News & Insights
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Independent Contractor vs. Employee in Mississippi: Getting the Classification Right
Misclassifying workers as independent contractors exposes businesses to back taxes, penalties, and litigation. Discuss the IRS common law factors, the Mississippi approach, the ABC test trend, and pra...
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The State of Tax Practice in 2026: Trends and Observations
Reflective post on the current state of tax practice: the impact of recent legislation, IRS modernization, AI in tax compliance, the shift toward advisory services, and what business owners should exp...
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Mississippi Assumed Business Name Registration and Compliance
Mississippi businesses operating under a name other than their legal entity name must register the assumed name. Discuss the filing requirements, the consequences of non-compliance, and the intersecti...
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Estimated Tax Planning for 2026: Adjusting to the New Rate Structure
With the 2026 rate structure now in effect (whatever it is), help business owners recalibrate their estimated tax payments. Walk through the safe harbors and the annualized income installment method.
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Buying a Franchise in Mississippi: Legal Considerations Before You Sign
Franchise ownership appeals to many entrepreneurs, but the legal framework is complex. Discuss the FTC Franchise Rule, the Franchise Disclosure Document, key provisions to negotiate, and Mississippi-s...
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Mississippi Trust Modification and Reformation: When and How to Change an Irrevocable Trust
Overview of trust modification and reformation under Mississippi's Uniform Trust Code: modification by consent, judicial modification, cy pres, and the equitable deviation doctrine. When an irrevocabl...
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IRS Enforcement Trends for 2026: What to Watch For
Assessment of IRS enforcement priorities for 2026 based on budget, staffing, and announced initiatives. Areas of focus likely include partnerships, high-income individuals, digital assets, and interna...
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Pet Trusts and Special Purpose Trusts Under Mississippi Law
Mississippi's UTC allows trusts for the care of animals and for other non-charitable purposes. Discuss the rules, limitations, and practical considerations for these specialized trust vehicles.
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Tax Planning in the New Landscape: Entity Selection Reconsidered
With whatever tax changes took effect in 2026, revisit the entity selection question: does the S corp still make sense? Has the relative advantage of pass-through vs. C corp shifted? Updated analysis ...
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Mississippi Community Property Trust Act: A New Estate Planning Tool
Mississippi enacted the Community Property Trust Act, allowing married couples to opt into community property treatment for assets held in a qualifying trust. Discuss the double basis step-up benefit ...
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Filing Season 2026: Key Updates for Business Owners
Filing season overview: new forms, changed rules, updated software requirements, and practical reminders. Special attention to any provisions that changed on January 1.
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The Role of the Guardian Ad Litem in Mississippi Estate and Trust Litigation
When minor or incapacitated beneficiaries are involved in estate or trust litigation, a guardian ad litem may be appointed to protect their interests. Discuss when appointment is required, the GAL's d...
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New Tax Laws for 2026: What Changed on January 1
Roundup of 2026 changes based on whatever legislation passed (or didn't). New rates, new exemption levels, new provisions, and what business owners need to do differently.
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Winding Up a Business in Mississippi: The Legal Steps Owners Cannot Skip
Closing a business requires more than locking the doors. Walk through the legal requirements: notifying creditors, filing final tax returns, distributing remaining assets, filing articles of dissoluti...
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2025 Year in Review: The Biggest Tax and Legal Developments
Recap the major developments of 2025: TCJA extension status, estate tax planning, CTA resolution, IRS enforcement trends, major court decisions, and the legislative landscape going forward.
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When a Mississippi Trust Goes Wrong: Breach of Trust Claims and Remedies
When a trustee breaches their fiduciary duties, beneficiaries have multiple remedies under the UTC: removal, surcharge, injunction, appointment of a receiver, and damages. Walk through the available r...
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Planning for 2026: What the Tax Landscape Looks Like Next Year
Forward-looking assessment of the 2026 tax environment. What changed (or didn't) legislatively, what the new rates and exemptions will be, and how business owners should be positioning themselves.
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Restrictive Covenants in Mississippi Business Sales: Non-Competes, Non-Solicits, and Confidentiality
When a business is sold, restrictive covenants protect the buyer's investment. Mississippi courts are generally more willing to enforce non-competes in the sale context than in the employment context....
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IRS Year-End Reminders: Retirement Contributions, RMDs, and Other Deadlines
Comprehensive list of year-end tax deadlines: December 31 deadlines for retirement contributions (defined benefit plans), required minimum distributions, charitable giving, estimated tax payments, and...
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Dissolution of Mississippi LLCs: Voluntary Winding Up and Judicial Dissolution
Dissolving an LLC involves more than just closing the doors. Walk through the voluntary dissolution process under the MS LLC Act, the judicial dissolution option for deadlock or oppression, and the wi...
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Final Estate Tax Planning Moves for 2025: Deadline Approaching
If the TCJA exemption has not been extended, this is the last month to make completed gifts using the $13.99M exemption. Discuss SLAT funding, completed gift trusts, and the timing requirements for ge...
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Charitable Giving Before Year-End: Strategies for Maximizing Your Deduction
Year-end charitable giving strategies: bunching with donor advised funds, contributing appreciated stock, qualified charitable distributions for those over 70½, and the importance of substantiation r...
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Deducting Business Losses: The Section 461(l) Excess Business Loss Limitation
The excess business loss limitation caps the amount of business losses individuals can deduct against non-business income at approximately $305,000 (single) or $610,000 (MFJ) for 2025. Explain how it ...
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Legislative Update: TCJA Extension Bill Signed or Still Pending?
Status update on the TCJA extension legislation. Whatever the current posture — signed, pending, or stalled — discuss what it means for 2026 planning and what provisions survived, changed, or died...
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Tax Litigation Forum Selection: Tax Court vs. District Court vs. Court of Federal Claims
When you need to litigate a tax dispute, you have three choices: Tax Court (no prepayment), District Court (jury trial available), or Court of Federal Claims. Discuss the strategic considerations for ...
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The Accumulated Earnings Tax: When Retaining Profits in a C Corp Becomes a Problem
The accumulated earnings tax imposes a 20% penalty tax on C corps that retain earnings beyond the reasonable needs of the business. Explain the reasonable needs test, the Bardahl formula, and how to d...
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Digital Assets in Mississippi Estate Planning: What Happens to Your Online Life
Cryptocurrency, social media accounts, digital photos, and online businesses all raise unique estate planning challenges. Discuss the legal framework for digital asset access by fiduciaries and practi...
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Corporate Dissolution in Mississippi: Voluntary and Judicial Options
Overview of corporate dissolution under Mississippi law: voluntary dissolution by the board and shareholders, judicial dissolution on grounds of oppression or deadlock, and the winding up process.
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Year-End Tax Planning for 2025: The Stakes Have Never Been Higher
Year-end planning checklist with the TCJA sunset looming: Roth conversions at current rates, maximize the § 199A deduction while it exists, execute estate tax gifting strategies, accelerate deduction...
