By Drew Grey, CPA, Partner As discussed in previous blogs, all gift and estate tax planning involves the transfer of assets from parents to their heirs.  One principal challenge is to determine the technique to use to most effectively accomplish the transfer.  In that analysis a self-cancelling installment note (SCIN) will certainly be considered. … Read More »

October 20, 2012 Posted in Estate Tax Planning, Tax


By Drew Grey, CPA, Partner All estate tax planning involves moving assets from the parents to the children.  There are many ways to move the assets: the parents can give the assets; they can sell the assets; they can make a part-gift, part-sale.  The gift can be accomplished using an outright gift or a … Read More »

October 10, 2012 Posted in Estate Tax Planning, Tax


By Drew Grey, CPA, Partner A grantor retained annuity trust (GRAT) is a technique designed by Congress to help parents transfer assets to their heirs at a significantly reduced gift tax cost.  This is accomplished because the parents do not transfer the asset outright to the children.  Instead, the parents retain a stream of … Read More »

October 8, 2012 Posted in Estate Tax Planning, Tax


By Drew Grey, CPA, Partner In a previous blog we discussed how grantor trusts – which are ignored for income tax purposes – are powerful gift and estate tax planning tools.  The IRS unsuccessfully argued that they were gift tax loopholes.  Grantor trusts are so powerful that, combined with a promissory note, they are … Read More »

September 26, 2012 Posted in Estate Tax Planning, Tax


By Drew Grey, CPA, Partner An irrevocable trust can be treated in at least three different ways for Federal income tax purposes.  A simple trust requires all the income to be distributed every year, in which case the beneficiary is taxed on the income.  A complex trust permits the trustee to accumulate or distribute … Read More »

September 17, 2012 Posted in Estate Tax Planning, Tax

Giving Up U.S. Citizenship

By Brian Gourlay, MST CPA, Partner   Recently Eduardo Saverin (the lesser known co-founder of Facebook) and Denise Rich (songwriter and ex-wife of pardoned tax evader Marc Rich) made headlines by formally renouncing their U.S. citizenship.  Although neither has formally acknowledged it, the general consensus is both did so to reduce their income taxes. … Read More »

August 15, 2012 Posted in Tax

The Evolution of CPAs as Trusted Advisors

By Drew Grey, CPA, Partner The accounting profession has a long history and has evolved over many years. Benedetto Cortugli is believed to have written the first double entry bookkeeping book in 1458. The American Institute of Certified Public Accountants and its predecessors have a history dating back to 1887.  The accountant has evolved … Read More »

Lease Accounting: Looming Changes in the Air

By Tina Lazaroff, CPA, Partner The Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) are proposing dramatic changes to lease accounting rules that would virtually eliminate operating lease accounting treatment.  The intent is to align U.S. lease accounting with international practices and to ensure that assets and liabilities arising out … Read More »

Posted in Accounting, Business