Connelly v. United States involved determining the fair market value of a closely-held corporation for purposes of estate taxation. A corporation, owned by two brothers, was obligated to buy back the shares of the first to...more
6/18/2024
/ Business Ownership ,
Business Succession ,
Buy-Sell Agreements ,
Closely Held Businesses ,
Connelly v United States ,
Estate Planning ,
Estate Tax ,
Fair Market Value ,
IRS ,
Life Insurance ,
Redemption Agreement ,
SCOTUS ,
Shareholders ,
Small Business ,
Survivorship
The issue in Connelly v. US is whether, for estate tax purposes, the value of a closely-held corporation using corporate-owned life insurance to redeem the shares of a decedent shareholder increases the value of the company...more
Because of the large number of inappropriate claims for the Employee Retention Tax Credit (ERTC), the IRS has stopped receiving applications for those credits beginning on September 14, 2023. The moratorium will continue at...more
Federal legislation relating to the employee retention tax credit (“ERTC”), passed to alleviate the financial burdens of businesses shut down due to governmental orders during COVID, is discussed in a prior Client Advisory....more
During the COVID-19 emergency, the federal government offered much-needed liquidity to qualifying businesses and nonprofits through loans and payroll tax credits. Qualified employers have been allowed credits against certain...more
Overview of Federal Regulation -
As transactions involving cryptocurrencies, such as Bitcoin, become more prevalent, regulatory oversight has been evolving....more
10/8/2019
/ AML/CFT ,
Bank Secrecy Act ,
Bitcoin ,
Blockchain ,
Cryptocurrency ,
Digital Currency ,
FinCEN ,
IRS ,
Modified Adjusted Gross Income ,
Popular ,
Regulatory Oversight ,
Regulatory Standards ,
Suspicious Activity Reports (SARs) ,
Virtual Currency
Financial institutions that sell mutual funds to the public often maintain 401(k) and other retirement plans for their own employees. In these plans, many financial institutions make their own mutual funds available to...more
The following is a short checklist of issues that Massachusetts and other employers need to address as the laws relating to retirement, medical and other employee benefits have changed. The details regarding the application...more