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Expatriation Tax: What High-Net-Worth Individuals Need to Know About Renouncing Citizenship
With tax policy uncertainty, some high-net-worth individuals consider expatriation. Explain the mark-to-market exit tax under § 877A, the covered expatriate rules, and the gift/inheritance tax on fut...
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IRS Releases 2026 Retirement Plan Contribution Limits
2026 retirement plan contribution limits. Walk through the key numbers and note any changes related to SECURE 2.0 provisions that continue phasing in.
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Family Settlement Agreements in Mississippi Estate Disputes
Many estate disputes are resolved through family settlement agreements rather than litigation. Discuss the legal framework for these agreements in Mississippi, the role of court approval, and best pra...
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Legislative Update: Senate Negotiations on the Tax Package
Track the Senate's progress on the reconciliation bill. Key issues likely include the cost of making TCJA permanent, proposed revenue offsets, and modifications to the House-passed provisions.
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Heirship Determination in Mississippi: Proving Who Inherits
When there is a dispute about who qualifies as an heir, Mississippi law provides a process for heirship determination. Discuss the petition process, the burden of proof, and common issues including un...
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Tax Court on Passive Activity Loss Rules: Material Participation for Real Estate Professionals
Survey of Tax Court cases on the real estate professional exception to the passive activity loss rules. The 750-hour test, the grouping election, and why the IRS frequently challenges real estate prof...
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Navigating Business Insurance in Mississippi: Key Coverage Every Owner Needs
Discuss the essential insurance coverage for Mississippi businesses: general liability, professional liability, property, business interruption, cyber liability, EPLI, and the often-overlooked coverag...
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The Section 83(b) Election: Why Timing Matters for Equity Compensation
The 30-day § 83(b) election can save significant taxes on restricted stock. Explain how it works, when to make it, the risks, and why the election is often overlooked in closely held company compensa...
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IRS Announces 2026 Inflation Adjustments: The Sunset Year Numbers
IRS releases the 2026 inflation adjustments. If the TCJA is not extended, the 2026 numbers will reflect the reversion to pre-TCJA law: higher rates, lower standard deductions, return of personal exemp...
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Tax Consequences of Real Estate Held in LLCs and Partnerships
Special tax considerations for real estate held in LLCs taxed as partnerships: § 704(c) allocations, the § 704(b) substantial economic effect rules, disguised sale rules, § 1031 exchange complicati...
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Guardianship and Conservatorship Disputes in Mississippi: What the Law Requires
Overview of Mississippi guardianship and conservatorship law: grounds for appointment, the rights of the ward, contested proceedings, and the fiduciary duties of guardians and conservators.
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Tax Planning with Intentionally Defective Grantor Trusts (IDGTs)
Explain how IDGTs work for estate planning: the trust is a separate entity for transfer tax purposes but the grantor pays income tax (which is itself a tax-free gift). Installment sales to IDGTs and w...
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Letter of Intent in Business Transactions: Binding, Non-Binding, and Everything in Between
Letters of intent are used in nearly every business acquisition, but their legal effect is often misunderstood. Discuss which provisions are typically binding (exclusivity, confidentiality) and which ...
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Offers in Compromise: When the IRS Will Settle for Less
Practical guide to offers in compromise: who qualifies, how the IRS calculates reasonable collection potential, the application process, and common reasons OICs get rejected. Dispel the myths from lat...
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Charitable Giving Strategies for Business Owners: Donor Advised Funds and Beyond
Overview of charitable giving strategies: donor advised funds, charitable remainder trusts, qualified charitable distributions, appreciated property contributions, and the bunching strategy. Also disc...
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IRS Updates on Pass-Through Entity Tax Elections: State Workarounds for the SALT Cap
Update on pass-through entity tax elections as a workaround for the $10,000 SALT cap. Most states now offer PTE elections. Walk through how they work, the IRS's blessing in Notice 2020-75, and whether...
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The Trust Fund Recovery Penalty: Personal Liability for Employment Taxes
When a business fails to pay over withheld employment taxes, the IRS can assess the trust fund recovery penalty against any responsible person. Explain who is a 'responsible person,' what constitutes ...
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Mississippi's Homestead Exemption and Its Impact on Estate Administration
Mississippi's homestead exemption protects certain property from creditors and provides rights to the surviving spouse. Discuss how the homestead exemption interacts with estate administration, credit...
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Reconciliation Bill Update: House Passes Tax Package
Track the reconciliation bill: what passed the House, what changes are expected in the Senate, and the key provisions business owners should be watching — particularly the estate tax exemption, § 1...
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Tax Court on Hobby Loss Rules: When Your Business Is Not a Business
Survey of Tax Court hobby loss cases and the nine-factor test under § 183. How to document profit motive and avoid IRS reclassification of your business activities as hobbies.
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The Importance of Entity Selection: LLC, S Corp, C Corp, and Partnership Compared
Comprehensive comparison of business entity types from a tax perspective: self-employment tax, the § 199A deduction, reasonable compensation, basis limitations, and how the choice affects exit planni...
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Arbitration Agreements and Trust Beneficiaries: Can the Trustee Bind You?
When a trustee signs an arbitration agreement with a financial institution, are the trust beneficiaries bound by it? The Court of Appeals addresses third-party beneficiary analysis and standing in the...
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Estimated Tax Penalties: How to Avoid Them and When to Use Safe Harbors
Overview of the estimated tax penalty rules for individuals: the 100%/110% prior year safe harbor, the annualized income installment method, and practical tips for business owners with uneven income.
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Fifth Circuit Tax Developments: Mid-Year Survey
Survey of significant 5th Circuit tax decisions from the first half of 2025. Topics likely include conservation easements, partnership tax issues, IRS enforcement, and penalty cases.
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Trade Secret Protection in Mississippi: The Uniform Trade Secrets Act
Mississippi adopted the Uniform Trade Secrets Act, providing statutory protection for confidential business information. Discuss what qualifies as a trade secret, the misappropriation standard, availa...
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Tax Planning for the Self-Employed: Solo 401(k), SEP IRA, and Other Retirement Options
Comparison of retirement plan options for self-employed individuals: solo 401(k), SEP IRA, SIMPLE IRA, defined benefit plan. Contribution limits, Roth options, and the strategy of stacking plans.
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The Section 754 Election: When and Why Partnerships Should Step Up Basis
When a partnership interest is sold or a partner dies, a § 754 election allows the partnership to adjust the inside basis of partnership assets. Walk through when the election makes sense, the mechan...
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Legislative Update: Reconciliation Bill Advances with TCJA Extensions
Track the reconciliation bill as it moves through Congress. Key issues: whether the TCJA individual rate cuts become permanent, the fate of § 199A, estate tax exemption, SALT deduction, and any new p...
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Executor and Administrator Duties in Mississippi: A Practical Guide
Being named executor or administrator of a Mississippi estate carries significant legal responsibilities. Walk through the duties: collecting assets, notifying creditors, filing tax returns, distribut...
