The Corporate Transparency Act (the "Act") is a significant piece of legislation enacted as part of the National Defense Authorization Act for Fiscal Year 2021. The Act was designed to prevent the misuse of corporations and...more
12/1/2023
/ AML/CFT ,
Beneficial Owner ,
Beneficiaries ,
Compliance ,
Confidential Information ,
Corporate Transparency Act ,
Disclosure Requirements ,
FinCEN ,
Internal Revenue Code (IRC) ,
Money Laundering ,
NDAA ,
Penalties ,
Privacy Laws ,
Publicly-Traded Companies ,
Real Estate Investments ,
Tax Fraud ,
Trustees ,
Trusts
There are more estate planning opportunities as a result of inflation-adjusted figures recently released by the IRS. The gift, estate, and generation-skipping transfer (“GST”) tax exemption amounts are each increasing to...more
11/23/2022
/ Beneficiaries ,
Charitable Lead Annuity Trust ,
Estate Planning ,
Estate-Tax Exemption ,
Generation-Skipping Transfer ,
Gift-Tax Exemption ,
Grantor Retained Annuity Trusts (GRATs) ,
Income Taxes ,
Price Inflation ,
Tax Code ,
Tax Exemptions ,
Trusts
On September 13, 2021, the House Ways and Means Committee formally released its proposed tax provisions to be incorporated into the broader budget reconciliation bill it hopes will pass in the near future (the “Tax...more
Interest rates that are used for loans to family members, loans to trusts and to value gifts to certain trusts have been further reduced as a result of market conditions driven by the COVID-19 pandemic. These historically low...more
As each of us copes with the ongoing challenges posed by COVID-19, we hope this finds you and your families safe and healthy. It can be difficult to think beyond the moment when faced with the daily anxiety and uncertainty...more
4/3/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Estate Planning ,
Gift Tax ,
Gift-Tax Exemption ,
Income Taxes ,
Relief Measures ,
Retirement Funds ,
Tax Relief ,
Time Extensions ,
Transfer of Assets
In the wake of the Coronavirus pandemic, on March 18, 2020 the U.S. Internal Revenue Service issued guidance extending the Federal income tax payment deadline for any person with a Federal income tax payment otherwise due...more
On December 22, 2017, President Trump signed into law new tax legislation (the “2017 Tax Bill”). The 2017 Tax Bill makes sweeping changes to the U.S. tax code, including a reduction in corporate tax rates, significant changes...more
1/2/2018
/ 529 Plans ,
Charitable Donations ,
Estate Planning ,
Estate Tax ,
Generation-Skipping Transfer ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exemptions ,
Tax Reform ,
Transfer Taxes ,
Trusts
After years of anticipation, the U.S. IRS recently issued Proposed Treasury Regulations that would, if enacted in their current form, substantially eliminate most valuation discounts for family-controlled entities and result...more
9/9/2016
/ Business Succession ,
Business Valuations ,
Closely Held Businesses ,
Comment Period ,
Estate Planning ,
Estate Tax ,
Family Businesses ,
Family Limited Partnerships ,
Gift Tax ,
IRC Section 2704 ,
IRS ,
Limited Liability Company (LLC) ,
Partnerships ,
Proposed Regulation ,
Succession Planning ,
Transfer of Assets ,
Transfer Taxes ,
U.S. Treasury
Typically, the sponsors of private equity funds are focused on the fundraising process and the initial launch of the fund, and little attention is devoted to the estate planning opportunities that may be best exploited at the...more
Individuals who wish to make gifts or other transfers of interests in family-owned/controlled entities, such as closely-held businesses, limited partnerships, or limited liability companies should consider making such...more
Governor Andrew Cuomo signed into law on April 1, 2014 the 2014-2015 New York State budget. The new law, which was widely debated after Governor Cuomo introduced it on January 21, includes a number of changes to New York...more