Changes to the Big Three: SALT, home mortgage interest and charitable contributions

We have nearly finished covering the changes made to individual taxation! Business owners can prepare for the upcoming crash course in new tax structures, but for now, we return to the adjustments that affect those who itemize their deductions.  First is the State and Local Tax Deduction, known as SALT. Previously, taxpayers could deduct the entirety … Read more

What do families need to know about tax reform?

Last week we outlined some changes affecting individual taxpayers, including adjustments to tax rates and brackets. This week we want to draw your attention to a few more parts of the tax reform bill that will impact many individuals and families. This bill encourages a broad shift from itemized deductions to a new, larger standard … Read more

Carried Interests Targeted

Notwithstanding changes to their treatment under the recent Tax Cuts and Jobs Act of 2017, carried interests continue to be in the news and in the cross-hairs of tax legislators and regulators, Bloomberg’s Jennifer Epstein and Miles Weiss report. You can find the entire article here at Accounting Today.

The tax reform timeline

As promised in our first post about tax reform, we begin by examining the timeline of changes established by the tax reform bill. Taxpayers will notice most changes in 2019, as the legislation only fully affects taxes beginning this year. However, a few provisions are already in place or do apply to 2017: smart consumers can … Read more

Taxpayers Recover Attorney’s Fees & Costs

In United States v. Johnson, Case No. 2:11-cv-00087 (U.S. District Court, D. Utah 1/8/2018), the District Court awarded taxpayers $285,648.06 in attorney’s fees and $30,558.00 in expert witness report costs in an estate tax controversy. Robert Keebler, CPA/PFS,MST,AEP,Distinguished reports reports in this LISI 60-Second Planner. You can read the entire text of the court’s opinion … Read more

What is a domestic asset protection trust & how can it help you?

What if we told you that there is a perfectly legal way to protect your assets from the reach of creditors? Would you be interested? You should be, especially if you are in a field that invites frequent litigation, like medicine, dentistry, or any number of professions. This isn’t to say that you shouldn’t pay … Read more