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IRS Guidance on the New SECURE 2.0 Enhanced Catch-Up Contributions
Starting in 2025, participants aged 60-63 can contribute up to $11,250 in catch-up contributions (up from $7,500). Walk through the mechanics, the coordination with the Roth catch-up requirement, and ...
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Intellectual Property Basics for Mississippi Businesses: Trademarks, Copyrights, and Patents
Many business owners overlook intellectual property protection until it is too late. Provide an accessible overview of the three main types of IP protection, when each applies, and practical steps Mis...
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Tax Implications of Business Debt Forgiveness: When Cancellation of Debt Becomes Income
When a lender forgives business debt, the canceled amount is generally taxable income. Walk through the exceptions: insolvency, bankruptcy, qualified real property business indebtedness, and the purch...
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Understanding IRS Liens and Levies: What Business Owners Need to Know
When tax debts go unpaid, the IRS has powerful collection tools. Explain the difference between liens and levies, the Collection Due Process hearing rights, installment agreements, offers in compromis...
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Mississippi Court of Appeals on Inter Vivos Transfers and Undue Influence: Estate of Eaves
Court affirms chancellor's denial of request to set aside inter vivos conveyance (assignment of law firm) based on undue influence. Discussion of the burden of proof and the deference given to chancel...
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IRS Independent Office of Appeals: How the Appeals Process Works
When you disagree with an IRS examination result, the Independent Office of Appeals is your best option for resolution short of court. Walk through the process: the protest letter, the conference, and...
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Individual Tax Filing Deadline: April 15 Reminders and Last-Minute Strategies
April 15 reminders: individual and C corp filing deadlines, first quarter estimated tax payments, IRA and HSA contribution deadlines, and extension procedures.
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Resolving Business Disputes in Mississippi: Litigation, Arbitration, or Mediation?
When a business dispute arises, the resolution mechanism matters as much as the merits. Compare litigation, arbitration, and mediation in the Mississippi context: cost, speed, confidentiality, enforce...
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Tariffs and Tax Planning: How Trade Policy Affects Your Business
New tariffs on imports from China, Canada, and Mexico are affecting costs for many businesses. Discuss the tax treatment of tariffs, planning strategies, and the interaction with foreign tax credits a...
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Pre-Suit Demand and Special Litigation Committees in Mississippi Derivative Actions
Before filing a derivative action, a shareholder must generally make a demand on the board to take action. Discuss the demand requirement, when demand is excused as futile, and how special litigation ...
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The One Big Beautiful Bill: What the House Tax Proposal Means for Business Owners
The House is working on a reconciliation bill to extend TCJA provisions and make other tax changes. Walk through the key proposals affecting business owners: rate extensions, § 199A, SALT cap, bonus ...
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Mississippi Supreme Court on Undue Influence: Estate of Autry
Supreme Court affirms invalidation of will and warranty deeds based on undue influence and failure to comply with statutory formalities. Key takeaways: attorney oversight of elderly testators, witness...
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Tax Filing Deadline Approaching: March 15 for Partnerships and S Corps
Reminder of the March 15 filing deadline for partnership and S corp returns. Extension procedures, common mistakes, and the penalties for late filing ($235/partner/month for partnerships).
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IRS Targets Partnership Tax Compliance: What Passthrough Entities Should Expect
IRS continues ramping up partnership audits under the centralized partnership audit regime (BBA). Discuss the push-out vs. imputed underpayment options, the role of partnership representatives, and ho...
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Outside General Counsel for Closely Held Businesses: What It Means and Why It Matters
Explain the outside general counsel model: ongoing legal advisory relationship, proactive risk management, contract review, employment matters, regulatory compliance. Why closely held businesses benef...
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Roth Conversions in 2025: Why This May Be the Best Year to Convert
If TCJA rates expire after 2025, the top rate goes from 37% to 39.6% and all brackets shift up. This makes 2025 the optimal year for Roth conversions — pay tax at current rates to avoid higher futur...
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Contesting a Trust in Mississippi: Grounds, Standing, and the Limitations Period
Unlike will contests, trust contests have their own procedural rules under the UTC. Discuss who has standing to contest a trust, the grounds for contest (capacity, undue influence, fraud), and the cri...
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Tax Court on Reasonable Cause: When Can You Rely on Your Tax Advisor?
Survey of Tax Court decisions on the reasonable cause defense for accuracy-related penalties. The three-part test: the advice was from a competent professional, you provided complete and accurate info...
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Revocable Living Trusts in Mississippi: Benefits, Limitations, and Common Misconceptions
Revocable living trusts are widely promoted as estate planning tools, but they are not a universal solution. Discuss the genuine benefits (probate avoidance, incapacity planning), the limitations, and...
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IRS Begins Processing 2024 Returns: Key Filing Season Updates
Filing season overview: due dates, new forms, Direct File expansion, and practical reminders for business owners filing partnership and S corp returns (March 15 deadline).
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The New Administration's Tax Agenda: What to Expect
With the new Congress and administration, assess the tax priorities: TCJA extension, potential corporate rate changes, tariff policy, IRS budget and enforcement, and what business owners should be tra...
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CTA Update: Supreme Court Allows Enforcement to Resume Temporarily
The CTA saga continues. Track the SCOTUS procedural history and FinCEN's latest guidance on filing deadlines. The practical advice remains: prepare to file, even if enforcement is currently enjoined.
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Estate Tax Exemption at $13.99 Million: The Final Year for Planning
The estate tax exemption is $13.99M per person in 2025. If Congress does not act, it drops to approximately $7M in 2026. This is the year to execute gifting strategies. Detailed discussion of planning...
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Shareholder Inspection Rights in Mississippi: Accessing Corporate Books and Records
Mississippi shareholders have the right to inspect certain corporate records. Discuss the scope of the inspection right, the proper purpose requirement, the procedure for making a demand, and the enfo...
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New Tax Laws for 2025: What Changed on January 1
Roundup of 2025 changes: bonus depreciation at 40%, estate tax exemption at $13.99M (last year before sunset), new enhanced catch-up contributions for ages 60-63, RMD final regs effective, Roth catch-...
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Managing Member vs. Member-Managed LLCs in Mississippi: Choosing the Right Structure
Mississippi LLCs can be managed by all members or by designated managers. Discuss the practical and legal differences, how the management structure affects fiduciary duties, and when each structure is...
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2024 Year in Review: The Biggest Tax and Legal Developments for Business Owners
Recap the major developments of 2024: Connelly decision, Moore decision, Loper Bright, CTA litigation saga, ERC moratorium and VDP, RMD final regs, basis shifting proposed regs, election results and t...
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Planning for 2025: The Last Year of the TCJA as We Know It
2025 will be dominated by the TCJA expiration debate. Walk through the key provisions at stake and what business owners should be doing now regardless of the legislative outcome.
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IRS Extends ERC Voluntary Disclosure Deadline
IRS extends the ERC voluntary disclosure program deadline. For businesses that received improper ERC payments, this may be the last chance to come into compliance at a reduced penalty.
