Charitable Purpose Trusts
By Nizam Shajani, CPA, CA, MBA November 13, 2020 A charitable purpose trust is a trust for a purpose that is recognized under the common law as a ‘charitable purpose’. This is not the same thing as a ‘charity’. Non-profit…
Tax Planning for a Partnership
By Nizam Shajani, CPA, CA, MBA November 9, 2020 Under the common law a partnership exists when two or more persons carry on business in common with a view to profit. The rules governing the creation and legal existence of…
How Partners of Partnerships are Taxed
By Nizam Shajani, CPA, CA, MBA November 6, 2020 The taxation of partnerships function on a flow through basis. Partnerships are not taxable, nevertheless the tax attributes of a partnership are allocated to the partners. The partners are therefore responsible…
What is a Partnership?
By Nizam Shajani, CPA, CA, MBA November 2, 2020 A partnership is a relationship between two or more persons. From a tax perspective, this includes a business that is carried on with a view to profit. However, a partnership is…
Administration of Property Held for Others Under Statutory Authority
By Nizam Shajani. CPA, CA, MBA October 30, 2020 As your parents and grandparents age, you may find yourself in a position where you need to assist them with the management of their financial affairs. Taking on this responsibility requires…
Estate and Trust Accounts
By Nizam Shajani, CPA, CA, MBA October 29, 2020 The management of another person’s personal affairs is a sacred trust that is backed by legal obligations to the guardian or trustee. The Trustee has an obligation to keep trust property…
Death of a Tax Payer
Nizam Shajani, CPA, CA, MBA October 26, 2020 While it is a difficult situation when a loved one passes away, this situation may be exasperated with the tax filing requirements for the deceased. Understanding the requirements helps. Planning for this…
The Pipeline Plan
By Nizam Shajani, CPA, CA, MBA October 23, 2020 “Life is really simple, but we insist on making it complicated.” Confucius. The estate of business owners often encounters the implacable reality of double taxation. This may occur when the shareholders…
Five Ways to Transfer an Estate
Nizam Shajani, CPA, CA, MBA October 19, 2020 “What I know for sure is that what you give comes back to you.” – Oprah Winfrey. When creating or updating an estate plan, there are at least five methods for transferring…
Insurance as a Tax-Savings Vehicle for Estate Planning
By Nizam Shajani, CPA, CA, MBA October 16, 2020 Tax in Estate Planning “What counts is not the mere fact that we have lived. It is what difference we have made to the lives of others that will determine the…