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The 2/37 Haircut on Distributable Net Income: What Fiduciaries Need to Know

The One Big Beautiful Bill Act (OBBBA) introduced a new limitation on itemized deductions under IRC §68 that could have significant implications for Distributable Net Income (DNI) planning, trust distribution deductions and fiduciary income tax planning. Although the provision is new, its potential application to trusts and estates raises questions regarding how certain distribution deductions…

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Trump Accounts: The Annual Exclusion Exception, Not the Rule

The enactment of IRC §530A created a new savings vehicle for children known as a Trump Account. Beginning July 4, 2026, beneficiaries, parents, relatives, and other individuals may contribute up to $5,000 annually in the aggregate to a Trump Account, excluding certain statutory exempt contributions. While many taxpayers may assume these contributions receive the same…

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Trump Accounts: A New Way to Jump-Start Your Child’s Savings

A new federally created savings vehicle, the Trump Account, is giving families a fresh option for building long-term wealth for their children. Modeled on a traditional IRA under IRC §530A, these accounts offer unique advantages and important limitations to consider. Trump Accounts are created under the One Big Beautiful Bill Act that was enacted on…

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Roth IRA Conversion Concept with Wooden Blocks for Retirement Planning and Wealth Growth
Maximizing Roth Conversions Through Strategic Timing and Residency Planning

For high-net-worth individuals and retirees, Roth conversions represent one of the most powerful levers in tax-efficient retirement planning. At their core, Roth conversions allow taxpayers to control when they pay taxes – but when layered with thoughtful timing and geographic planning, they can significantly reshape long-term financial outcomes. By coordinating income levels, future tax expectations and…

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IRS CP53E Refund Notice Scams: What Taxpayers Should Know

Accounting firms are seeing a noticeable increase in scams tied to IRS Notice CP53E, a legitimate notice that the Internal Revenue Service (IRS) has been issuing more frequently this year. As the IRS continues moving away from paper refund checks and toward electronic payments, many taxpayers are encountering CP53E for the first time – creating…

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What Mamdani’s Estate Tax Proposal Could Mean for New York Estate Planning

For many New Yorkers, estate tax planning has felt like something that could wait. Under current law, that reaction is understandable. New York’s basic exclusion amount for 2026 is $7.35 million, which means many families and business owners still feel comfortably outside the state estate tax conversation. That is why the recent proposal linked to…

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