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IRS Issues New Rules on ABLE Savings Programs
Category: Tax
The IRS has issued proposed regulations related to § 529A of the Internal Revenue Code (the “Code”), which allows a State (or its agency or instrumentality) to establish and maintain a tax-advantaged savings program under which contributions may be made to an ABLE account for the purpose of paying…
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Arkansas Enacts a version of the Uniform Directed Trust Act: Relief for Corporate Trustees begins in 2020
Category: Tax
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”…
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Investment Property Exception to $10,000 Cap on Itemized Deduction for State and Local Property Taxes?
Category: Tax
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…
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IRS Issues Safe Harbor for Application of Section 199A Deduction to Rental Activities
Category: Tax
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…
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Are Hospital Clinics Tax Exempt in Arkansas? Court of Appeals Weighs in on the Bounds of the Public-Charity Tax Exemption
Category: Appellate Law, Health Care, Litigation, Tax
It is widely recognized that the public-charity tax exemption in the Arkansas Constitution covers charitable hospitals, provided they meet certain criteria established by Arkansas Supreme Court case law. But what about a free standing clinic owned and operated by a charitable hospital? And does…
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