1. Don’t wait too long. Based on the studies that we are seeing, approximately 40% of the wealth in this country will transition from the baby boomers to the next generation. By and large, most of these individuals are ill-prepared to transfer this wealth either because they have done no planning to do so, or […]
On April 16, 2019, Gov. Phil Bryant signed Senate Bill 2828, the Mississippi Guardianship and Conservatorship Act. The legislation has been referred to as the “Guard and Protect (GAP) Act.” In summation, the legislation, which will be effective January 1, 2020, repeals Chapter 13 of Title 93 of the Mississippi Code, which pertains to guardians […]
Bitcoin has repeatedly been in the news since it first came on the scene in the latter part of the last decade. However, many people have exhibited difficulty in understanding cryptocurrencies, in general, let alone how these assets are taxed. The evolution of taxation of cryptocurrencies, including Bitcoin, will undoubtedly become more prevalent as taxpayers […]
In a unanimous decision, the United States Supreme Court has ruled states cannot utilize a beneficiary’s residence, alone, to subject undistributed trust income to state income tax. Mr. Rice, a New York resident, as grantor, created a trust for the benefit of his children, appointing another New York resident to serve as trustee. Over twenty […]
The IRS recently issued a new notice providing a “Safe Harbor” for rental real estate businesses to qualify for the 20% qualified business income deduction under Section 199A. The IRS published Notice 2019-07, which provides a “safe harbor” with respect to whether or not a rental real estate enterprise can qualify for the 20% qualified […]