Foreign Trusts: An Answer to the Capital Loss Debate

State and Local Tax (SALT) | Jack Brister, CMA | Sep 12, 2013

The enactment of the Small Business Job protection Act of 1996 expanded the differences in grantor trust rules for foreign and domestic trusts. At the same time, it narrowed the distributable net income (DNI) computation rules for foreign trusts. These changes leave little room for interpretation-with one major exception. Professionals are still debating if a foreign trust can carry over a net capital loss for the current year.

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Jul 06, 2022
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The employee retention tax credit (ERC) was enacted as part of the CARES Act and allows for a refundable tax credit against the employer’s share of Social Security employment taxes. This credit may allow for significant tax refund opportunities for eligible taxpayers.

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