Many individuals do not realize the value and extent of their digital records and the potential for financial or sentimental loss if these assets are lost or inaccessible. A well-drafted estate plan should address the management and distribution of digital assets to mitigate additional administrative burdens on fiduciaries. Although what is considered a “digital asset” […]
Digital Assets After Death Read More »
On Tuesday, the U.S. Supreme Court heard oral arguments in the case of North Carolina Dep’t of Rev. v. Kimberley Rice Kaestner 1992 Family Trust, No. 18-457 (U.S.). The case involves a North Carolina statute (N.C. Gen. Stat. §105-160.2) that allows a trust to be taxed solely because it has a North Carolina beneficiary, which was held to be unconstitutional by
Can a State Tax a Trust Based on the Beneficiary’s Residency? Read More »
The tax rate on trusts compared to individuals has gotten even higher after the new tax law. Here are some possible workarounds. Having recently closed out another individual and trust tax return season (extensions excepted, of course), CPAs, attorneys, trustees, and financial advisers are noticing that the disparate tax treatment between trusts and individuals, which
Minimizing Federal Income Tax on Trusts Under the TCJA Read More »
New clients regularly ask for the inside scoop on the latest loophole to reduce or eliminate their tax liability. It is common for wineries to see high cash outflow for operations with minimal profits and sometimes they’re still stuck with a tax bill at the end of the year. Too often I see firms marketing
Top 5 Missed Tax Incentives for California Vineyards and Wineries Read More »
A version of this article previously appeared in Vineyard & Winery Management Magazine. As the tax rates on top earners continue to rise, many winery and vineyard owners are looking for new ways to reduce what they’re required to pay in taxes. The good news is there are many tax planning opportunities for wine businesses
Tax Opportunities for Wineries and Vineyards Read More »
A version of this article ran in the Wine Business Monthly March 2019 edition Tax reform, commonly referred to as the Tax Cuts and Jobs Act (TCJA), provides several tax-planning opportunities for wineries and vineyards. Below are some of the key federal tax changes impacting these industries as well the potential impact on business owners.
New Tax Reform Offers Key Opportunities for Wineries and Vineyards Read More »
