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To continue our holiday series “Harmony of Legacy: A 12-Day Estate Planning Celebration,” we share with you the last days of Christmas. In case you missed the previous days you can find them here in part 1 and part 2.

Day 9: Nine Ladies Dancing = Gracefully Transferring Your Real Property at Death

Similar to the elegant and harmonious nine dancing ladies, retitling your home into the name of your Revocable Trust ensures the smooth and graceful transition…
Continue Reading Harmony of Legacy: A 12-Day Estate Planning Celebration (Days 9 to 12)

The IRS recently made a significant decision that could impact users of platforms like PayPal’s Venmo and Etsy. It has chosen to delay a requirement set by a 2021 law, which mandates companies to send tax forms (1099-K) to customers involved in business transactions surpassing $600.

Key Takeaways from the Delay

This delay for the 2024 filing season brings a sigh of relief for casual sellers, as they will not be receiving the 1099-K form for now, which usually…
Continue Reading Important Update for PayPal and Venmo Users: IRS Postpones 1099-K Reporting Requirement!

Tax efficient gifting is the way to go this holiday season! As the holiday season approaches, many of us think about giving back, especially through gifts from our estate. While it’s a season of generosity and gratitude, it’s also an ideal time to consider how to make your gifting tax-efficient. This post will guide you through the essentials of gifting from your estate during the holidays, ensuring your acts of kindness are also tax-efficient.
How to Make Your

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Continue Reading Tax Efficient Gifting for The Holidays

The Internal Revenue Service issued the 2024 optional standard mileage rates today for computing the deductible cost of operating an automobile for business, charitable, medical, or moving purposes.  The most notable change is the slight per mile increase for businesses.

Effective January 1, 2024, the optional standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 67 cents per mile driven for business use.  This is a slight increase from the rate

    • …
    Continue Reading IRS Releases Mileage Rates for 2024

    To continue our holiday series “Harmony of Legacy: A 12-Day Estate Planning Celebration,” we share with you four more days. In case you missed our first few verses, you can find them here.
    Day 5: Five Golden Rings = Jewelry and Prized Possessions
    On the fifth day of Christmas, our attention turns to our favorite things. How to divvy up jewelry and other valuable possessions can lead to disputes among family members and beneficiaries. Wisconsin law permits you…
    Continue Reading Harmony of Legacy: A 12-Day Estate Planning Celebration (Days 5 to 8)

    Day 1: A Partridge in a Pear Tree = The Foundation of Your Estate Plan
    Welcome to our “12 Days of Christmas” Estate Planning Series. On the first day, let’s start with the basics of how to protect your family tree—or those outside your family tree—with the solid foundation of an estate plan. Whether you are single or married, with children or without, everyone should have an estate plan to assist with their affairs while living and to pass…
    Continue Reading Harmony of Legacy: A 12-Day Estate Planning Celebration (Days 1 to 4)

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    The IRS allowed amounts of the federal gift, estate, and generation-skipping transfer tax exemptions will materially increase in 2024. With exemptions reaching historically high levels, this presents a golden opportunity for strategic and tax-free gifting. In this post, we’ll explore the key changes and opportunities you should consider for your financial planning.

    Exemption Amount Increase:

    Starting in 2024, the gift and estate tax exemptions will increase to $13,610,000, allowing individuals to transfer significant assets during their lifetime or at…
    Continue Reading IRS Announces Changes to Estate and Gift Tax Exemptions for 2024

    Tax court financial crimes and investigations closeup
    Tax court financial crimes and investigations closeup. Paying state income tax concept

    In December, the highest court in the land will hear oral arguments to decide whether a taxpayer will owe a $14,729 tax bill, a relatively insignificant amount but for the potential to require a $271 billion refund to taxpayers and call into question chapters of the Internal Revenue Code (IRC) that affect millions of Americans.

    In this article, we will discuss why Moore v. United States is a critically important tax case and its implications on the lives of

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    Continue Reading Moore v. United States – Hand Grenade or Much Ado About Nothing?

    Tax savings for business owners may be found in the Qualified Small Business Stock. As a business owner or professional looking to invest in small businesses, you’re likely always on the lookout for ways to optimize your financial strategy. One powerful but often overlooked avenue for reducing tax liability is Section 1202 stock, also known as Qualified Small Business Stock. Here we’ll break down what Section 1202 stock is, how it can benefit you, and what you need to

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    Continue Reading Unlocking Tax Savings for Business Owners: Section 1202 Stock

    As we approach the end of September, the possibility of a government shutdown looms large, and the Internal Revenue Service is making preparations for the potential impact on its operations. Below is a summary of the IRS’s contingency plans and what taxpayers can expect in the event of a government shutdown.

    Government Shutdown: A Looming Threat

    If Congress fails to reach a short-term agreement to fund the government by the end of September, a government shutdown is likely to…
    Continue Reading IRS Preparing for Potential Government Shutdown: What You Need to Know

    Those keeping an eye on the Wisconsin Supreme Court know that it’s been in the news a bit over the last month. But in this column, we look past the internal politics of the court and review the civil cases currently pending before it, paying special attention to those affecting civil practitioners in Wisconsin. The court kicks off its 2023–24 term with a relatively light September oral argument calendar, featuring just two civil cases. Constitutional rights and tax…
    Continue Reading Wisconsin Supreme Court Update: September 2023

    When a loved one passes away, the emotional toll can be overwhelming, and dealing with the complexities of tax implications may not be a priority. However, understanding the concept of “step-up in tax basis” can significantly impact the tax burden on inherited assets. In this blog post, we’ll explore the basics of the step-up in tax basis, focusing on IRC Section 1014, and how Wisconsin’s marital property laws can provide a double stepped-up basis for inherited assets.

    What is…
    Continue Reading Tax & Wealth Advisor Alert–Understanding the “Step-Up in Tax Basis”

    Here is the latest faculty scholarship appearing in the University of Wisconsin Law School Legal Studies Research Papers series found on SSRN.

    We know that pro se litigants often lose. However, we know almost nothing about the circumstances in which they win. One such circumstance, this Article finds, is when they can take advantage of favorable precedent. This Article calls those favorable…
    Continue Reading Recent UW Law Faculty Scholarship

    Business owners often dread the concept of “succession planning.” Succession planning requires owners to confront their own mortality and the transition of control over their cherished businesses​.

    The process can, simply, seem daunting. While succession planning is perhaps considered as much of a necessary evil as visiting a dentist while expecting a cavity, proper planning can help alleviate the transition and facilitate the continuity of the business for the next generation in particularly challenging times.
    Where to Begin
    Many

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    Continue Reading Life Insurance Planning to Fund Buy-Sell Obligations

    On June 20th Governor Evers signed into law 2023 Wisconsin Act 12 (the “Act”), which repeals the personal property tax that has long been an administrative burden for authorities and a source of confusion for taxpayers.

    Under the former provisions, both real and personal property was (and is until January 2024) subject to tax unless otherwise exempted by law.  Certain personal property might have been exempted based on factors such as its character, predominant use, legal classification, etc.  Prior…
    Continue Reading Wisconsin Abolishes the Personal Property Tax

    Selling a home in 2023 is unlike selling a home in any year of recent memory. The majority of homeowners have mortgages with interest rates below 6.0%, and nearly a quarter have mortgages with interest rates below 3.0%. While interest rates may only be one factor when deciding to sell a home, it does not help homeowners who have to contend with the highest average home values in U.S. history.

    Some homeowners have the ability to wait for conditions…
    Continue Reading Gain Exclusion for Sale or Exchange of Principal Residence