Business owners often relocate themselves and their businesses to different states, typically seeking more favorable tax conditions. The growing trend of changing domicile—the legal term for a person’s permanent home and primary residence—reflects this desire to optimize tax obligations. However, if your client is a business owner, relocating their personal residence alone won’t necessarily exempt them from tax liabilities in their previous state if your client's business continues to operate there. Understanding the intersection of domicile, residency, and business operations is essential for optimizing your client's tax position and avoiding costly mistakes.

It’s easy for real estate lawyers and other practitioners to be enticed by the siren song of 1031 qualified intermediaries (QIs) or artificial intelligence (AI). But proper tax planning requires qualified advisors who can ensure that your client’s 1031 transaction meets all legal and ethical standards. This presentation will offer topnotch analysis of tax law, comprehensive overview of the pertinent rules of professional conduct, and illustrative real-world scenarios to equip you with the knowledge to navigate the potential legal and ethical pitfalls inherent in these transactions.

Oftentimes in LLCs and partnerships, a compensatory partnership interest is intertwined with operational issues and dependent upon performance and profit. Structuring equity compensation plans that address business success as well as tax considerations is key to avoiding common pitfalls that can lead to disastrous tax consequences and disharmony between equity members. As counsel, you must be aware of the range of scenarios and traps and know how to appropriately address these complicated compensation issues when advising on compensation income.

Loper Bright and Corner Post, both landmark decisions, represent a sea-change for tax attorneys. Chevron deference no longer applies to tax regulations and even long-standing regulations are vulnerable to challenge, aided by an extended statute of limitations under the Administrative Procedures Act (APA). As a result, tax, partnership, and administrative law attorneys need to scrutinize regulations disputed with the IRS and Department of Justice, and transactional tax attorneys must keep the potential validity of IRS guidance in mind when planning transactions especially when Code provisions are silent. Although partnership provisions grant partners income, loss, debt and cash flow allocation flexibility, partnership anti-abuse rules in Subchapter K of the Code will continue to be used by the IRS when it suspects a reported tax position is abusive. IRS regulations challenges have already been filed, with more anticipated so it is increasingly important for practitioners to prepare their practice and clients, now! Register today for this critical webcast to learn what these decisions mean for partnership taxes, anti-abuse rules, and become an expert navigator of this uncertain legal landscape.

Navigating the tax burdens associated with major real estate transactions—such as property development, long-term ownership, build-and-sell strategies, and like-kind exchanges—can significantly impact deal structures and overall economics. Tax complications can quickly derail even the most promising deals. Join us for a comprehensive webcast specifically designed for real estate practitioners, and learn advanced planning strategies to smooth transactions, enhance deal outcomes, and minimize tax burdens.

Trusts are designed to protect beneficiaries – from themselves, other beneficiaries, creditors, and taxes. In some circumstances, it can be advantageous to designate, distribute, or appoint to another trust as a beneficiary of the primary trust. This beneficiary trust can be helpful for managing assets for minors or beneficiaries with special needs, providing asset protection, and maintaining privacy. It also allows for flexibility and customized estate planning strategies, and can be especially helpful in planning around overly broad state income taxes and source income rules that may otherwise affect the original trust or its beneficiaries. Join us for a look at the different circumstances under which you might want to name, distribute, or appoint assets to a trust as a beneficiary and the right types of trusts for each use.

Not-for-profit entities engage in various income generating activities, and most of these income streams are tax-exempt because they are earned while advancing an organization’s charitable mission. However, income generated from activities outside a nonprofit’s tax-exempt purpose may be subject to unrelated business income tax (UBIT). Revenue subject to UBIT can become quite costly to a tax-exempt organization, especially those that fail to accurately report the UBIT. This CLE webcast will provide not-for-profit organizations and attorneys who represent them or serve on their boards a foundational understanding of UBIT rules and strategies to mitigate UBIT risk. Register today for this perennial CLE webcast!

Navigating the balance between estate tax avoidance and preserving basis step-up can be challenging with traditional estate planning tools. Preferred partnerships offer a solution by allowing the estate tax value to be frozen, enabling senior family members to retain income, and transferring growth to the next generation—all while preserving basis step-up for the frozen value. Additionally, equity strips can subject real estate to estate tax at the net value, with the gross value receiving a basis step-up. Register for this course and learn cleaner, more advantageous ways to meet client goals.

Tax advisors face an ongoing challenge to mitigate double taxation on corporate shareholder profits. In the realm of reasonable compensation, successful C corporations often encounter scrutiny regarding the amounts reported as deductible compensation and bonuses. Employee shareholders of S corporations also face similar issues, particularly in the context of mitigating the imputation of higher compensation. This practical webcast will explore best practices and recent case studies on dual taxation to help attorneys and advisors navigate these challenges and more for their clients. Join us for this in-depth presentation by renowned tax authority Jerald David August.

IRS and Treasury efforts – in large part - govern tax-exempt organizational (EO) operations and financial practices given their connections to an organization’s exempt status. Therefore, staying informed and compliant with agency and department efforts is “mission critical” to EOs large and small. Knowing focal points allows organizations to focus on mission advancement without jeopardizing federal tax-exemption status. So, join us on July 18 for a quick synopsis of evolving 2024 IRS and Treasury efforts, important rules, and legislative details so that your tax-exempt organizations can focus on doing what they do best – their mission work!