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Arkansas's Answer to the SALT Cap for Business Owners: The Arkansas Pass-Through Entity Tax Act
Category: Tax
The Tax Cuts and Jobs Act of 2017 (The “TCJA”) imposes a $10,000 cap on the amount an individual may deduct for federal tax purposes for the payment of state and local income, property and sales taxes (referred to as “SALT”). The IRS issued a Notice in November 2020 (Notice 2020-75) confirming that…
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Lessons from the Tax Court: Smaldino v. Commissioner
Category: Tax
A recent Tax Court case, Smaldino v. Commissioner, T.C. Memo. 2021-127, provides important lessons on gifting. The Tax Court found that Louis Smaldino understated the size of his gift to a trust set up for his children because he never effectively transferred a portion of the assets to his wife…
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Make Your Year-End Charitable Gifts to Take Advantage of Expanded Tax Benefits
Category: Tax
Because of the hardships from the COVID-19 pandemic and several weather related events, the demand on charitable organizations has increased significantly this year, increasing the need for charitable giving. Tax benefits to both individual and corporate donors for contributions made to charitable…
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Like-Kind Exchanges Under IRC Section 1031: A Primer
Category: Tax
Individual and business clients engaging in real estate transactions often have an interest in like-kind exchanges under Internal Revenue Code Section 1031 (hereinafter “1031” or “Section 1031”). Clients are usually aware that a properly structured 1031 exchange can reduce tax liability, but have…
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Do I Need to Update My Estate Plan?
Category: Tax
If your life changes, so should your estate plan. Marriage, divorce, death of a spouse, a birth and a changing relationship with a child are just some of the life changes that may affect your estate plan. Unfortunately, as your life changes, updating your estate plan is often not the first thing on…
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