Treasury Inspector General for Tax Administration Announces New Senior Leaders
Recently, J. Russell George, the Treasury Inspector General for Tax Administration (TIGTA), announced three new additions to the Agency’s senior leadership team, naming Heather M. Hill as the new Deputy Inspector General for Audit, Russell P. Martin as the new Deputy Inspector General for…
Arkansas Net-Metering and Utility Service Provider Tax Reporting Pitfalls
As at-home energy creation becomes more popular and more households adopt sustainable practices such as utilizing solar to produce electricity, the subtleties of tax reporting for energy creation and consumption are becoming frequently asked questions for consumers. In the context of net-metering…
Will the Conversion of a Trust to a Unitrust Under the New Arkansas Uniform Fiduciary Income and Principal Act Cause a Negative Tax Result?
March 16, 2022
by Ashley L. Gill
The Arkansas Uniform Fiduciary Income and Principal Act (the “Act”) became effective on January 1, 2022. Arkansas is one (1) of five (5) states, including Colorado, Kansas, Utah, and Washington, that has enacted the Uniform Fiduciary Income and Principal Act. Legislation is currently pending in…
Certain Trust Expenses Still Deductible Until 2026
The Tax Cuts and Jobs Act (TCJA), while lowering taxes for most, raised them for a few. One group of those few taxpayers for whom taxes went up under TCJA were certain trusts and estates (generally those with large investment advisory fees or certain other expenses). The issue for these trusts is…
Default Provisions in Arkansas's Uniform LLC Act – Now You Know
February 17, 2022
by David Biscoe Bingham
In previous blog posts (here and here) my colleagues have written about Arkansas’s adoption of the Uniform LLC Act (as adopted in Arkansas, the “Act”) and the new default duty of loyalty owed by the members and managers of the LLC to each other under the Act. Continuing in that vein, I would like…