Estate Planning - Recent Threads

Multistate Tax Trends: Former FTB Attorney Shail Shah on California Controversy and Planning Strategies

Nageshwaran Gopal — Mon, 11 May 2026 16:16:25 GMT

Multistate tax practice is always evolving. The Catalyst state team stays on top of trends, frequently consulting with SALT practitioners on the front lines and incorporating their insights, along with our in-depth analysis, into Checkpoint Catalyst topics that integrate into CoCounsel Tax. This Multistate Tax Trends Q&A series for Checkpoint News delivers quick, actionable insights from some of the practitioners our team follows most closely.

This installment features Shail Shah, a BDO Principal who focuses his practice on complex California tax planning and representation. His experience includes working as an attorney at the California Franchise Tax Board (FTB), and he draws on this experience in an attempt to turn audits into potential refund opportunities. Shail is an Executive Committee member of the Tax Section for the California Lawyers Association (CLA). He also assisted the Catalyst team in significant post-Wayfair topic development.

To dig deeper, visit the original article on the Thomson Reuters blog.

Earned Wage Access Raises Renewed Questions Under IRS Constructive Receipt Rules

Nageshwaran Gopal — Mon, 11 May 2026 16:13:51 GMT

Earned wage access (EWA) programs allow employees to draw a portion of wages already earned before a scheduled payday and have become a familiar element of employer financial‑wellness strategies. While the federal tax treatment of EWA has surfaced only intermittently in recent policy discussions, payroll professionals say the issue remains a persistent and unresolved question: how early access to wages fits within longstanding IRS income‑recognition rules.

At the center of that question is the IRS constructive receipt doctrine, a foundational tax concept that determines when wages become taxable regardless of when cash is actually paid. Consumer regulators have recently clarified how certain EWA models are treated under lending laws, but payroll and tax specialists say questions around tax timing and employment tax compliance remain open.

To dig deeper, visit the original article on the Thomson Reuters blog.

AI Spending Puts a New Question in Deal Talks: Expense or Investment?

Nageshwaran Gopal — Mon, 11 May 2026 16:09:16 GMT

Artificial intelligence is giving some baby boomer business owners one more reason to sell: They don’t want to deal with it.

But walking away is not so simple.

For owners heading to market, AI is becoming more than a tech headache. It is becoming a test of the company’s books—and potentially its price tag.

Buyers and private equity firms want to know whether privately held companies have invested in AI, automation and other tools that can boost profits. But they also want answers to tougher questions: How were those costs recorded? Do they support the company’s earnings story? And was management making a smart bet—or just throwing money at the hottest trend in business?

“There are many boomers who are kind of just throwing their hands up,” said Joshua Chananie, a partner, board member and consumer products leader at SAX Advisors, an independent accounting and advisory firm.

To dig deeper, visit the original article on the Thomson Reuters blog.

The CAPE tariff refund system is here. Is your global trade team ready?

Nageshwaran Gopal — Mon, 27 Apr 2026 12:13:44 GMT

$166 Billion in tariff refunds signal a new test for global trade teams

Highlights

CAPE system processes $166 billion in tariff refunds across 330,000 importers and 53 million shipments.
Phased rollout creates uncertainty in processing timelines, documentation requirements, and cash flow planning.
Modern trade technology platforms automate entry identification, documentation management, and financial impact analysis.

To dig deeper, visit the original article on the Thomson Reuters blog.

Debate Over Indexing Capital Gains to Inflation Reignites

Nageshwaran Gopal — Mon, 30 Mar 2026 14:54:34 GMT

A coalition of conservative groups and Republican lawmakers is pressing the Treasury Department to unilaterally index capital gains for inflation, a move proponents call a fair tax cut, but which opponents decry as an illegal executive action that would disproportionately benefit the wealthy and add hundreds of billions of dollars to the national debt.

