Alerts & Updates
New York Tax Court Approves "Drop and "Swap" Technique in Real Estate Like-Kind Exchange
December 16, 2025An IRC § 1031 like-kind exchange (“LKE”) is a tax-deferred transaction in which the taxpayer sells real estate held for productive use in a trade or business or for investment (“qualifying property”) and reinvests the sales proceeds in other qualifying property.
Connecticut Appellate Court Issues Guidance on Asset-Protection Trusts in Divorce
December 9, 2025A recent Connecticut Appellate Court case provides guidance on an important issue in many high-net-worth divorce cases: whether property in asset-protection trusts is “marital property” subject to equitable distribution.
New York Emphasizes "Substance over Form" In Determining Domicile For Income Tax Purposes
December 8, 2025The determination of domicile can be critical for state tax planning because states which have state level income and/or estate taxes generally impose those taxes on a person domiciled in the state more than on a non-resident.
2025 Private Clients Annual Update
November 18, 2025We hope that you and your family are enjoying a peaceful and healthy 2025. This past year has brought a lot of changes and political and economic debate in Washington and nationally, but for once we find ourselves ending the year with a new level of predictability in the federal gift, estate and generation-skipping transfer (“GST”) tax regime.
IRS Issues Final Regulations on Roth Catch-Up Provisions
October 14, 2025On September 15, the Internal Revenue Service issued final regulations which implement the mandatory Roth catch-up contribution rule enacted as part of the SECURE 2.0 Act of 2022 (the “SECURE Act”).
"One Big Beautiful Bill Act" - Summary of Tax Provisions Affecting Individuals and Businesses
July 22, 2025On July 4, President Trump signed the “One Big Beautiful Bill Act” (OBBBA) into law. The OBBBA includes $4.5 trillion in net tax cuts achieved by making several existing federal tax provisions permanent, repealing or modifying other federal tax provisions, and introducing new federal tax provisions.
The One Big Beautiful Bill Act Sets Federal Estate, Gift and Generation-Skipping Tax Exemptions at $15,000,000 Indefinitely
July 3, 2025H.R. 1, President Trump’s One Big Beautiful Bill Act (the “Act”), has passed both the Houses of Congress. At the time of this release, it is headed to the White House where the President is expected to sign it. Technically a budget reconciliation, the Act contains many tax and spending changes across all areas.
Connecticut Supreme Court Streamlines and Clarifies Procedures in Probate Court Appeals
June 24, 2025In an important decision for trust and estate litigators, as well as for fiduciaries and beneficiaries, the Connecticut Supreme Court recently confirmed that summary judgment is available in appeals from Probate Court decisions, resolving a longstanding split of authority and paving the way for expedited resolution of those appeals.
Tax Court Holds State Law Limited Partners Are Not Limited Partners for Federal Self-Employment Tax Purposes
June 10, 2025As a rule, an individual partner’s distributive share of ordinary business income is included in net earnings from self-employment under Internal Revenue Code § 1402(a) and is subject to federal self-employment tax.
Capital Gain from Sale of Stock by Nonresident is Subject to Massachusetts Income Tax
April 23, 2025On April 3, the Massachusetts Appeals Court ruled in Welch vs. Commissioner of Revenue that the taxpayer was liable for Massachusetts income tax on his sale of stock in a Massachusetts-based company even though the taxpayer was a nonresident of Massachusetts at the time of the sale.
IRS Issues Guidance on Theft Losses Stemming from Scammers
March 31, 2025Internal Revenue Code § 165 provides a deduction for losses sustained during the current taxable year and not compensated by insurance or otherwise, and for which there is no reasonable prospect of recovery.
FinCEN Removes Requirement that Domestic Reporting Companies Disclose Beneficial Ownership Information
March 25, 2025On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule removing all requirements that domestic reporting companies disclose their beneficial ownership information (BOI) to FinCEN pursuant to the Corporate Transparency Act (CTA) or update any previously filed report with FinCEN pursuant to the CTA.