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…
Notwithstanding Savings Clause, Judicial Reformation Required to Correct Defects in Charitable Remainder Annuity Trust
March 21, 2023
by Ashley L. Gill
A recent tax court case serves as a stern reminder to practitioners that (1) in order for a trust to qualify as a charitable remainder annuity trust (CRAT), the trust’s governing instrument must unambiguously provide for a sum-certain annuity to be paid to the income beneficiaries,[1] and (2) the…
Think Twice Before You End A Trust – Income Tax Consequences of Trust Commutations and "Early Terminations"
February 23, 2023
by David Biscoe Bingham
Despite the Rule Against Perpetuities (which basically says a trust can’t go on forever) being repealed in many states, most trusts, as a practical matter, don’t go on forever. In an ideal scenario, the terms of the trust indicate when the trust is to end and who will receive the assets at that…
Corporate Transparency Act: What Businesses Need to Know
February 3, 2023
by Caroline W. Kelley
In January 2021, Congress enacted the Corporate Transparency Act (CTA) in order to protect the United States financial system from being used for money laundering and/or other illicit activities. Oftentimes when these illegal activities are occurring, the perpetrators, also known as “bad actors,”…