Hindsight in 2020: The Biggest Reasons Relatives Wish Their Loved One Had An Estate Plan
January 30, 2020
by David Biscoe Bingham
We have all heard the phrase that hindsight is 20/20. Often, going through a situation is one of the best ways to learn how to navigate it, or help others, if one encounters a similar scenario in the future. But what about when the difficulty of a situation falls on others, who have no power to…
Syndicated Conservation Easement Transactions: Internal Revenue Service Announces Increased Enforcement Action
The Internal Revenue Service (“IRS”) issued a November 12th announcement titled: IRS Increases Enforcement Action on Syndicated Conservation Easements (“Memorandum”) See IR-2019-182. The Memorandum states that the IRS is increasing from an enforcement standpoint its focus on syndicated…
Arkansas Enacts a version of the Uniform Directed Trust Act: Relief for Corporate Trustees begins in 2020
November 14, 2019
by David Biscoe Bingham
In recent years it has become more common to grant multiple parties various powers over trust property within a trust. Of course there is still a trustee, owing the classic fiduciary duty to the beneficiaries, but now trusts increasingly provide for nontrustees, sometimes called “trust protectors”…
Investment Property Exception to $10,000 Cap on Itemized Deduction for State and Local Property Taxes?
November 14, 2019
by Ashley L. Gill
As it relates to individuals, one of the more controversial aspects of the 2017 revenue act (commonly referred to as the “Tax Cuts and Jobs Act") is the $10,000 cap on itemized deductions for state and local taxes. Historically, the ability to deduct income taxes (or general sales taxes, if elected…
IRS Issues Safe Harbor for Application of Section 199A Deduction to Rental Activities
November 14, 2019
by Craig R. Cockrell
On September 24, 2019, the IRS issued much-needed guidance clarifying whether owners of rental real property may qualify for the 20 percent qualified business income deduction under Section 199A of the Code. The guidance, set forth in Revenue Procedure 2019-38, provides a safe harbor for real…