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Tortious Interference with Inheritance in Mississippi: A Remedy Beyond Will Contests
When someone wrongfully interferes with an expected inheritance — through fraud, duress, or undue influence — the aggrieved party may have a tort claim independent of the probate process. Discuss the ...
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CTA Struck Down Nationwide: Fifth Circuit Affirms Injunction
5th Circuit affirms the nationwide injunction against CTA enforcement. FinCEN announces companies are not currently required to file BOI reports. But the government seeks SCOTUS review. Where things s...
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Bonus Depreciation at 60% in 2024: Strategic Asset Acquisition Planning
Bonus depreciation is at 60% for 2024 and drops to 40% in 2025. For businesses planning significant capital expenditures, the timing of placing assets in service matters. Walk through the planning con...
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The Role of the Strategic CFO for Small and Mid-Size Businesses
Many growing businesses need CFO-level financial strategy but cannot justify a full-time hire. Discuss the fractional/strategic CFO model: financial planning and analysis, cash flow management, capita...
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Fifth Circuit: CTA Injunction Analysis and Business Impact
The 5th Circuit weighs in on the CTA injunction. Discuss the constitutional arguments (Commerce Clause, necessary and proper), the practical impact on businesses, and whether to file BOI reports durin...
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Contracts 101 for Mississippi Business Owners: Essential Terms You Cannot Ignore
Many business disputes stem from poorly drafted or incomplete contracts. Walk through the essential terms every business contract should include: scope of work, payment terms, limitation of liability,...
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IRS Final Rule on Digital Asset Broker Reporting: What Crypto Holders Need to Know
Treasury finalizes broker reporting rules for digital assets. Centralized exchanges will issue Form 1099-DA starting in 2026 for 2025 transactions. DeFi and self-custody wallets addressed in separate ...
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Post-Election Tax Landscape: What the Results Mean for Tax Policy
Analysis of the election results and what they mean for the expiring TCJA provisions, potential corporate rate changes, estate tax exemption extension, and the overall direction of tax policy.
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Year-End Tax Planning for 2024: Key Moves Before December 31
2024 year-end checklist: accelerate deductions, Roth conversions (especially with potential rate increases in 2026), maximize retirement contributions, harvest capital losses, charitable giving (espec...
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Claims Against Estates in Mississippi: The Creditor's Roadmap
When someone dies owing debts, creditors must follow specific statutory procedures to collect from the estate. Walk through the claims process: notice requirements, filing deadlines, the priority of c...
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Derivative Actions in Mississippi: Standing, Demand, and the Business Judgment Rule
Comprehensive overview of shareholder derivative actions under Mississippi law: standing requirements, the demand requirement, the business judgment rule, and when courts will allow a derivative suit ...
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The Qualified Opportunity Zone Program: Where Things Stand in 2024
The QOZ deferral period for original investments is ending (gain deferred until Dec. 31, 2026, at latest). Assessment of the program's status: what worked, what didn't, and planning for the deferred g...
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Year-End Estate Planning: Last Chance to Use the Doubled Exemption?
With the 2025 election approaching and the TCJA set to expire, this may be the last opportunity for estate tax planning at the current exemption levels. Discuss what can be done now and what to watch ...
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CTA Litigation Update: Nationwide Injunction Issued, Then Stayed
Federal courts issue conflicting rulings on the CTA. A Texas court issues a nationwide injunction, which is then partially stayed. The compliance landscape is chaos. Practical advice: file anyway if y...
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IRS Announces 2025 Retirement Plan Contribution Limits
401(k) limit rises to $23,500 for 2025, plus the new SECURE 2.0 enhanced catch-up for ages 60-63 ($11,250). IRA limits unchanged at $7,000. Walk through all the key numbers and planning considerations...
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Installment Sales of Businesses: Tax Planning with Section 453
Walk through the installment sale rules under § 453: deferring gain on the sale of a business, the related-party resale rules, the § 453A interest charge on large installment obligations, and the in...
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The TCJA Provisions Set to Expire in 2025: A Comprehensive Overview
Comprehensive list of TCJA provisions expiring after 2025: individual rates, doubled standard deduction, estate/gift exemption, § 199A QBI deduction, SALT cap, eliminated personal exemptions, child t...
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Trust Accountings and Beneficiary Rights Under Mississippi Law
Beneficiaries have the right to information about trust administration. Discuss the trustee's duty to provide accountings, the scope of information beneficiaries can demand, and the remedies available...
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IRS Increases Enforcement of Employment Tax Compliance
IRS is stepping up enforcement of worker classification (employee vs. independent contractor) and trust fund recovery penalty assessments against responsible persons. What business owners need to know...
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The Business Judgment Rule in Mississippi: How Courts Defer to Board Decisions
The business judgment rule protects corporate directors from personal liability for decisions made in good faith and with due care. Discuss how Mississippi courts apply the rule, when it does not appl...
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IRS Announces 2025 Inflation Adjustments: Tax Brackets and Key Numbers
2025 inflation adjustments: estate tax exemption rises to $13.99M (likely the last year at this level), tax brackets, standard deduction, AMT exemptions, and other key thresholds.
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Insolvent Estates in Mississippi: Following the Statutory Framework
Deep dive into the MS Court of Appeals decision reversing a chancellor for failing to follow the statutory procedure for administering an insolvent estate. Why strict compliance with the priority of c...
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Section 1031 Like-Kind Exchange Planning: Current Rules and Common Mistakes
Comprehensive overview of § 1031 like-kind exchange rules after TCJA (real property only). Identification rules, 45/180 day deadlines, reverse exchanges, and the most common mistakes that blow up exc...
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Probating a Law Firm Claim Against an Estate: Lessons from Estate of Ivison
When a law firm has an unpaid claim against a deceased client's estate, it must navigate the probate claims process like any other creditor. The Estate of Ivison case illustrates the procedural requir...
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CTA Update: Federal Court in Alabama Declares Corporate Transparency Act Unconstitutional
Federal court in Alabama rules the CTA exceeds Congress's enumerated powers. But the ruling only applies to the plaintiffs. Discuss the legal landscape, the government's appeal, and whether businesses...
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Fifth Circuit on IRS Summons Enforcement: Limits on IRS Investigation Power
5th Circuit addresses the limits of IRS summons authority under § 7602. When can a taxpayer resist a summons, and what are the consequences of non-compliance?
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Fraudulent Transfers in Mississippi: The Uniform Voidable Transactions Act
When a debtor transfers assets to avoid paying creditors, those transfers can be set aside as fraudulent (voidable). Walk through the actual fraud and constructive fraud standards, the badges of fraud...
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Tax Court Addresses Net Investment Income Tax on S Corp Dispositions
The 3.8% net investment income tax applies to gain on the sale of S corp stock unless the shareholder materially participates. Discuss the material participation rules and how they affect the NIIT ana...
