In case you haven’t heard, Oklahoma has enacted a law which eliminates Oklahoma income tax on gain from sales of certain Oklahoma assets which have been held for a minimum holding period. This law applies for sales occurring after January 1, 2005. Certain questions which we have had about the applicability of this law have recently been clarified to the benefit of the taxpayer by Oklahoma Senate Bill 685, which became effective January 1, 2008. Proper planning today may help you take better advantage of this tax savings opportunity for sale transactions you may have in the future.
Why would you file a gift tax return if you don't have to?
The IRS recently published data which leads us to again revisit the issue of why you might want to file a gift tax return, even if filing can be avoided.
Family Limited Partnerships and Limited Liability Companies
The use of family limited partnerships and limited liability companies can be a powerful family planning technique. In this Insight and Idea, we describe how a family limited partnership or limited liability company can be used to save gift and estate taxes.
Reporting and Planning For Dependent Children and Their Irrevocable Trusts
We frequently receive inquiries from clients about income tax issues for their children. For example: Are there any income tax advantages for creating an irrevocable trust for your child? When does a child have to file an income tax return? What income tax rates will be applicable to your child? Does it depend on the kind of income that the child has? Does it make sense to employ your child on a part-time basis?
