IRS provides gift tax reporting relief for Sec. 530A account contributions
Section 530A accounts, also known as “Trump accounts,” are available for contributions as of July 4, 2026. Created by last year’s One Big Beautiful Bill Act, they’re custodial, tax-advantaged accounts opened by a parent or guardian for an eligible child under age 18. In late June, the IRS issued Revenue Procedure 2026-25, which, among other things, […]
Selecting a tax accounting method for your small business
Small business owners must answer an important question: Should we use the cash or accrual accounting method for federal income tax purposes? Larger entities are required to use the accrual method. But certain small businesses can elect to use the cash method. You may want to consider this option if it will help lower your […]
Is a joint trust better than separate trusts? Not necessarily
A single joint living trust with your spouse can simplify the management of shared assets, but separate trusts may offer enhanced asset protection and tax planning opportunities. Which option is right for your estate plan depends on a variety of factors, including your and your spouse’s combined assets, financial goals, family circumstances and applicable state […]
The Heirs’ Property Tax Relief Act, passed this spring and is expected to help families avoid unexpected tax spikes
A recent law, the Heirs’ Property Tax Relief Act, passed last May may help provide relief to families in South Carolina addressing transfer of heirs’ property issues – which is land passed down through generations without a clear will or updated title, leaving families vulnerable during crisis. According to Aaron Dixon, a writer for WTOC, […]