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Non-Compete Agreements in Mississippi: What Business Owners Need to Know
Mississippi enforces non-compete agreements that are reasonable in scope, duration, and geographic area. Discuss the current legal standard, the blue pencil doctrine, and practical considerations for ...
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IRS Announces ERC Claim Withdrawal Process for Pending Claims
IRS opens a new process allowing businesses to withdraw pending ERC claims before they are processed. Better option than the VDP for businesses that haven't received payments yet.
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IRS Finalizes Regulations on Required Minimum Distributions
IRS finally finalizes the RMD regulations effective 2025. Key rules: the 10-year rule, annual distribution requirements, at-least-as-rapidly rule for non-EDBs. What estate planners need to know for Ro...
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Mississippi Continues Income Tax Reduction: Updated Rate Schedule
Update on Mississippi's income tax phase-out progress. Current rate schedule, expected timeline to elimination, and planning considerations for Mississippi business owners.
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Power of Attorney Essentials in Mississippi: The Uniform Power of Attorney Act
Overview of Mississippi's Uniform Power of Attorney Act: creating a valid POA, the scope of agent authority, the duty of loyalty, hot powers requiring specific grants, and the liability of agents who ...
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IRS Criminal Investigation Priorities: What the Annual Report Tells Us
Review IRS Criminal Investigation's latest annual report. Top priorities: tax evasion, money laundering, cybercrime, pandemic fraud (ERC). What types of conduct trigger criminal referrals.
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Mississippi Business Incentives and Tax Credits: What Entrepreneurs Should Know
Mississippi offers various incentives for businesses: the Advantage Jobs Rebate Program, the Mississippi Works Fund, industry-specific tax credits, and county/municipal incentives. Overview of what is...
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Loper Bright and the End of Chevron Deference: What It Means for Tax Law
SCOTUS overturns Chevron deference. Discuss the implications for tax litigation — challenges to Treasury regulations may be easier, but the tax world already had its own deference framework (Nationa...
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The Tax Consequences of Selling a Business: C Corp vs. S Corp vs. Partnership
When you sell a business, the entity structure determines the tax bill. Compare asset sales vs. stock/interest sales across C corps, S corps, and partnerships. Why entity selection matters long before...
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Protecting Your Business from Partnership Disputes: Lessons from Mississippi Courts
Partnership disputes are among the most destructive types of business litigation. Discuss common causes (unequal contributions, undisclosed dealings, management disagreements), how Mississippi courts ...
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Mississippi Court Addresses Power of Attorney Abuse and Fiduciary Duty
Court of Appeals affirms finding of breach of fiduciary duty by agent under power of attorney who secretly conveyed property to his own children. Lessons for POA holders and the families monitoring th...
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IRS Proposes New Regulations on Basis Shifting in Related-Party Partnerships
IRS proposes regulations targeting basis shifting among related parties using partnership transactions under §§ 732 and 734. Who is affected and what to do if you have these structures.
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Supreme Court Decides Moore v. United States: Mandatory Repatriation Tax Is Constitutional
SCOTUS upholds the § 965 mandatory repatriation tax in a narrow ruling that avoids deciding whether the 16th Amendment requires realization. Discuss the limited holding and what it means for future t...
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Chancery Court Jurisdiction Over Estate and Trust Disputes in Mississippi
Mississippi chancery courts have broad jurisdiction over estate and trust matters. Discuss the scope of that jurisdiction, the distinction between chancery and circuit court authority, and procedural ...
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After Connelly: Restructuring Your Buy-Sell Agreement to Avoid the Estate Tax Trap
Practical follow-up to Connelly: cross-purchase vs. redemption agreements, the role of LLCs as insurance holders, and how to restructure existing agreements to avoid the value-inclusion problem.
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Breach of Fiduciary Duty Damages in Mississippi Business Disputes: How Courts Calculate the Harm
When a fiduciary breaches their duty to a business, calculating damages can be complex. Discuss the disgorgement remedy, lost profits, diminution in value, and how Mississippi courts approach the dama...
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Supreme Court Decides Connelly v. United States: Life Insurance and Estate Tax Valuation
SCOTUS unanimously holds that life insurance proceeds payable to a corporation to fund a redemption agreement increase the value of the decedent's shares for estate tax purposes. This is a game-change...
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The Mississippi Business Court: What It Means for Complex Commercial Litigation
Mississippi established a business court to handle complex commercial disputes. Discuss the jurisdictional requirements, the types of cases assigned to the business court, and the practical advantages...
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IRS Audit Rates Are Climbing: What the New Data Shows
New data shows IRS audit rates increasing for high-income individuals and large partnerships. Discuss the enforcement priorities and how to position yourself defensively if selected.
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The Kiddie Tax After TCJA: How It Affects Trusts and Gifts to Minors
The kiddie tax applies the parents' marginal rate to unearned income of children under 19 (or under 24 if full-time students). Discuss how this interacts with trust distributions and UGMA/UTMA account...
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Removing a Trustee or Executor in Mississippi: Grounds and Procedure
When a fiduciary fails to perform their duties, Mississippi law provides mechanisms for removal. Walk through the statutory grounds, the court process, and the standard chancellors apply in deciding w...
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Tax Court Addresses Transfer Pricing in Closely Held Business Context
The IRS doesn't just use § 482 against multinationals. Discuss how the IRS applies transfer pricing principles to related domestic entities and what happens when a closely held business doesn't price...
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IRS Targets High-Income Non-Filers with New Enforcement Initiative
IRS announces it is sending compliance letters to 125,000+ high-income non-filers. Many earn over $400K and have not filed returns for multiple years. Discuss the consequences of non-filing and the vo...
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Annual Compliance for Mississippi Corporations and LLCs: What You Cannot Forget
Mississippi corporations and LLCs must maintain their good standing through annual filings and franchise tax payments. Walk through the requirements, deadlines, and the consequences of falling out of ...
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Mississippi Court of Appeals: Arbitration Clauses in Trust and Estate Disputes
Court addresses when arbitration agreements bind estate beneficiaries and the scope of arbitrability in estate disputes. Important for drafters including arbitration clauses in estate planning documen...
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The Section 6166 Election: Deferring Estate Tax for Closely Held Business Interests
When a closely held business interest comprises more than 35% of the adjusted gross estate, § 6166 allows the estate to defer estate tax payments over up to 14 years. Walk through the requirements, t...
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Protecting Minority Shareholders: Oppression Remedies Beyond Dissolution
Mississippi courts can order remedies short of dissolution when minority shareholders are oppressed. Discuss court-ordered buyouts, appointment of provisional directors, restrictions on corporate cond...
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Tax Court on Charitable Remainder Trusts: When the IRS Challenges Your CRT
Survey of recent Tax Court cases involving charitable remainder trusts — self-dealing issues, valuation of remainder interests, and the strict compliance requirements for CRTs.
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Officer and Director Indemnification Under Mississippi Law
Mississippi's Business Corporation Act provides a framework for indemnifying officers and directors against litigation expenses and judgments. Discuss mandatory vs. permissive indemnification, advance...
