What Happens to My Arkansas Property if I Do Not Have a Will?
Estate planning is important no matter the size of your estate. Properly planning your estate will allow you to be in control of who inherits your assets, who raises your children, and who is in charge of administering your estate. Without an estate plan your assets will pass according to Arkansas…
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…
Certain Trust Expenses Still Deductible Until 2026
*This article was reviewed on April 24, 2025. The content remains current. 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…
Arkansas's Answer to the SALT Cap for Business Owners: The Arkansas Pass-Through Entity Tax Act
January 19, 2022
by Craig R. Cockrell
This article was corrected on March 2, 2022. 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…
Lessons from the Tax Court: Smaldino v. Commissioner
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…