Comparison of the House and Senate Versions of the Tax Cuts and Jobs Act

The below comparison outlines the “Tax Cuts and Jobs Act” (H.R.1) passed by the House of Representatives on November 16 and the Senate on December 2. Since the two plans differ, they will now be sent to a conference committee where negotiators from both chambers will create a unified bill. After, both parties must approve the bill before it is sent to the president for his signature. If you have any questions or concerns about the proposed tax reform and how it may affect you, please call...
More

IRS Criminal Investigation Division Assembles New International Tax Enforcement Unit

With international tax compliance on the IRS’s radar, it was revealed publicly to reporters on August 2, 2017, that the IRS Criminal Investigation Division (IRS-CI) is assembling a new, dedicated international tax enforcement unit. The new initiative is expected to be fully operational by October 1. U.S. persons’ worldwide income and foreign financial assets are targeted. According to the new IRS-CI Chief Don Fort, “we’re going to be standing up a group of elite special agents in...
More

Qualified Terminable Interest Property (QTIP) Trust

A QTIP trust, despite its silly name, is a valuable estate planning tool. QTIP, or “Qualified Terminable Interest Property” is a name derived from the tax law that legalises the tax benefits of the trust. When property is given to a spouse outright (not subject to a trust), it qualifies for what is known as a “marital deduction.” In layman's terms, the property transfers to the spouse free of estate or gift tax. For various reasons, sometimes, it isn’t ideal to give assets outright ...

More