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Small Business Reorganization Under Subchapter V: A Practical Guide
Detailed walkthrough of the Subchapter V process: eligibility, the sub V trustee's role, the plan process, the cramdown provisions, and the discharge. Why this is usually the best option for small bus...
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IRS Issues Final Regulations on Required Minimum Distributions
IRS finalizes the complex RMD rules under SECURE Act and SECURE 2.0. Key clarification: non-eligible designated beneficiaries must take annual distributions AND empty the account within 10 years. Majo...
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New IRS Guidance on Clean Vehicle Credits: What Qualifies in 2024
IRS tightens rules on which electric vehicles qualify for the § 30D credit, particularly around battery component and critical mineral sourcing requirements (FEOC rules). Practical guide for buyers a...
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Fifth Circuit Addresses Tax Shelter Penalties and Reasonable Cause Defense
5th Circuit examines the reasonable cause defense under § 6664 in the context of tax shelter transactions. When does reliance on professional advice actually protect you?
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What Every Mississippi Business Owner Should Know About Workers' Compensation
Mississippi requires most employers with five or more employees to carry workers' compensation insurance. Discuss the coverage requirements, the claims process, the exclusive remedy doctrine, and the ...
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Estate Tax Planning Window: Two Years Left Before the Exemption Drops
With the estate tax exemption at $13.61M per person in 2024 and set to be cut roughly in half after 2025, the planning window is closing. Detailed discussion of SLATs, completed gift strategies, and t...
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IRS Launches Direct File Pilot: Free Tax Filing for Simple Returns
IRS launches Direct File in 12 pilot states. Discuss what it covers (W-2 income, standard deduction), what it doesn't, and whether this is the beginning of the end for commercial tax software.
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Tax Court Upholds Accuracy-Related Penalties in Conservation Easement Case
Tax Court continues to impose 40% gross valuation misstatement penalties in conservation easement cases. The penalty exposure alone should give taxpayers pause.
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IRS Expands ERC Voluntary Disclosure Program: Reduced Repayment Available
IRS reopens and expands the ERC voluntary disclosure program. Businesses can repay 80% of credits received and avoid penalties and interest. Deadline and process details.
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Mississippi Supreme Court on Trust Principal and Income: The Crider Family Trust Decision
First impression case on Mississippi's Principal and Income Act. Court addresses partial liquidation calculation and trustee's duty to allocate between income and principal beneficiaries. Major guidan...
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New Tax Laws for 2024: What Changed on January 1
Roundup of tax changes effective Jan. 1, 2024: bonus depreciation drops to 60%, new RMD age of 73, higher contribution limits, CTA effective, 1099-K $5,000 threshold, energy credit updates.
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Trust Decanting in Mississippi: Moving Assets to a Better Trust
Trust decanting allows a trustee with discretionary distribution authority to distribute trust assets into a new trust with different terms. Explain how this works under Mississippi law and when it is...
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BOI Reporting Is Live: Filing Your Beneficial Ownership Information Report
The BOI reporting system is now live. Walk through the actual filing process, what information you need, how to get a FinCEN identifier, and common mistakes to avoid.
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Trustee Fiduciary Duties in Mississippi: What the Uniform Trust Code Requires
Comprehensive overview of trustee duties under Mississippi's UTC: duty of loyalty, duty of impartiality, duty to inform beneficiaries, prudent investor rule, and the duty to administer the trust in ac...
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2023 Year in Review: The Biggest Tax Developments for Business Owners
Recap the major tax developments of 2023: SECURE 2.0 implementation, ERC moratorium, IRA energy credits, conservation easement crackdown, CTA implementation, bonus depreciation phase-down, and estate ...
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Due Diligence in Small Business Acquisitions: What Buyers Cannot Afford to Miss
Acquiring a small business without thorough due diligence is one of the most expensive mistakes a buyer can make. Walk through the key diligence areas: financial, legal, tax, operational, and regulato...
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Corporate Transparency Act Takes Effect January 1: Last-Minute Compliance Checklist
The CTA BOI reporting requirement takes effect Jan. 1, 2024. Existing entities have until Jan. 1, 2025, to file; new entities must file within 90 days (30 days after Jan. 1, 2025). What to file, who t...
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IRS Penalty Relief for 2020 and 2021 Tax Returns: Automatic Abatement
IRS provides automatic penalty relief for nearly 5 million taxpayers who owed balance due for 2020-2021 but did not receive reminder notices due to pandemic backlog. Approximately $1B in penalties aba...
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IRS Delays 1099-K Threshold Again: $5,000 for 2024
IRS delays the $600 1099-K threshold again, setting a $5,000 transitional threshold for 2024. The original $600 threshold remains in statute but implementation keeps getting pushed back.
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IRS Finalizes Digital Asset Broker Reporting Regulations
IRS moves toward finalizing Form 1099-DA requirements. Discuss what 'broker' means in the crypto context, what transactions are reportable, and the effective dates.
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LLC Operating Agreement Disputes in Mississippi: What Happens When Members Disagree
The LLC operating agreement is the governing document, but disputes over its interpretation are common. Discuss the default rules under the MS LLC Act, common dispute areas (distributions, management ...
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Bonus Depreciation Phase-Down: What Business Owners Need to Plan For
Bonus depreciation dropped to 80% in 2023 and continues declining. Walk through the phase-down schedule, the Section 179 alternative, and planning strategies for capital-intensive businesses.
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Year-End Tax Planning for 2023: Key Moves for Business Owners
Practical year-end tax planning checklist: accelerate deductions, defer income, maximize retirement contributions, bonus depreciation phase-down, review entity elections, charitable giving strategies.
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Succession Planning for Closely Held Businesses: Keeping the Business in the Family
Most closely held businesses do not survive the transition to the next generation. Discuss the key elements of a succession plan: identifying successors, training and transition timelines, buy-sell ag...
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IRS Final Regulations on Prevailing Wage and Apprenticeship for Energy Credits
Treasury finalizes prevailing wage and apprenticeship requirements for the enhanced energy credits. Without meeting these requirements, credits are reduced by 80%. What businesses need to know.
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The Section 199A Deduction: Planning for the 2025 Expiration
The 20% qualified business income deduction expires after 2025. Explain how the deduction works, who benefits, and what business owners should be doing now to maximize it before it sunsets.
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Deadlocked Corporations in Mississippi: What Happens When the Owners Cannot Agree
When a 50/50 corporation cannot function because the owners disagree on fundamental issues, judicial dissolution may be the only option. Discuss the deadlock standard, the appointment of a provisional...
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Minority Shareholder Oppression in Mississippi: What Remedies Are Available
Overview of minority shareholder remedies in Mississippi closely held corporations: dissolution, buyout, fiduciary duty claims. When oppression rises to the level of judicial intervention.
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Tax Court on Valuation of Closely Held Business Interests: Lessons from Recent Cases
Survey of recent Tax Court valuation cases and what they tell us about discounts, methods, and the importance of credible appraisals for estate and gift tax purposes.
