Alexis Gettier

In a strong reminder to comply with the charitable contribution substantiation requirements or risk losing an income tax deduction, the Tax Court released its opinion in Heinrich C. Schweizer v. Commissioner, T.C. Memo 2022-102, on Oct. 6, 2022.

More than an investment, collecting artwork is a hobby of passion. For some, the enjoyment of artwork is so intensely personal that collectors may prefer to donate their collections for public enjoyment rather than pass them on to family members who may not share the same appreciation. Some of the inherent difficulty and uncertainty in valuing art may also make a charitable donation at death an easier choice. And of course, the income and estate tax benefits of charitable gifts may make a ...

Variable annuities can offer a number of potential benefits: They can help plan retirement income, generate tax-deferred growth and, with some contracts, protect principal. Yet even advisors, who recognize the benefits of variable annuities acknowledge their drawbacks—particularly their fees and the tax treatment of gains....More