■ Estates, Trusts and Tax Matters Partner (TMP). Partnerships (including LLCs taxed as partnerships) with more than 10 partners are subject to consolidated audit procedures. IRC Sec. 6221. Partnerships/LLCs can designate a single partner as the TMP to receive notice and make certain decisions. Treas. Reg. Sec. 301.6231. The TMP acts on behalf of the…
■ Roth IRA Conversions and Charity: They’re the rage. But you can do good too while planning your conversion. ◙When converting you IRA or qualified plan to a Roth make a donation to charity to offset much of the income tax cost generated by the conversion. ◙ Example: Convert over 5 years so spread the…
Summer time is big at Cedar Point, in Sandusky, Ohio, has long been known as the haven for roller coasters, more than any other park in the world. Rides like the “Disaster Transport,” thrill visitors. Their website describes the ride: “Take a journey into the unknown! Disaster Transport takes you through time and space –…
When planning a significant charitable gift or bequest consider a letter agreement with the charity clarifying for all involved what your intent is, how the charity will use the funds, and addressing other issues. The following checklist will provide a starting point for some of the many issues you may want to address. √Be…