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Mississippi Income Tax Phase-Out: What Business Owners Should Know
Mississippi is phasing out its individual income tax. Walk through the timeline, the rate reductions, and what this means for business entity selection and planning in Mississippi.
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Operating Agreement Essentials: What Every Mississippi LLC Needs in Writing
Many Mississippi LLCs operate without a written operating agreement, relying on statutory default rules that may not reflect the members' actual intentions. Walk through the essential provisions every...
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IRS Releases 2024 Tax Brackets and Inflation Adjustments
Comprehensive rundown of 2024 inflation adjustments: tax brackets, standard deduction, AMT exemptions, estate tax exemption ($13.61M), and other key thresholds.
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IRS Announces 2024 Retirement Plan Contribution Limits
401(k) limit rises to $23,000, IRA limit to $7,000. Walk through all the key numbers for 2024 and year-end planning considerations for business owners.
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Setting Aside Deeds for Undue Influence: Estate of Anderson and the Weakness of Intellect Doctrine
Undue influence is not limited to wills — Mississippi courts can set aside inter vivos deeds when the grantor was subject to undue influence. Discuss the weakness of intellect doctrine and how it diff...
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IRS Updates Voluntary Disclosure Practice for ERC Claims
IRS announces a voluntary disclosure program for businesses that received improper ERC payments. Pay back 80% of the credit and avoid penalties. Who should consider this option.
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LLC vs. Corporation in Mississippi: Choosing the Right Entity for Your Business
Side-by-side comparison of LLCs and corporations under Mississippi law: formation, governance, liability protection, taxation, transferability, and which structure works best for different types of bu...
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Tax Court Rejects Charitable Deduction for Conservation Easement in Oakbrook
Another conservation easement deduction denied. Tax Court focuses on the contemporaneous written acknowledgment requirement and the 'qualified appraisal' standard.
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Employment Law Basics for Mississippi Business Owners
Mississippi is an at-will employment state, but that does not mean employers can do anything they want. Discuss the key employment law requirements: anti-discrimination laws, wage and hour compliance,...
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Inflation Reduction Act at One Year: Where Things Stand on Energy Tax Credits
One year in, assess the state of IRA energy credit guidance: what has been finalized, what is still proposed, and what gaps remain. Practical takeaways for business owners.
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Commercial Lease Issues in Mississippi: What Business Tenants Should Negotiate
Commercial leases are negotiable contracts, and the default terms almost always favor the landlord. Discuss key provisions business tenants should negotiate: personal guaranty limitations, assignment ...
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The IRS Strikes Back on Basis Shifting: New Regulations Target Related-Party Partnerships
IRS begins targeting 'basis shifting' transactions in partnerships — arrangements where related parties use partnership mechanics to generate artificial tax basis. Who is at risk.
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Intestate Succession in Mississippi: Who Inherits When There Is No Will
When a Mississippi resident dies without a will, the intestacy statute determines who inherits. Walk through the priority scheme: surviving spouse, descendants, parents, siblings, and more remote rela...
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IRS Imposes Immediate Moratorium on New Employee Retention Credit Claims
IRS halts processing of new ERC claims due to massive fraud. Existing claims will be processed slowly. Discuss what businesses with pending claims should expect and the voluntary disclosure program.
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Confidential Relationships and the Presumption of Undue Influence in Mississippi
When a confidential relationship exists between the testator and a beneficiary who actively participated in preparing the will, Mississippi law presumes undue influence. How to establish — and how to ...
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Tax Court Addresses Reasonable Compensation for S Corporation Shareholders
Fresh look at the reasonable compensation cases for S corp shareholder-employees. The multi-factor test, what the IRS targets, and how to set defensible compensation levels.
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Mississippi Court of Appeals on Estate Administration: The Importance of Following Statutory Procedure
Court reverses chancellor for not following statutory procedure in administering insolvent estate. Reinforces that chancellors must follow the statutory framework even when it seems inefficient.
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IRS Announces 2024 HSA Contribution Limits: Significant Increases
IRS announces largest-ever increase in HSA contribution limits for 2024 ($4,150 individual, $8,300 family). Discuss the triple tax benefit and why HSAs are an underused planning tool.
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Qualified Small Business Stock Exclusion: Planning Opportunities Under Section 1202
Overview of the § 1202 QSBS exclusion (100% exclusion of gain up to $10M or 10x basis). Requirements, planning traps, and why this is one of the most valuable tax provisions for entrepreneurs.
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Fiduciary Duties in Mississippi LLCs: What Members and Managers Owe Each Other
Mississippi's LLC Act imposes fiduciary duties on managers and managing members. Discuss the duty of loyalty, duty of care, and the extent to which the operating agreement can modify or eliminate thes...
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IRS Releases Proposed Regulations on Required Minimum Distributions Under SECURE 2.0
IRS proposes comprehensive RMD regulations addressing the 10-year rule, the interaction of SECURE Act and SECURE 2.0, and annual distribution requirements for non-eligible designated beneficiaries. Cr...
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Fifth Circuit Rules on Partnership Liability Allocation in Maguire
5th Circuit addresses partnership liability allocation under § 752 and its impact on partner basis. Why basis matters for loss deductions and distributions.
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No-Contest Clauses in Mississippi Wills and Trusts: Do They Have Teeth?
In terrorem clauses penalize beneficiaries who contest a will or trust. Mississippi's Uniform Trust Code provides specific rules for enforcement. When are they enforceable, and what constitutes a 'con...
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Proposed Regulations on Syndicated Conservation Easements: IRS Makes It Official
IRS proposes to formally designate syndicated conservation easement transactions as listed transactions via notice-and-comment rulemaking. Discuss after Mann Construction and what taxpayers in these d...
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IRS Announces Direct File Pilot Program: What It Means for Tax Professionals
IRS announces plans for a free direct e-file system. Discuss what it covers (simple W-2 returns), what it doesn't (business returns), and implications for the tax profession.
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Testamentary Capacity in Mississippi: What It Takes to Make a Valid Will
Mississippi's testamentary capacity standard requires a testator to understand the nature and extent of their property, who the natural objects of their bounty are, and the effect of making a will. Ho...
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Fiduciary Duties in Mississippi Closely Held Businesses: What Officers and Directors Owe
Comprehensive overview of fiduciary duties of officers and directors under Mississippi law — duty of care, duty of loyalty, business judgment rule. How these duties apply in the closely held context...
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Supreme Court Decides Moore v. United States: The Mandatory Repatriation Tax Survives
SCOTUS agrees to hear Moore, which challenges the constitutionality of the mandatory repatriation tax under § 965. Discuss what's at stake — if realization is required for income taxation, it could...
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Tax Court Scrutinizes Family Limited Partnership Discounts in Estate of Smaldino
Tax Court applies the willing buyer/willing seller standard to FLP interests and scrutinizes claimed discounts. Practical lessons for estate planners using FLPs and family LLCs.
