Alerts & Updates
Client Alert - IRS Proposes Regulations on How the Qualified Business Income Deduction (199A) Will Apply to Estates and Trusts
August 16, 2018The Tax Cuts and Jobs Act of 2017 (the "Act") created a new deduction under section 199A of the Internal Revenue Code for Qualified Business Income. The new deduction allows the owner of an interest in a pass through entity to take a deduction of up to 20% of the Qualified Business Income of the entity each year.
Client Alert - Charitable Contributions Guidance Updated by IRS
May 15, 2018The provisions of Chapter 13 of the Internal Revenue Code aren't for the faint of heart. That chapter specifically deals with the tax on generation-skipping transfers, that is transfers to individuals more than one generation below the donor.
Client Alert - Newman's Own Exception Makes It Easier For Private Foundations to Hold Business Interests
February 8, 2018IRS Section 4943(g) was added to the Internal Revenue Code on February 9, 2018. Informally known as “Newman’s Own”, section 4943(g) provides an exception to the private foundation excess business holding rules that will allow certain private foundations to own 100% of a privately held company indefinitely, so long as certain requirements are met.
Client Alert - The Tax Cuts and Jobs Act of 2017
December 2017/January 2018As you are aware, on December 22, 2017, the Federal government enacted The Tax Cuts and Jobs Act of 2017 (the "2017 Tax Act") changing, among other things, the estate, gift and generation-skipping transfer ("GST") tax regime once again.
Client Alert - Important New Changes to the Connecticut Estate and Gift Tax
November 1, 2017On October 31, 2017, Governor Dannel P. Malloy signed the new Connecticut State Budget for the Biennium Ending June 30, 2019. The new budget included a change to the Connecticut Estate and Gift Tax Regime.
2016 Private Clients Group Annual Client Update
November 2016Although we cannot be certain what the new Trump Administration will seek to change in the federal tax laws, we do know that during the campaign season President-Elect Trump expressed these intentions with regard to federal estate, gift and income taxes.
Client Alert - IRS Proposes Dramatic Changes in Valuation Discounts For Family-Owned Businesses and Entities For Gift and Estate Purposes
August 31, 2016On August 2, 2016, the IRS proposed major changes to the Regulations under Section 2704 of the Internal Revenue Code affecting how interests in family-held businesses are to be valued when transferred among family members.
Client Alert - Tax-Free Direct Charitable/IRA Distributions
November 2015Will Congress extend expired law retroactively for 2015? If so, when? What should donors do?
Client Alert - New York Estate Tax Laws
February 2014Recently Governor Cuomo submitted a budget bill which includes significant changes to the New York estate tax laws.
Client Alert - Estate, Gift and Generation-Skipping Transfer Tax
January 2013On January 2, 2013, the Federal Government enacted the American Taxpayer Relief Act of 2012 (the “2012 Tax Act”) changing, among other things, the estate, gift and generation-skipping transfer (“GST”) tax regime once again.