Tax
Taxes That Apply to Inheritances in NC
While North Carolina’s estate tax was repealed in 2013, other taxes may apply to an inheritance. Tax implications depend on the type…
How Proposed Changes to Family Businesses Could Raise Estate Tax Liability
Over the summer of 2016, the Internal Revenue Service (IRS) released proposed changes to tax provisions (Section 2704) that apply to most business entities,…
Possible Tax Items to Expect With Trump Adminstration
Our Chapel Hill tax attorneys prepared a brief overview of the tax changes anticipated under the forthcoming Trump Administration. Significant tax changes…
3 Tax Benefits the 50+ Crowd Enjoys
Although many tax regulations fluctuate based on the taxpayer’s adjusted gross income, some tax provisions are instead based on the taxpayer’s age….
Tax Issues for Art Collections
Artwork and collections left behind in one’s estate will be subject to probate unless the decedent prepared a trust or other planning…
3 Tax Planning Steps for the New Year
As the end of the tax year nears, many taxpayers try to maximize deductions in an effort to minimize their tax bills….
Tax Considerations in Structuring Inheritances
When dividing assets in an estate plan, the testator might be inclined to evenly split assets for heirs. However, if not planned…
Tax Planning for Family Loans
Lending money to a relative might happen once, twice, or several times throughout one’s lifetime. How often has an individual loaned money…
Non-profit 501(c)(3) Application Now Easier
New application process for 501(c)(3) status. Filing for 501(c)(3) tax-exempt status has streamlined to a shorter process, both in time and in…
5 Last-Minute Tax Tips
Taxpayers know the tax-filing deadline, but every year individuals around the nation wait until the final hours—and sometimes final minutes—to file. TrustCounsel’s tax…