Indexing Proponents argue that taxing gains resulting purely from inflation is unfair. Under current law, when an asset is sold, the capital gain is calculated based on the difference between the sale price and the original purchase price, or “cost basis.” Indexing would adjust this cost basis for inflation, meaning taxes would only be levied on the “real” gain in value.

To dig deeper, visit the original article on the Thomson Reuters blog.

California Enacts Property and Transfer Tax Exemptions for Tribal Land Preservation

Nageshwaran Gopal — Tue, 17 Mar 2026 11:52:44 GMT

Property Tax Exemption

Applicable to lien dates for fiscal years 2026–2027 through 2031–2032 and repealed as of January 1, 2033, the legislation includes within the welfare exemption provisions land that is used exclusively for the preservation of native plants or animals, biotic communities, geological or geographical formations of scientific or educational interest, tribal traditional knowledge, or open-space lands used solely for recreation and scenic enjoyment. To qualify, the property must be open to the general public (subject to reasonable restrictions for land needs) and owned and operated by a federally recognized Indian tribe or wholly owned subsidiary of a federally recognized Indian tribe. The exemption does not apply to property reserved for future development.

To dig deeper, visit the original article on the Thomson Reuters blog.

IRS Provides Details on Trump Account Elections, Pilot Contributions

Nageshwaran Gopal — Tue, 17 Mar 2026 11:27:11 GMT

Background

The One Big Beautiful Bill Act (OBBB) established the Trump account, a tax-advantaged account that can be opened on behalf of eligible individuals under age 18. A Trump account is a type of individual retirement account (IRA) with special rules regarding contributions, investments, distributions, and reporting that apply during the “growth period” – the period ending on December 31 of the calendar year in which the account beneficiary attains age 17.

The OBBB also provided for Treasury to make one-time pilot contributions of $1,000 to Trump accounts opened on behalf of U.S. citizen children born in 2025 – 2028. In addition to pilot contributions, Trump accounts can be funded via nonprofit and government qualified general contributions, employer contributions, qualified rollover contributions, and contributions from the accountholder’s parents or others.

To dig deeper, visit the original article on the Thomson Reuters blog.

As Boomers Retire, Pressure Mounts to Expose Employee Stock Buyback Obligations

Nageshwaran Gopal — Tue, 03 Mar 2026 15:50:12 GMT

A retirement plan that runs on company stock can turn into a company’s next liquidity crisis — and U.S. accounting rule-setters are weighing whether businesses should be forced to spell out the size and timing of those buyback bills.

The issue centers on employee stock ownership plans (ESOPs), a common way for private-company founders to sell their businesses to workers as they head for the exits. The pitch is easy to understand: employees build retirement wealth with company stock, and owners get a tax-advantaged path to succession. The catch can be harder to spot — and far more expensive.

To dig deeper, visit the original article on the Thomson Reuters blog.

HHS Issues Updated Model Notices of Privacy Practices and Announces Part 2 Enforcement Program

Nageshwaran Gopal — Tue, 03 Mar 2026 14:56:21 GMT

HHS has updated its model Notice of Privacy Practices (NPP) materials to help covered entities and business associates comply with the Part 2 related NPP requirements that became enforceable on February 16, 2026. The materials include a model HIPAA health plan NPP, model HIPAA provider NPP, and a Model Part 2 Patient Notice that federally assisted Part 2 programs can use to satisfy the Part 2 patient-notice obligation (and that Part 2 programs that are also HIPAA covered entities or business associates may combine with a HIPAA NPP). As background, Part 2 rules apply to federally assisted programs that provide substance use disorder (SUD) diagnosis, treatment, or referral (including programs providing education, prevention, training, treatment, rehabilitation, or research for SUD). Some of the rules also extend to anyone who receives Part 2 records, including HIPAA covered entities and business associates. HHS finalized major updates to the Part 2 rules in 2024, implementing statutory reforms enacted in the CARES Act to better align those rules with the HIPAA privacy rule (while retaining heightened protections for Part 2 records).

