After President Donald Trump issued an Executive Order, the IRS announced that it will not reject tax returns just because a taxpayer has not indicated on the return whether the taxpayer had health insurance, was exempt, or made a shared-responsibility payment under Sec. 5000A of the Patient Protection and Affordable Care Act (PPACA).
I periodically get inquiries from individuals who think they can avoid income taxes because they have a trust. Trusts are often very good tools to protect your assets; but not always a good tool for simple tax planning strategies. Trusts generally have much lower deductions, compressed marginal tax rates, and a much lower threshold for the net investment income tax. Thus, a trust may incur higher income taxes than an individual may pay.
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