It’s time, once again, to share some of the tidbits that I gleaned from the Annual Virginia Tax Roundtable. Each year, a small group of Virginia tax lawyers convenes to meet with the Virginia Tax Commissioner, his staff, and the Attorney General’s staff to talk about what the Tax Department is thinking, the challenges that […]
Mega Millions Winnings – Imagine The Possibilities!
Currently there is a lot of focus on the Mega Millions that has a jackpot of $1.6 billion (and climbing) and many discussions are being had detailing what one would do if they won. Imagine the possibilities! Some of the considerations include making gifts and loans to friends and family members. Although chances of winning […]
Tax Planning For Real Estate Under The TCJA
By now, you have been bombarded with summaries and articles on the 507-page tax bill, formerly known as the “Tax Cuts and Jobs Act” of 2017, and signed into law by President Trump on Dec. 22, 2017 (the Act). Of all the massive changes included in the Act, those affecting real estate owners, investors and […]
Treasury Withdraws Valuation Discount Regs!
On Oct. 2, the Treasury Department announced that it is withdrawing the proposed regulations under Code Section 2704 (introduced in August 2016) that would have adversely affected taxpayers’ ability to use valuation discounts in transferring closely held business interests to family members and trusts for their benefit. As stated in the Treasury notice, the goal […]
Tax Reform Outline Released
The Republican-sponsored tax reform proposal released on Wednesday is being touted as the most radical change to the nation’s tax code in decades. According to the nine-page outline of the “Unified Framework for Fixing Our Broken Tax Code,” these proposed changes include: Doubling the standard deduction for individuals to $24,000 for married filing jointly, $12,000 […]