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Qualified Opportunity Zones (QOZ) offer taxable investors the potential for deferral of existing gains and tax-free growth. Though the basic provisions of the tax incentive are known, the rules remain unclear and regulatory risks persist. While the existence of a tax incentive can make a good investment even better, investment decisions should not be primarily driven by tax considerations.

Generation Z and millennial entrepreneurs are known for being innovative, bold, quick-thinking game changers. But too often they ignore the more mundane (but incredibly important) aspects of their personal financial situations and decisions regarding the fate of their business. By investing some of the passion and energy they have for their businesses into estate and financial planning, Generation Z and millennial entrepreneurs can help set themselves, and their businesses, up for long-term success.

This recorded webinar Illustrates how effective annual income tax rates for a C corporation differs, depending on whether it distributes all, part, or none of its annual earnings. This provides a more realistic base against which to compare one's tax rates as an owner of a pass-through business entity, such as an S corporation, partnership, or sole proprietorship (the latter two which may be LLCs).

Over the past decade, matriarchs and patriarchs of successful families have been shifting their focus from their children to a broader group of individuals, such as grandchildren, siblings, and nieces. Often, they choose to create family banks, which are typically trusts that are funded to help individuals pursue entrepreneurial opportunities, venture philanthropy, and knowledge in a structured and more-likely-to-succeed manner. Family banks can be customized to fit a family’s agenda, and the risks inherent in family banks can be thoughtfully managed.

Trusts classified as foreign for U.S. tax purposes, whether established under the law of a U.S. state or of an offshore jurisdiction, must review whether they have any U.S. tax or information reporting filings to make in 2019 with regard to income earned and distributions made in 2018. This article provides trust officers and family advisers with a summary checklist, including other filing and reporting requirements for foreign trusts.

Even the best laid plans or checklists for filing the various U.S. forms on time can sometimes go astray. When they do, it is prudent to request an extension to file the particular return. Careful attention should be paid to where and how to submit the request, as procedures are not necessarily the same for all returns.

The creation of a charitable remainder trust can provide you with a lifetime income stream while helping fulfill legacy goals of supporting charitable organizations that are important to you. There are two kinds, which are minor variations of each other: the Charitable Remainder Annuity (CRAT) and the Charitable Remainder Unitrust (CRUT).

The U.S. Supreme Court will revisit state tax nexus for the second year in a row after granting North Carolina’s petition for certiorari in North Carolina Department of Revenue v. The Kimberley Rice Kaestner 1992 Family Trust (Docket No. 18-457). Kaestner and Fielding could have significant implications on the state taxation of trusts. All multistate taxpayers should prepare for the potential wider-ranging impacts of the U.S.

The Tax Cuts and Jobs Act of 2017 created a new tax incentive, the Qualified Opportunity Fund (QOF), designed to encourage long-term investment in low income communities.