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The IRS proposed significant changes to regulations governing donor-advised funds (DAFs) in late 2023, potentially impacting existing funds. These proposed rules, while not final, could apply retroactively, necessitating proactive understanding and preparation. The regulations redefine eligible funds, donors, and donor-advisors, expanding the definition of DAFs and clarifying the roles of advisors. Implications include potential excise taxes on distributions managed by investment advisors and expanded eligible distributions. Sponsoring organizations should conduct thorough reviews of existing funds and seek guidance from legal and tax professionals to ensure compliance. While awaiting finalization and further guidance, proactive measures are crucial to navigate the evolving landscape of DAF regulations.

The article discusses the complexities surrounding the tax advantages of qualified small business stock (QSBS) as provided by Sec. 1202, particularly in estate planning. Besides offering a significant tax break for noncorporate taxpayers, it also presents several ambiguities especially concerning holding periods, QSBS stacking, the role of incomplete gift nongrantor trusts (INGs) and charitable remainder trusts (CRTs), the tax status of spouses, and transfers of QSBS. As IRS and legal clarity remains elusive on many related issues, the article recommends a coordinated approach among tax advisors, obtaining legal opinions, and possibly requesting private letter rulings from the IRS to mitigate potential risks.

Estate planning for clients with large real estate holdings requires a comprehensive approach that considers both tax implications and property management intricacies. Each aspect requires careful strategizing to mitigate potential tax liabilities, ensure estate liquidity, manage the basis and capital account, maintain compliance with passive loss rules, and keep estate plans updated to reflect current circumstances and tax laws.

Money mule networks are a growing concern where criminals use deceptive tactics to launder money through unsuspecting participants. Learn how to spot the signs and protect yourself from these criminal schemes.

Discover how America’s elite manage their vast fortunes to ensure their wealth endures across generations. This article breaks down the successful strategies and common pitfalls in estate planning, using examples from storied dynasties like the Rockefellers and Hearsts. Gain insights into how you can protect your financial legacy and avoid common estate planning mistakes.

Managing accounts receivable presents challenges, particularly in uncertain economic conditions. To ensure your company’s financial well-being, periodic review of billing and collections processes is essential. Consider these actionable suggestions:   Address billing discrepancies promptly  

Restricted stock awards are a popular way for companies to offer equity-oriented executive compensation. Some businesses offer them instead of stock option awards. The reason: Options can lose most or all of their value if