Income Tax

U.S. Supreme Court to Decide on Trust Investment Fees

Posted on: June 8th, 2007
On June 25 the U.S. Supreme Court agreed to hear a case on whether the investment expenses of trusts are fully deductible or subject to a 2% floor. ...

IRA Expert Ed Slott Recommends Standalone IRA Trusts

Posted on: April 20th, 2007
I recently attended a two day seminar by nationally recognized IRA expert Ed Slott, CPA. If the protection of a trust for IRA beneficiaries is desired, Slott says that the best way is to have the IRA paid to a Standalone IRA Trust. ...

New Charitable IRA Rollover Guidance

Posted on: January 15th, 2007
Professor Christopher Hoyt of the University of Missouri School of Law has proved a useful summary of IRS Notice 2007-7, 2007-5 IRB 1, which provides guidance about Charitable IRA Rollovers. ...

Owning Real Estate in an IRA

Posted on: November 19th, 2006
Owning real estate in a self-directed IRA can seem like a great way to save for retirement. However, I have found that most clients want to structure the ownership and/or management of the real estate in such a way that they will run afoul of the prohibited transactions rules. ...

Caveat Emptor – When it Comes to Out-of-State Tax Preparers

Posted on: October 8th, 2006
I recently had a client come in who had made a gift of over $120,000 to her brother several years ago, using funds that had originally come from their mother. She used the mother’s accountant in Florida to prepare her gift tax return. ...
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