To dig deeper, visit the original article on the Thomson Reuters blog.

The benefits of integrating Foreign-Trade Zones (FTZs) into your supply chain

Nageshwaran Gopal — Mon, 16 Feb 2026 14:59:44 GMT

Highlights

FTZs enable duty deferral, reduced fees, and enhanced cash flow during tariff volatility.
Strategic FTZ use creates supply chain efficiencies and competitive advantages across industries.
Enhanced visibility and collaboration through FTZs support data-driven trade decision-making.

To dig deeper, visit the original article on the Thomson Reuters blog.

2026’s supply chain challenge: Confronting complexity and disruption in global trade

Nageshwaran Gopal — Mon, 16 Feb 2026 14:33:05 GMT

The 2026 Thomson Reuters Global Trade Report reveals that tariff volatility has fundamentally reshaped the trade landscape, with supply chain concerns doubling year-over-year as companies scramble to adapt to unprecedented regulatory complexity and cost pressures.

“Complexity” and “disruption” — those keywords now carry significantly more weight when describing global trade and supply chain management in 2026. But there’s a critical shift from previous years: the survey found that 72% of trade professionals identified U.S. tariff volatility as the most impactful regulatory change, a dramatic increase from just 41% the previous year.

To dig deeper, visit the original article on the Thomson Reuters blog.

Year-end planning: Retirement accounts, real estate, and proactive advisory

Nageshwaran Gopal — Mon, 02 Feb 2026 14:35:35 GMT

Transform your practice from reactive service provider to trusted advisor by mastering the art of proactive year-end planning.

Highlights

Year-end tax planning has evolved into a year-round advisory opportunity for practitioners.
Standardizing retirement account advice, especially HSA contributions, maximizes client tax benefits consistently.
Proactive advisory anticipates client needs rather than simply reacting to their questions.

To dig deeper, visit the original article on the Thomson Reuters blog.

Treasury Optimistic About Tax Season Despite Concerns Over Delays

Nageshwaran Gopal — Mon, 02 Feb 2026 14:34:38 GMT

2025 Report Card and Filing Season Concerns

In her preface to the National Taxpayer Advocate’s 2025 Annual Report to Congress, Erin Collins expressed significant concern about the IRS’ ability to serve taxpayers in 2026. While acknowledging the successes of the 2025 filing season, she cautioned that “entering 2026, the landscape is markedly different.”

The 2025 filing season was relatively smooth for most taxpayers, with the IRS processing over 165 million individual returns and 63% of filers receiving an average refund of $3,167. However, despite this, the report found that millions of taxpayers faced substantial delays.

To dig deeper, visit the original article on the Thomson Reuters blog.

Maryland Comptroller Alerts Taxpayers of Impact of OBBB on IRC Conformity

Nageshwaran Gopal — Mon, 19 Jan 2026 13:37:37 GMT

Maryland’s IRC Conformity Provision

Generally, Maryland income tax law conforms to federal income tax law except when the Maryland General Assembly has enacted decoupling legislation, or when automatically decoupled. Maryland law provides for automatic decoupling when: (1) an amendment to the IRC affects the determination of federal adjusted gross income (FAGI) or federal taxable income for the taxable year the amendment is enacted or any preceding taxable year; and (2) the amendment has a revenue impact of $5 million or more for the fiscal year that begins during the calendar year in which the amendment is enacted or any preceding fiscal year. The revenue impact is determined by the Maryland Bureau of Revenue Estimates (BRE) in a report issued 60 days after an amendment to the IRC.

To dig deeper, visit the original article on the Thomson Reuters blog.

Supply chain risk management strategies

Nageshwaran Gopal — Mon, 19 Jan 2026 13:20:51 GMT

Why do companies need better supply chain risk management strategies?

Supply chain disruptions aren't just possibilities — they're happening. According to the BCI Horizon Scan Report 2025, third-party failures rank as the single biggest cause of disruption in the past 12 months, accounting for 9.3% of all incidents and placing them in the top five disruptive events.

