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Estate Exemption Sunset Reminder
By Cooper Melvin, JD, CPA In 2026, the increased estate tax exemption is expected to revert to its pre-2018 amount of $5 million adjusted for inflation. It is expected to
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Potential Tax Benefits of Distributions in 2023 for Trusts and Estates
By Dalton Bradshaw, CPA As the 2023 filing season has arrived, taxpayers may be considering options to reduce their tax liabilities. Due to the compressed tax brackets for trusts and
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BMSS’ 2022 Year-End Tax Planning Letter
As 2022 comes to a close, all eyes are on the midterm elections and potential year-end tax legislation and, as always, it is important to stay informed. Year-end tax planning
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IRS Offers Late Portability Election Relief to Estates
By Dalton Bradshaw, CPA On July 8, 2022, in a taxpayer-friendly move, the IRS announced relief for estates making a late portability election for a deceased spousal unused exclusion (DSUE)
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Understanding Your Buy-Sell Agreement – Part 5
Written by Dalton Hopper, CVA, CFE This is the last article in our series discussing the valuation aspects of buy-sell agreements. We have discussed what is included in a buy-sell
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Proposed Regulations Take Aim at Estate and Gift Basic Exclusion
Written by Dalton Bradshaw, CPA In 2017, the passage of the Tax Cuts and Jobs Act (TCJA) brought about numerous provisions aimed at benefiting taxpayers, including within the estate and
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Potential Tax Benefits of Distributions in Early 2022 for Trusts and Estates
By Dalton Bradshaw, CPA As the 2022 filing season quickly approaches, taxpayers may be considering options to reduce their upcoming tax liabilities. Due to the compressed tax brackets for trusts
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Alabama Qualified Dispositions in Trust (QDIT) Act
By: Dalton Bradshaw, CPA When considering asset protection from creditors, most individuals and advisors immediately think of assets being hidden away in foreign accounts by the world’s ultra-wealthy. However, legislatures
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Treasury’s Green Book Provides Details on the Administration’s Tax Proposals
On Friday, May 28, 2021, the Treasury Department issued the “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals.” Also known as the “Green Book,” the 114-page document is
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BMSS’ Year-End Tax Planning Letter
2020 has been a year filled with challenges and adversity like no other and has affected each and every one of us. The coronavirus global pandemic has resulted in economic
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BMSS Video Series Part 8: Estate and Trust Update
With all the changes made in the recently enacted tax reform legislation, we are committed to keeping you informed while providing you peace of mind. That’s why we’ve created an
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