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Comparison of the House and Senate Versions of the Tax Cuts and Jobs Act

The below comparison outlines the “Tax Cuts and Jobs Act” (H.R.1) passed by the House of Representatives on November 16 and the Senate on December 2. Since the two plans differ, they will now be sent to a conference committee where negotiators from both chambers will create a unified bill. After, both parties must approve […]

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Qualified Terminable Interest Property (QTIP) Trust

Qualified Terminable Interest Property (QTIP) Trust

A QTIP trust, despite its silly name, is a valuable estate planning tool. QTIP, or “Qualified Terminable Interest Property” is a name derived from the tax law that legalises the tax benefits of the trust. When property is given to a spouse outright (not subject to a trust), it qualifies for what is known as […]

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Virginia Department of Taxation Announces Tax Amnesty Program

Virginia Department of Taxation Announces Tax Amnesty Program

Virginia Department of Taxation Announces Tax Amnesty Program Available September 13, 2017 through November 14, 2017. On September 5, the Virginia Department of Taxation (“Department”) issued Public Document 17-156 (9/5/17), providing the final guidelines for the 2017 Tax Amnesty Program (“Amnesty”). This is the fourth tax amnesty program in Virgin...

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