Yet despite this clear evidence, most organizations aren't prepared. The BCI Continuity and Resilience Report 2025 reveals that only 48% of organizations assess and mitigate the effects of supply chain disruption as part of their business continuity programs. This means more than half of companies are operating with significant blind spots in their supply chain risk management strategies.

To dig deeper, visit the original article on the Thomson Reuters blog.

2026 Global Trade Report

Nageshwaran Gopal — Tue, 16 Dec 2025 19:09:45 GMT

In 2026, the world of global trade looks very different. The unpredictability of U.S. tariffs isn’t just a headline — it’s a daily reality, forcing companies to rethink how they source, move, and deliver goods. As a result, trade departments are no longer seen as back-office cost centers. Instead, they’re stepping into the spotlight as strategic partners, shaping procurement strategies and influencing executive decisions.

To dig deeper, visit the original article on the Thomson Reuters blog.

New Mexico Student Housing Project for State University Subject to Property Tax

Nageshwaran Gopal — Tue, 09 Dec 2025 19:20:45 GMT

By Lisa Lopata, Esq., Checkpoint News

The New Mexico Court of Appeals held that a university student housing project was not exempt from property tax because it was not used for educational purposes as required by the New Mexico Constitution. The student housing project was built, managed and operated by a real estate investment trust (REIT) that held a leasehold interest in the property under a contract with a New Mexico state university that held a fee simple interest. (American Campus Communities, Inc. v. Bernalillo County Assessor, N.M. Ct. App., Dkt. No. A-1-CA-42053, 11/12/2025.)

At the start of the project, the county assessor notified the REIT the properties that were part of the project were tax exempt because the university owned the improvements. After the project was done, however, the county assessor billed the REIT for eight years of property taxes. Constitution of the State of N.M. Art. VIII § 3 provides that “all property used for educational or charitable purposes [is] exempt from taxation.” Neither the REIT nor the university applied for property tax exemptions, but protested the assessments, claiming the project’s properties were exempt under the state constitution. A lower court affirmed the property tax assessment.

To dig deeper, visit the original article on the Thomson Reuters blog.

California Subjects Digital Financial Assets to Unclaimed Property Law

Neil Vicente — Mon, 01 Dec 2025 12:10:45 GMT

On October 11, 2025, California Governor Gavin Newsom signed legislation that subjects digital financial assets to the Unclaimed Property Law. (L. 2025, S822 (c. 660), effective 01/01/2026.)

The California Legislature clarifies that digital financial assets are intangible property that are subject to the unclaimed property law. “Digital financial asset” has the same meaning as in subdivision (g) of Section 3102 of the Financial Code. Pursuant to Cal. Civ. Proc. Cd. § 1510, any digital financial asset held or owing by a business association escheats to California if unclaimed by the owner for more than three years from either of the following: (1) the date a written or electronic communication to the owner is returned undelivered by the U.S. Postal Service or by electronic mail or other electronic messaging method, as applicable; or (2) the date of the last exercise of an act of ownership interest by the owner in the digital asset account if the owner does not receive written or electronic communications from the holder or the holder does not have the means of systematically tracking or monitoring the non-delivery of those communications.

To dig deeper, visit the original article on the Thomson Reuters blog.