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IRS Issues Proposed Regulations on Catch-Up Contribution Roth Requirement
IRS provides transition relief for the SECURE 2.0 Roth catch-up requirement, giving plans until 2026 to comply. Walk through what plan sponsors need to do.
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Proving Undue Influence in Mississippi: The Burden of Proof After Estate of Laughter
Walk through the burden-shifting framework for undue influence claims in Mississippi. When does the burden shift to the proponent of the will, and what evidence is required to establish a prima facie ...
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Estate of Connelly: When Life Insurance Increases Your Estate Tax Bill
8th Circuit holds that corporate-owned life insurance used to fund a buy-sell agreement increases the value of the decedent's shares for estate tax purposes. Major planning implications for closely he...
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Tax Court Sides with IRS on Microcaptive Insurance Arrangements
Tax Court continues to deny deductions for micro-captive insurance arrangements that lack genuine risk shifting. Discuss the current state of § 831(b) captive insurance and what the IRS is looking fo...
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Notice 2023-29: IRS Guidance on Energy Community Bonus Credits
IRS defines 'energy community' for purposes of the 10% bonus credit under IRA. Explain the three categories and how Mississippi communities may qualify.
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Research and Development Expense Amortization: The Section 174 Problem
Starting in 2022, R&D expenses must be capitalized and amortized over 5 years (15 for foreign). Congress has not fixed this despite bipartisan support. Explain the cash flow impact and current legisla...
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IRS Increases Scrutiny of Large Partnerships: What High-Income Taxpayers Should Know
With $80B in new IRA funding, IRS is targeting large partnerships and high-income taxpayers. Discuss what the new enforcement posture means and how business owners should prepare.
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Constructive Trusts in Mississippi: When Familial Relationships Are Not Enough
Discuss the constructive trust doctrine in Mississippi — a familial relationship alone does not create the confidential relationship needed. What it takes to establish a constructive trust claim.
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IRS Releases Draft Digital Asset Reporting Rules
IRS proposes rules requiring brokers to report digital asset transactions on Form 1099-DA. What this means for crypto investors and the businesses that facilitate transactions.
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Landrum v. Livingston Holdings: Derivative Actions and Fiduciary Duty in Mississippi LLC Disputes
The Mississippi Supreme Court addresses derivative plaintiff disqualification, breach of fiduciary duty claims, and MOU remedy issues in an LLC context. Key case for understanding how courts handle mu...
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Fifth Circuit Upholds Conservation Easement Penalty in Faulconer
5th Circuit continues cracking down on syndicated conservation easement transactions. Discuss the case, the IRS's position, and what this means for taxpayers who participated in these deals.
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Piercing the Corporate Veil in Mississippi: When Owners Become Personally Liable
Limited liability is not absolute. Mississippi courts will pierce the corporate veil when the entity is merely an alter ego of its owners. Discuss the multi-factor test Mississippi courts apply, the r...
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Estate Tax Exemption at $12.92 Million: Planning Before the 2025 Sunset
The doubled estate tax exemption expires after 2025. At $12.92M per person in 2023, this is the time to implement gifting strategies. Walk through SLATs, GRATs, IDGTs, and other planning vehicles.
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Will Formalities in Mississippi: What Happens When the Statutory Requirements Are Not Met
Mississippi has specific requirements for a valid will: signed by the testator, attested by two credible witnesses, and subscribed in the testator's presence. What happens when these formalities are n...
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IRS Announces Moratorium on New ERC Claims Processing
IRS signals it will slow-walk ERC claims due to fraud concerns. What this means for businesses with pending claims and those considering filing. Note: This post covers the early warnings before the fo...
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The Spousal Elective Share in Mississippi: What Surviving Spouses Need to Know
Mississippi provides surviving spouses a right to elect against the will and receive a statutory share of the estate. Walk through the election process, the share calculation, and the interaction with...
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Subchapter V of Chapter 11: Still the Best Option for Small Business Reorganization
Overview of Subchapter V benefits: streamlined process, no creditors' committee, consensual plan only needs debtor support, shorter timeline. Why the $7.5M threshold extension matters.
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SECURE 2.0 Roth Changes: Catch-Up Contributions and Employer Matching
Deep dive into SECURE 2.0 Roth provisions: mandatory Roth catch-up for high earners, optional Roth employer contributions. Implementation timeline and practical considerations for plan sponsors.
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Tax Court Confirms IRS Can Recharacterize S Corp Officer Compensation
Tax Court continues to scrutinize S corp owners taking low salaries and high distributions. Walk through the reasonable compensation standard and the multi-factor test courts apply.
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Rev. Rul. 2023-2: IRS Clarifies Basis Step-Up Rules for Non-Resident Decedent Property
New ruling clarifies when property inherited from a non-resident, non-citizen decedent qualifies for a step-up in basis under § 1014. Relevant for clients with international estate planning needs.
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Employee Retention Credit: IRS Warns of Aggressive Promoters
IRS is ramping up warnings about aggressive ERC claims. Explain who actually qualifies, what the supply chain disruption test requires, and the risks of improper claims.
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Mississippi Supreme Court Addresses Trust Administration in Parker v. Ross
Discuss the Parker v. Ross case involving conservatorship, trust management, and fiduciary duties in the context of family LLCs. Lessons for trustees and fiduciaries in Mississippi.
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New IRS Guidance on Energy Credits: What the Inflation Reduction Act Means for Your Business
Overview of expanded energy tax credits under IRA — investment tax credit, production tax credit, prevailing wage and apprenticeship requirements. Practical guidance for business owners considering ...
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Shareholder Agreements and Buy-Sell Provisions: Essential Protections for Closely Held Businesses
A well-drafted shareholder agreement is the single most important governance document for a closely held business. Discuss the key provisions: transfer restrictions, valuation mechanisms, triggering e...
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IRS Delays 1099-K Reporting Threshold Again: What It Means for Small Businesses
IRS delays the $600 threshold for Form 1099-K to 2024. Explain the background, what payments are affected, and practical implications for business owners using Venmo, PayPal, etc.
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Business Opportunity Usurpation in Mississippi: When a Partner or Officer Takes the Deal for Themselves
When a partner, officer, or director takes a business opportunity that belongs to the company, they have breached their fiduciary duty. Discuss the corporate opportunity doctrine in Mississippi, the t...
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The Corporate Transparency Act Is Coming: What Small Business Owners Need to Do
Explain the new BOI reporting requirements taking effect Jan. 1, 2024 for most entities, what it requires, who is exempt, and why business owners should start preparing now.
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IRS Announces 2023 Inflation Adjustments: Higher Brackets, Bigger Deductions
Walk through the significant inflation adjustments for 2023: tax brackets, standard deduction, estate tax exemption ($12.92M), gift tax exclusion ($17K), etc.
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SECURE 2.0 Act: What Business Owners Need to Know About the New Retirement Rules
Overview of key SECURE 2.0 provisions affecting business owners: increased RMD ages, expanded auto-enrollment, Roth employer contributions, student loan matching, etc.
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