The below comparison outlines the “Tax Cuts and Jobs Act” (H.R.1) passed by the House of Representatives on November 16 and the Senate on December 2. Since the two plans differ, they will now be sent to a conference committee where negotiators from b...
Read MoreIRS Criminal Investigation Division Assembles New International Tax Enforcement Unit
With international tax compliance on the IRS’s radar, it was revealed publicly to reporters on August 2, 2017, that the IRS Criminal Investigation Division (IRS-CI) is assembling a new, dedicated international tax enforcement unit. The new initiative...
Read MoreQualified Terminable Interest Property (QTIP) Trust
A QTIP trust, despite its silly name, is a valuable estate planning tool. QTIP, or “Qualified Terminable Interest Property” is a name derived from the tax law that legalises the tax benefits of the trust. When property is given to a spouse outright (...
Read MoreVirginia Department of Taxation Announces Tax Amnesty Program
Virginia Department of Taxation Announces Tax Amnesty Program Available September 13, 2017 through November 14, 2017. On September 5, the Virginia Department of Taxation (“Department”) issued Public Document 17-156 (9/5/17), providing the final guide...
Read MoreEstate Planning Strategies for Charitable Giving
When considering a large charitable gift, individual donors have many options at their disposal. Charitable trusts, donor‑advised funds, and private family foundations are three commonly used charitable giving options. Below is a summary of each opti...
Read More