District of Columbia Enacts 2026 Budget Support Legislation

Neil Vicente — Mon, 15 Sep 2025 12:45:52 GMT

The District of Columbia has enacted emergency budget support legislation for Fiscal Year 2026. Among numerous provisions, the legislation: (1) delays a combined reporting income tax deduction; (2) retroactively repeals the D.C. child tax credit; (3) repeals an increase in the general sales and use tax rate previously scheduled for October 1, 2025; (4) extends the additional 1% transient accommodations tax until September 30, 2027; (5) legalizes commercial bingo in the District and imposes a 7.5% sales tax on charges collected to play commercial bingo; (6) amends the real property tax exemption for non-profit workforce housing; (7) amends the real property tax abatement for downtown housing; (8) preserves the real property tax exemption for nonprofit organization property used for solar energy generation/storage/management or electric vehicle charging; (9) repeals the D.C. Child Trust Fund program; (10) increases the maximum allowable annual increase in BID taxes permitted for the Downtown Business Improvement District; and (11) renames the ballpark fee as the sports facility fee and repeals the fee’s sunset. Other topics include community land trusts, the District’s clean hands certification requirements and various property tax exemptions/refunds/rebates. (L. 2025, B340 (Act 26-146), effective 09/03/2025 (expires 12/02/2025) and applicable 10/01/2025 unless otherwise provided.)

To dig deeper, visit the original article on the Thomson Reuters blog.

Trump Orders Treasury to Axe Clean Energy Credit Guidance

Nageshwaran Gopal — Wed, 16 Jul 2025 00:13:48 GMT

President Trump signed an executive order Monday directing the Treasury Department to pull the plug on regulatory and other guidance projects relating to clean energy tax credit provisions under the Inflation Reduction Act that were revised by the One Big Beautiful Bill (P.L. 119-21).

The order specifically instructs Treasury to “terminate the clean electricity production and investment tax credits for wind and solar facilities” — under Code Sec. 45Y and Code Sec. 48E, respectively — and implement the enhanced Foreign Entity of Concern restrictions signed into law with other tax provisions of the budget reconciliation bill enacted July 4.

To dig deeper, visit the original article on the Thomson Reuters blog.

Digital Asset ‘Middleman’ Reporting Regs, Transition Relief Issued

Nageshwaran Gopal — Thu, 02 Jan 2025 18:33:17 GMT

Digital assets are generally treated as property for tax purposes. Previously known as virtual currencies, digital assets are defined as any digital representation of value that is not cash and is recorded on a cryptographically secured distributed ledger or any similar technology.

Pursuant to the Infrastructure Investment and Jobs Act (IIJA, P.L. 117-58), digital asset brokers are persons responsible for regularly providing services effectuating transfers of digital assets. Prior to the IIJA, Code Sec. 6045(c)(1)‘s definition of a broker included a dealer, a barter exchange, and a person who (for consideration) regularly acts as a “middleman” with respect to property or services.

Proposed broker guidance
Final custodial broker regs
Front-end services
Applicability date and transition relief

To dig deeper, visit the original article on the Thomson Reuters blog.

IRS Needs Secure Annual Funding, ABA Tells Budget Leaders

Nageshwaran Gopal — Thu, 26 Dec 2024 18:52:33 GMT

To effectively meet its core responsibilities, the IRS needs sustained annual appropriations and access to expected funds authorized by the Inflation Reduction Act (P.L. 117-169), the American Bar Association (ABA) Tax Section told top congressional budget writers.

On December 13, Tax Section Chair Alice Abreu reiterated the Section’s support for the IRS to receive “appropriate and adequate funding” for fiscal year 2025 and moving forward.

To dig deeper, visit the original article on the Thomson Reuters blog.

FASB Seeks Input on Standardizing Non-GAAP Financial Measures

Robyn Tippins — Tue, 26 Nov 2024 17:15:35 GMT

The Financial Accounting Standards Board (FASB) is taking aim at the confusing array of non-GAAP financial measures that companies use to report their performance, seeking to bring order to a system that has long frustrated investors and analysts.

In a move to improve transparency and comparability across companies, the board on November 14, 2024, issued an Invitation-to-Comment (ITC) No. 2024-ITC100, Financial Key Performance Indicators for Business Entities, as part of research efforts to standardize certain non-GAAP financial metrics commonly reported in earnings releases. The board is seeking input on how to define and report financial key performance indicators, or KPIs, which are based on financial results but aren’t reflected in official Generally Accepted Accounting Principles (GAAP) financial statements.

To dig deeper, visit the original article on the Thomson Reuters blog.