Personal Wealth Advisors Blog

Blogs November 23, 2020 A Conversation with Jim and Monique Brown -- A Path to a Meaningful Life

A conversation with Jim and Monique Brown regarding The Amer-I-Can Program

Blogs November 12, 2020 Spousal Lifetime Access Trusts – A Popular Planning Strategy

This post examines the spousal lifetime access trust or “SLAT,” a popular planning strategy using a married couple’s gift/estate tax exclusion, wherein one spouse sets up a trust for the other spouse and their children/grandchildren.

Blogs September 02, 2020 TCJA and Alimony

The Tax Cuts and Jobs Act made a substantial change to divorce planning with the elimination of deductible alimony payments for the payer spouse and inclusion of income for the receiving spouse.

Blogs September 01, 2020 Do NOT Worry: The IRS Probably Has Your Check

The IRS has taken steps to control the confusion for those who have received the balance due notices (CP14) and who mailed a payment to the IRS.

Blogs August 26, 2020 New Rules on Excise Tax on Highly Compensated Employees

The IRS recently issued proposed regulations under IRC Sec. 4960. This article takes a look at how those proposed regulations affect certain tax-exempt organizations and certain entities that are treated as related to those organizations, as well as …

Blogs August 25, 2020 The Net Investment Income Tax

This article examines the legislation, payers, basics, and destination of the Net Investment Income Tax as part of the Health Care and Education Reconciliation Act of 2010 (which, along with the Affordable Care Act reformed the health care market).

Blogs May 18, 2020 Recently Released Proposed Regulations Address Treatment of Excess Deductions on Termination of Trusts and Estates

Taxpayer-friendly proposed regulations clarify that expenses incurred in connection with the administration of a non-grantor trust or an estate that would not have been incurred if the property were not held in such trust or estate are not miscellane…

Blogs March 11, 2020 IRS Provides Filing Relief to Certain Foreign Trusts Providing Retirement, Medical, and Educational Benefits

A discussion of Revenue Procedure 2020-17, wherein the IRS has designed a procedure whereby certain U.S. persons having an interest in tax-favored foreign trusts established and operated exclusively or almost exclusively to provide pension or retirem…

Blogs February 03, 2020 Federal Reporting Rules for Cash Transactions in Excess of $10,000

An overview of the federal regulations requiring banks to report deposits and withdrawals of more than $10,000 to the IRS. Also includes the required turnaround time and penalties for failing to report.