In a unanimous decision last Friday, the US Supreme Court ruled that the North Carolina Department of Revenue violated the Due Process Clause of the Constitution in taxing the trust of a beneficiary who moved to the state. NC assessed a tax of more than $1.3M for 2005-2008 even though the taxpayer had no right to nor received any distributions, nor did the trust have a physical presence, make any direct investments or hold any real property in the state. This case is discussed in an article in Accounting Today which we share in today’s blog.

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Your tax advisor at Sharrard, McGee & Co., looks forward to discussing any questions you have about estate planning and trusts, helping you ensure your beneficiaries are not challenged by unexpected tax issues with their inheritances. Call us at (336) 884-0410 in High Point or (336) 272-9777 in Greensboro.