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One of the most significant hurdles in structuring a suitable debt workout or restructuring arrangement between a lender and a borrower involves the negative impact of U.S. income taxes on the borrower, particularly if the partners have conflicting objectives in terms of their tax position. Various options are available to partners when making elec...

Becoming a great beneficiary starts with having a great trustee. If a trustee devotes the majority of his or her time to administrative matters and managing investments, the wealth distribution process often gets the least attention when it ideally deserves the most. To some trustees, the distribution process may simply seem like a meeting with a b...

Changes in the federal tax laws have provided a renewed focus on state income taxes and strategies available to minimize these taxes. While personal trusts have been used most commonly as estate and gift tax planning tools, they now have increased importance as vehicles for minimizing a family’s federal and state income tax liability. If you ...

For private wealth clients, the consideration of tax liabilities adds another wrinkle to already complex investment decisions. It is vital for high-net-worth individuals and families to weigh the tax implications of any changes to their portfolio as taxes can erode gains, hindering their investments’ ability to meet their financial objectives...

1031 Exchange, commonly known as like-kind exchange, can be a smart tax strategy for business owners who also own or invest in real estate. Understanding seven basic fundamentals of a 1031 exchange will make you more informed to know if a 1031 strategy will fit into your overall tax and real estate plans. Watch the short video and learn the fundame...

The Massachusetts Supreme Judicial Court recently ruled that a ballot initiative that would have had Bay Staters vote this November to raise the state income on its wealthiest residents is unconstitutional. The Fair Share Amendment proposal, dubbed by some the “Millionaire's Tax,” will no longer appear on the November ballot. For la...

Tax reform has created major changes and opportunities for high-net-worth taxpayers, particularly those who are real estate investors and developers. The creation of the Internal Revenue Code section 199A brings a new, advantageous deduction to those in the real estate business. For real estate owners, investors, and developers, the impacts are sig...

With the passage of the Tax Cuts and Jobs Act in late 2017, virtually all areas of federal tax law saw sweeping changes. As a business owner, it’s particularly important to understand how these changes can work to your advantage as you consider your tax planning under today’s new laws. Five strategies—including restructuring your ...

Federal tax reform has potentially and perhaps unexpectedly increased the tax liability for families by destroying the deduction for investment expenses. However, the recent United States Tax Court decision on the Lender Management case may provide an opportunity for family offices to maintain deductibility for legitimate business expenses under th...

As part of federal tax reform, Congress created a new “Qualified Opportunity Zone” program to encourage investment in businesses that are located in low-income communities. Under this program, a taxpayer who recognizes gain on the sale of property (including, for example, investment assets such as stock or other security interests, and ...

The Tax Cuts and Jobs Act of 2017 is sweeping in its reach, and divorce situations are not immune from its influence. The new tax law changes the tax treatment of alimony for both the payer and the recipient. For divorces finalized prior to January 1, 2019, this new tax treatment will not apply and will be grandfathered under the rules of the prior...

Life is more complicated for families who have a loved one with a disability. The process of developing an estate plan requires the ability to navigate the confusing and often counter-intuitive rules of government benefit eligibility, and being intimately familiar with the circle of doctors, diagnoses, therapies, and services that will be available...

The purpose of the New Markets Tax Credit (NMTC) program is to attract private investment to communities lacking adequate access to capital and experiencing vacant commercial properties, outdated manufacturing facilities and/or inadequate access to education, health care, healthy food and other basic social services. Different Community Development...

The Tax Cuts and Jobs Act was signed into law in December and made sweeping changes to many laws affecting tax-exempt organizations. Several changes combined to eliminate the tax incentive for many taxpayers to make charitable contributions. With anticipated declines in contributions, charities may be looking for more creative sources of fundraisin...

Every year during tax season the Internal Revenue Service (IRS) releases the “Dirty Dozen” list of tax scams. With the increased number of data breaches, it is important to remain vigilant when sharing your personal data and responding to demands for tax payments. Here are some tips to help you avoid tax scams and identity theft.