01/11/2010 - Estate, Gift, and Generation-Skipping Tax Confusion
The transfer tax situation for 2010 could hardly be more confusing. This alert summarizes issues related to making transfers to children or grandchildren in the current tax environment.

12/22/2009 - Year-End Limited Partnership/Limited Liability Company Administrative Considerations
Here is a compiled list of administrative issues for owners of Texas limited partnerships or limited liability companies (“LP/LLC”) to consider as December 31 approaches. Although some of these issues are not necessarily time-sensitive, year-end is a good time to consider whether your entity is in compliance with state and federal requirements.

12/17/2009 - Tax Planning for a Happy New Year
As the end of the year approaches, it is a good time to consider actions that may lower your tax bill this year and possibly next year as well. Year-end tax planning could be especially beneficial this year because several tax breaks will not be around next year unless Congress acts to extend them.

11/03/2009 - 2010 Conversion of a Traditional IRA to a Roth IRA
Currently, only taxpayers with modified adjusted gross income of $100,000 or less (who are not married filing separately) may convert a traditional IRA to a Roth IRA. Beginning January 1, 2010, the $100,000 limitation will be eliminated, and all taxpayers (including married taxpayers filing a separate return) may make such a conversion.

10/29/2009 - Estate Tax Uncertainty Continues
With nine weeks left in 2009, the fate of the federal estate tax remains unsettled. If Congress does not act before 2010, the estate tax will be repealed for one year (the gift tax continues in effect with the current $1,000,000 exemption), then the estate tax will be restored on January 1, 2011 with a $1,000,000 per taxpayer exemption and a top marginal rate of 55% (except for estates between $10,000,000 and about $20,000,000, with a top marginal rate of 60%).

10/27/2009 - Rollovers of 2009 Required Minimum Distributions
This alert provides updated information on requirements for 2009 required minimum distributions (RMDs) from IRAs and qualified defined contribution plans, including 401(k) plans.

07/31/2009 - Traps for the Unwary in the Non-Profit Sector - Fundraising
With increased scrutiny and regulation by Congress and the Internal Revenue Service, it is becoming more important for non-profits to focus on compliance with both federal and state rules, including those regulating fundraising and solicitation. Whether conducting a raffle, holding galas or other events, or soliciting corporate sponsorships, seemingly ordinary fundraising activities can raise a number of tax and legal issues.

06/18/2009 - Congressional Climate: Estate Tax Rates, Short-Term GRATs, and FLP Discounts
While we still have not seen a serious proposal to make major changes to the federal estate tax exemption and rates, pending proposals would prohibit short-term grantor retained annuity trusts (“GRATs”) and reduce or eliminate certain valuation discounts on transfers of minority interests in closely-held entities, such as family limited partnerships (“FLPs”).

04/16/2009 - Proposed Changes to Federal Estate Tax Laws
This alert from Haynes and Boone's Private Client Group lawyers provides an overview of two proposed changes to federal estate tax laws: the Baucus Bill and an amendment to President Obama's budget plan.

02/18/2009 - House Bill Attacks Valuation Discounts for Family Entities
Under current law, when an individual transfers a minority interest in a closely-held entity, appraisers often apply significant discounts to the value of the business because there is no readily available market to sell the interest and the owner has no control over the entity (including when and if distributions are made). An estate tax bill was recently introduced in the House of Representatives (HR 436, Pomeroy (D-ND)) that would restrict estate and gift tax benefits associated with closely-held entities, including family limited partnerships (“FLPs”).

02/13/2009 - Required Minimum Distributions Suspended for 2009
Congress has temporarily suspended the law requiring minimum distributions from IRAs and qualified defined contribution plans, including 401(k) plans (the Worker, Retiree, and Employer Recovery Act of 2008 (the “Act”)). The Act suspends for one year (2009) the tax on individuals age 70½ and older who do not take the required minimum distributions from these retirement accounts.

12/15/2008 - Year End Tax Planning for a Happy Holiday Season
As the end of the year approaches, it is a good time to consider actions that may lower your income tax bill this year and possibly next year as well. 2008 year-end tax planning is a bigger challenge than usual due to the substantial declines in the stock market, the difficult economic climate, and the possibility of tax legislation next year. However, Congress has enacted a series of tax laws that could benefit most taxpayers in 2008.

10/27/2008 - Charitable Contributions from IRAs Under the Tax Extenders and Alternative Minimum Tax Relief Act of 2008
Congress finally acted to extend a number of individual tax benefits that expired at the end of 2007, including the opportunity to make direct, non-taxable transfers from an individual retirement account (“IRA”) to certain charities.

10/07/2008 - Deferred Compensation Elections & Refund of Taxes Paid on Sale of Demutualized Insurance Company Stock
This Alert discusses several issues which may be of interest to you. First, the Alert discusses a rule permitting employees who previously made deferred compensation elections to change their elections prior to January 1, 2009. The Alert also discusses the receipt of insurance company stock due to demutualization of a "mutually owned" insurance company.

04/01/2008 - Estate Tax Reform Update
It is only 21 months until the federal estate tax is repealed – for one year – and 33 months from reduction of the estate tax exemption and a 22-33% increase in the estate tax rate. Unless Congress takes action soon, planning for most families with assets exceeding $2 million will continue to be challenging. Below is a brief summary of the current law and a recent update on possible congressional action.

11/07/2007 - Non-Profit Alert: Upcoming IRS 501 (c)(3) Workshops
The Internal Revenue Service will offer one-day workshops for small and mid-sized 501(c)(3) exempt organizations in 2007 and 2008. The workshops are designed for administrators, volunteers, and tax practitioners who are responsible for tax compliance. Registration is on a first-come, first-served basis (limited to 200 attendees per workshop), and the non-refundable cost is $45 (including a text and other IRS forms and publications).

10/31/2007 - New Beneficiary Notice Requirements - How Does This Affect Your Planning?
Prompted by an executor’s alleged misappropriation of funds from several estates, the Texas Legislature recently adopted a requirement that beneficiaries receive notice that a Will has been probated. Previously, only charities and governmental entities were required to receive notice. Now, new Section 128A of the Probate Code directors an executor to notify all Will beneficiaries and, in some cases, Living Trust beneficiaries.

11/27/2006 - New Foundation and Charity Rules
Major new charitable organization rules in a Pension Act? In this case, yes - the Pension Protection Act of 2006 (the “Act”), recently signed by President Bush, changes a number of Internal Revenue Code provisions governing charitable organizations and their donors. This Alert briefly describes four of the changes that may be of the most interest to our clients and other friends.

08/21/2006 - Qualified Plan Rollovers and Charitable Contributions from IRAs
The Pension Protection Act of 2006 (the “Act”) just signed by the President has something for everyone. Although it does not contain any of the hotly debated estate and gift reforms, it offers a limited opportunity to make direct, nontaxable transfers from an individual retirement account (“IRA”) to certain charities, permits transfers from qualified plans to IRAs for beneficiaries other than spouses, and locks in current 401(k) deferral limits...

04/07/2005 - Impact of Sarbanes-Oxley on Non-Profit Organizations