Tax Law News and Insights

On December 22, 2022, the Internal Revenue Service (IRS) finalized changes to Schedule UTP, Uncertain Tax Position Statement, and Instructions for Schedule UTP. Proposed changes to Schedule UTP and the UTP Instructions were announced on October 11, 2022, with comments requested by November 18, 2022. Our prior coverage of the proposed changes...

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Q: What is Upstream Gifting and How Can it Minimize My Taxes? A: The average American is generally unconcerned with federal estate taxes because exclusions are historically high (in 2023, an individual can exclude a whopping $12.92MM from his or her estate before any estate taxes are due; $25.84MM for a...

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While most seniors have a will and other end of life plans in place, they often unknowingly leave one of their most valuable assets unprotected. Under federal and state law, states must seek to recover long-term care benefits from a Medicaid recipient's estate after the recipient's death. Therefore, if you...

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