatment
Change always brings opportunity. Families and advisors should remain consistent in their approach to implementing flexible life insurance and legacy planning, since planning will remain beneficial regardless of the evolving details of tax reform.
President Trump Releases Tax Proposals – Keep Calm & Plan On.
Topics: Estate planning, Tax treatment, Trusts
President Trump’s recently-released outline of his tax reform proposal mirrors his campaign promises, and his proposals can be seen as a starting point in negotiations. Achieving major tax reform is very difficult, which is why it rarely occurs. Once statutory language is drafted, and specific provisions are down on paper, there tends to be pushback…
Oh No, There Goes the S Corp – Reviewing Trust Eligibility to Hold S Corp Stock
Topics: Passthrough taxation, Tax treatment
A federal election to treat a company as a subchapter S corporation (an “S Corp”) enables taxation of a small business corporation as a pass-through entity for federal income tax purposes, avoiding the dual taxation otherwise imposed on corporations and their shareholders.
Proposed Legislation Could Expand Multiple Employer Plan Opportunities.
Topics: Retirement security, Tax treatment
The Senate Finance Committee unanimously approved a bill that would allow unrelated employers to join “pooled employer plans,” which are multiple employer plans (“MEPs”) meeting certain requirements that are treated as single plans for ERISA purposes. The MEP proposal is included in a bill, known as the Retirement Enhancement and Savings Act of 2016, which…
Administration’s FY 2017 Budget – Part I – Same Old, Same Old
Topics: Capital gains, Carried interest, COLI/BOLI, DRD, Estate planning, Grantor trusts, Tax treatment, Transfer for value, Trusts
February 18, 2016 #WRM16-07 The WRMarketplace is created exclusively for AALU Members by the AALU staff and GreenbergTraurig,oneofthenation’sleadingtaxandwealthmanagementlawfirms.The WRMarketplace provides deep insight into trends…
The Changing Tax Paradigm – The Basics of Basis and the New Need for Life Insurance.
Topics: Capital gains, Estate planning, Grantor trusts, ILIT, Tax treatment, Trusts
Thursday, June 18, 2015WRM#15-22 The WRMarketplace is created exclusively for AALU Members by the AALU staff and Greenberg Traurig, one of the nation’s leading tax and wealth management law firms. The WRMarketplace provides deep insight into trends and events impacting the use of life insurance products, including key take-aways, for AALU members, clients and advisors.…