Researchers say older Americans are less likely than 10 or 20 years ago to write wills or trusts, potentially derailing the estate planning process.
Troubling Trends in Estate Planning
Recent studies have unveiled a troubling trend of declining estate planning among various demographics, including older Americans, business owners, and art collectors. With 85% of successful business owners possessing outdated plans and only 10% of ultra-high net worth art collectors adequately prepared for asset transfer, there's a pressing need to address this issue to ensure orderly asset distribution and minimize legal and tax complications. Upholding estate planning is crucial for financial stability, business continuity, and tax mitigation, emphasizing the necessity for increased awareness and accessibility of planning services across all income levels and professions.
Supreme Court of Mississippi Affirms BBJ Victory in Trust Reformation
BBJ Granted Summary Judgment in MDOR Sales Tax Case Involving Roofing Company
Does the Corporate Transparency Act affect you?
In 2021, Congress enacted the Corporate Transparency Act (CTA) to deter illegal activities, such as money laundering and other financial crimes. Toward that end, the CTA requires defined “reporting companies” to file beneficial ownership interest (BOI) reports with the Financial Crimes Enforcement Network (FinCEN), being an arm of the United States Department of Treasury.
Trip Barnes Featured in WSJ; Marquis Who’sWho of Distinguished Leaders: 2024 Honorees
Merry Christmas from the IRS!
IRS Increases Threshold Amounts for Reporting Business Transactions for Payment Apps
Dena Love Elected President of the Mississippi Society of Enrolled Agents for a Second Consecutive Term.
The Mississippi Society of Enrolled Agents (MSSEA) is the only professional association representing Enrolled Agents (EAs) in Mississippi. Members are licensed by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service (IRS), including examination, collection and appeals.
IRS Announces New Tax Rates Due To Inflation.
Supreme Court Rules That IRS Can Request Bank Account Info Without Notice To Third Parties
Mississippi Justices Find Digital Photos Exempt From Tax
IRS Forgives Penalties For Millions Of Taxpayers Who Filed Late—Here’s Who Qualifies
Tax Filing Deadline Changed for 2022
Economic Impact Payments - Advance Child Tax Credits | Take Action Now
Courtside Seat (III) - 9 Tips and Lessons Learned From HumbleDollar
2021 Client Letter | "Georgia On My Mind"
On November 19, 2020, Will Janoush, an associate with our firm, gave a seminar at the Mississippi Society of Certified Public Accountants. Will was asked to present on “The Future of Tax Laws as They Relate to Estate Planning & Business Valuation”. This letter more or less tracks Will’s presentation.
Barnes Law Firm, P.A., successful in its arguments to have TN children declared proper beneficiaries of the trust
State and Federal Return Filing Deadlines Extensions
9 Tips From Trip | Letting Your Financial Advisors Know What You Expect
As I have told my clients, “if you want a good result in March or April of the following year, you need to work on getting that result in the prior calendar year.” What many people fail to realize is that you make history from January 1st to December 31st. You merely record it on March 15th and April 15th of the subsequent year.
