With the recent increase in the lifetime generation skipping tax exemption to $5 million, effective for 2011 and 2012, you may be thinking that there is no way that this could apply to you (or your spouse). While this may only affect a smaller portion of taxpayers than before for those with potential exposure, let me explain how this works, as simplistically as possible.
read more…We’ve made it well past the trust filing due date of April 15th, and in reflecting back on what we noted with our trust clients, I thought it would be helpful to educate our trustees as to why we ask for certain information in preparing your trust returns.
read more…The previously issued proposed regulations issued in July 2007 regarding trust investment advice costs have been withdrawn and new proposed regulations have been issued.
read more…Ohio S.B. 117 signed by Governor Kasich will take effect in March 2012. One of the more interesting changes made by this bill is in regards to trustee duties with respect to life insurance as a trust asset.
read more…By Barb Theofilos, CPA
read more…The IRS issued temporary and proposed regulations providing guidance on the requirements for electing portability of a deceased spouse’s unused exclusion (DSUE) and the surviving spouse’s use of the DSUE amount.
read more…You’ve received an e-mail from a foreign lawyer telling you that a long-lost relative has died and that you are the only heir. You are entitled to millions from the deceased’s estate. Can this be possible?
read more…
Artificial intelligence (AI) is not just for tech companies and research labs; it is quickly becoming part of everyday life. Today, many people are already using AI without even realizing it, and in the next few years, it will be as common as smartphones or Wi-Fi. Let...
Like many other industries, there is a shortage of talent entering the public accounting industry. To combat this issue, the Ohio Society of Certified Public Accountants (OSCPA) formed the Ohio Accounting Talent Coalition (OATC), whose mission is to create a thriving...
On March 25, President Donald Trump signed Executive Order 14247, Modernizing Payments to and from America’s Bank Account. The Executive Order is intended to modernize financial operations, reduce costs, minimize fraud and eliminate inefficiencies associated with...
On July 4, President Donald Trump signed the One Big Beautiful Bill Act (“OBBB”) into law after the Senate and House passed the bill on July 1 and July 3, respectfully. The OBBB includes numerous tax changes, including permanent and limited modification of many tax...
On July 4, President Donald Trump signed the One Big Beautiful Bill Act (“OBBB”) into law after the Senate and House passed the bill on July 1 and July 3, respectfully. The OBBB includes numerous tax changes, including permanent and limited modification of many tax...
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