Recent Developments with the Internal Revenue Service and California Taxing Authorities

This presentation covers federal and California tax updates that estate planners should be aware of. Topics include recent developments regarding California’s residency and domicile tax laws, strategies for clients relocating from California to Nevada, and California’s ongoing income tax reach on trusts. The presentation also covers California property tax considerations that estate planners should be aware of when there is the potential for a change in ownership. Other topics include recent IRS pronouncements and Tax Court cases, fiduciary liability for unpaid estate taxes, gift versus loan characterization, unfiled return issues, QSBS updates, and foreign reporting obligations for clients with assets abroad. The presentation also addresses substantiation requirements for charitable contributions and common issues that cause taxpayers to lose deductions on audit. Finally, the presentation addresses planning considerations involving digital assets, including evolving IRS reporting requirements and state tax implications.