Tax Reporting Mailing Dates

You should expect your tax forms from The Trust Company of Tennessee to be postmarked on, or before, the following dates. If you have any questions, please contact your Relationship Manager. Tax Form   Postmarked Date Form 1099-R: Reports the taxable and nontaxable distributions from IRAs and Qualified Plans   Jan. 31 Form 1099 Consolidated Statements and Grantor Letters: Reports …

Death Can Ruin Your Plans

Imagine building your business over several decades, beginning to plan your business exit, then dying unexpectedly before you can implement your plans. Business owners rarely think about how an unexpected death or permanent incapacitation can derail even the most carefully created plans. And it makes sense: If you were always worried about what could go wrong, chances are you’d have …

Why You’ll Need an Advisor Team

Exit Planning can be complex. Between setting your exit goals and transferring your business, you’ll attempt to build business value, find an appropriate successor or buyer, navigate perplexing tax implications, and keep your key employees onboard. And that’s just a few of the things you’ll do! With so many considerations surrounding your business exit, you may want to consider creating …

Charitable Giving: Not a One Trick Pony

The beginning of a new year presents an opportunity for investors to recalibrate and review their goals. Often among these is a renewed endeavor to give back in a charitable fashion. While it may seem counterintuitive, the appropriate planning techniques make it possible to maximize return, enhance tax efficiency and satisfy philanthropic ambitions. In lieu of traditional donations, these techniques …

How the New Tax Structure Affects You

In late 2017, Congress passed a new tax law that will affect your taxes in 2018. There were many changes to the tax structure, both for people and businesses that may affect your decisions this year and come tax time next year. Here are some ways the new tax law will affect individuals. Limits on state and local tax (SALT) …

Tax Reform Arrives

By Jack Davidson, CPA, CFP® On Tuesday, December 19th, the House passed the tax reform bill with a vote of 227-203. The tax bill hit a late snag on Tuesday afternoon, as the Senate parliamentarian noted that the House-passed bill contained three minor provisions that violated Senate rules, thus requiring slight modifications. After further deliberations, the Senate passed the bill …

Tax Reform for Nonprofits

The U.S. House of Representatives passed the long anticipated tax reform bill over two weeks ago on Thursday, November 16th. While the new taxation rates for both corporations and individuals have consumed the majority of headline news, the Tax Cuts and Jobs Act also incorporates several divisive provisions which may significantly impact a number of nonprofit institutions. Some of the …

Tennessee Tax Changes That Could Affect You!

Last year, Tennessee’s legislators and Governor enacted a repeal of the TN Hall Tax effective 2022 and a reduction of the rate from 6% to 5% beginning January, 1 2016.  Last month, they went a step further in repealing the TN Hall Tax and reducing rates paid by residents.  The following schedule outlines the changes and effective dates: 4% of …