Value of Stock Included Life Insurance Proceeds Intended for Redemption of Stock
November 16, 2023
by Jennifer R. Pierce
The Eighth Circuit Court of Appeals recently affirmed the decision in Connelly vs. United States,[1] holding that the fair market value of stock in a closely-held corporation, for purposes of valuing that stock held by a deceased shareholder’s estate, included life insurance proceeds intended for…
Estate Planning in Arkansas: Significance of Wills and Trusts
In Arkansas, estate planning is vital. By understanding the tools at residents’ disposal, such as wills and trusts, Arkansans can ensure the security of their assets, provide for their loved ones, and leave a lasting legacy for generations to come. The Importance of Estate Planning Estate planning…
High Interest Rates May Be Troubling for Issuers of Tax-Exempt Bonds
October 27, 2023
by Ashley Edwards
Over the past year and half, interest rates have increased significantly. For most investors, the increase in interest rates is welcome. But for issuers of tax-exempt bonds, or cities, states and other qualifying governmental entities, the rise in interest rates may be a cause for concern. Under…
Arkansas Businesses Should Prepare for New Laws Passed by the State Legislature
The Arkansas General Assembly adjourned from its 94th Regular Session on May 1, 2023, starting a 90-day clock until acts passed by the General Assembly become the law of Arkansas. Business owners, professionals and entrepreneurs should be aware of these acts set to become law on July 31. 1. Act 256…
IRS Issues Alert Analyzing When Circular 230 Applies to In-House Tax Professionals
The IRS Office of Professional Responsibility (“OPR”) has exclusive authority to administer and enforce Circular 230 (“Circ. 230”), the Regulations Governing Practice before the Internal Revenue Service. (31 C.F.R. Subtitle A, Part 10). On June 15, 2023, OPR issued Alert 2023-04, noting that…