Lucas Witters

Retirement Planning Strategies under the Scrutiny of the Federal Fisc

By Lucas Witters on August 26, 2015 Posted in Retirement Planning, Tax

President Obama’s proposed budget for 2016 shows that some retirement planning strategies have drawn the attention of the Federal government and may be subject to future legislative limitations. The President’s proposed budget suggests that Roth IRA conversions be limited to only pre-tax contributions. This would effectively eliminate the “backdoor” Roth IRA conversions by which taxpayers … Continue Reading

Trusts Find Shelter from State Taxes in State Courts

By Lucas Witters on July 31, 2015 Posted in Income Tax, Tax

In two recent cases, taxpayers have successfully challenged state taxation of trust income on the basis that the taxing states had a minimal connection to the trust. In The Kimberly Rice Kaestner 1992 Family Trust v. North Carolina Dept. of Revenue, 2015 WL 1880607 (April 23, 2015), the court ruled that both the North Carolina … Continue Reading

Repeated IRS Warnings Haven’t Stopped Telephone Scams

By Lucas Witters and Lisa Roberts-Mamone on February 11, 2015 Posted in Uncategorized

In October 2013, the IRS issued taxpayers a warning about a pervasive telephone scam designed to solicit payments and release of personal information from individuals. The IRS issued a second warning concerning the scam near the end of the 2014 filing season, but the calls have continued into the 2015 filing season with no end … Continue Reading

Keep Your Collection Away from the Collectors: Tax Planning for Fine Art

By Lucas Witters on October 20, 2014 Posted in Estate Tax, Tax

Appreciation of fine art can create challenging tax issues, but with proper planning collectors can minimize the estate, gift, and income tax consequences of their collections. For taxpayers hoping to keep their works in the family, a recent 5th Circuit Court of Appeals ruling provides some promising precedent for valuation issues. In Estate of Elkins … Continue Reading