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☆ Rich parents want to give to charity and leave more money to their kids. Here's how billionaire families do it.
▼ + stars: | 2024-01-29 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +8 min

Read previewWhen the rich give to charity, they find a way to get the most bang for their buck. If the trust assets are invested and achieve an annual rate of return of 9% a year, the CLT's remainder will be $2.1 million. Advertisement"It's a fantastic low interest rate play," said Renn. "The problem now is rates have really risen and it's to the point where some investments clearly can outperform a 4% or 5% interest rate, but others might struggle." In this interest rate environment, charitable remainder trusts (CRTs) have better odds.

Persons: —, Jacqueline Kennedy Onassis, Walton, Lance Morgan, Ed Renn, I've, Renn, Dan Griffith, Griffith, CLTs, Onassis, CLATs, Alice, Jim Walton, Rick T, Jennifer Galvagna, Michael Prinzo, they're Organizations: Service, Tax, Business, Bloomberg, Huntington Private Bank, Walmart, Bank of America Private Bank Locations: Withersworldwide, CLTs, Fayetteville , Arkansas, Israel, Palestine

☆ How the superrich, like Walmart's Waltons, get richer by using trusts to give to charity and save on tax
▼ + stars: | 2024-01-23 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

If the calculations predict that the trust's remainder interest is zero, the beneficiaries are exempt from estate tax even if the assets actually appreciate by a greater amount. If the trust assets are invested and achieve an annual rate of return of 9% a year, the CLT's remainder will be $2.1 million. Advertisement"It's a fantastic low interest rate play," said Renn. "The problem now is rates have really risen and it's to the point where some investments clearly can outperform a 4% or 5% interest rate, but others might struggle." In this interest rate environment, charitable remainder trusts (CRTs) have better odds.

Persons: —, Jacqueline Kennedy Onassis, Walton, Lance Morgan, Ed Renn, I've, Renn, Dan Griffith, Griffith, CLTs, Onassis, Jennifer Galvagna, Michael Prinzo, they're Organizations: Service, Tax, Business, Bloomberg, Huntington Private Bank, Bank of America Private Bank Locations: Withersworldwide, CLTs, Israel, Palestine

☆ How to access your IRS transcripts for an accurate tax return — and faster refund
▼ + stars: | 2023-02-22 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

"Oftentimes, filing a complete and accurate return is much better than filing the return quickly," said Michael Prinzo, managing principal of tax at CliftonLarsonAllen. Companies prepare tax forms such as W-2s or 1099s every year, with copies for taxpayers and the IRS. How to use IRS transcriptsOne way to check which forms you need is by pulling an IRS transcript online, which summarizes some of your key tax information. How to access IRS transcripts online 1. Other uses for IRS transcripts

☆ Oscar-nominated 'Everything Everywhere All At Once' features an IRS ordeal, but here's what really happens in an audit, according to tax pros
▼ + stars: | 2023-01-24 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

But audits have been rare, according to Ryan Losi, a certified public accountant and executive vice president of CPA firm Piascik. "I have maybe two or three a year, and that's with 600 clients," he said. Typically, the IRS uses software to assign a numeric score to returns, and when the rating is high enough, it may be flagged for an audit, explained Michael Prinzo, managing principal of tax at CliftonLarsonAllen. During the fiscal year 2022, 85% of IRS audits occurred by correspondence, according to the Syracuse University report. Michael Prinzo managing principal of tax at CliftonLarsonAllen

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