The Corporate Transparency Act (CTA) imposes far-reaching new reporting obligations on many U.S. businesses, and the penalties for non-compliance are substantial. With only a few months left before the January 1, 2025,...more
Back in August, our firm released an alert on the Corporate Transparency Act (the “CTA”), summarizing the reporting obligations and the important deadlines for entities that will be considered “reporting companies” under the...more
In recent years, we have seen high net-worth and ultra-high-net-worth families become, increasingly, “global citizens.” As families and their assets touch multiple jurisdictions, a myriad of issues become especially important...more
10/5/2023
/ Asset Management ,
Estate Planning ,
High Net-Worth ,
Income Taxes ,
Internal Revenue Code (IRC) ,
International Regulatory Standards ,
International Travel ,
IRS ,
Marital Assets ,
Tax Liability ,
Tax Planning ,
Wealth Management
On March 25, 2021, Senator Bernie Sanders introduced the For the 99.5 Percent Act (the “99.5 Percent Act”) which proposes to modify the estate, gift and generation-skipping transfer tax.
Proposed Estate and Gift Tax Rates...more
Please join us on January 29th as we discuss the following topics on estate and gift tax planning for clients with international ties:
- Gifting to a non-citizen spouse
- The difference between U.S. “residency” for...more
1/19/2021
/ Continuing Legal Education ,
Estate Planning ,
Estate Tax ,
Foreign Assets ,
Foreign-Citizen Spouses ,
Gift Tax ,
Gifts ,
Income Taxes ,
International Tax Issues ,
Non-Citizens ,
Non-Residents ,
Tax Planning ,
Webinars
California Proposition 19, which appeared on the November 3, 2020, ballot, appears likely to pass. The measure currently has a 51.1% “Yes” vote, although all votes have not been counted and the results of the election have...more
The California Legislature recently resumed discussion of enacting a new California wealth tax. If A.B. 2088 (referred to as the “Wealth Tax Act”) is enacted, a 0.4% tax would be imposed annually on the worldwide net worth of...more
Although it has occurred sporadically – Notice 20-17 on March 18, Notice 20-18 on March 21, Notice 20-20 on March 27 – the IRS has finally issued comprehensive (almost) guidance in Notice 20-23 on April 9 providing for the...more
4/15/2020
/ Coronavirus/COVID-19 ,
Income Taxes ,
Interest Accrual ,
IRS ,
New Guidance ,
Public Notice ,
Tax Debt ,
Tax Extensions ,
Tax Penalties ,
Tax Relief ,
Tax Returns ,
Time Extensions
Updated as of April 10, 2020 at 5:00 p.m. -
Over the last few weeks, various taxing authorities have issued guidance alleviating several of the annual upcoming deadlines and provided additional useful tax planning...more
Over the last few weeks, various taxing authorities have issued guidance alleviating several of the annual upcoming deadlines and provided additional useful tax planning information. The guidance is changing almost daily, and...more
4/1/2020
/ Coronavirus/COVID-19 ,
Corporate Taxes ,
Estate Tax ,
Filing Deadlines ,
Franchise Tax Board ,
Generation-Skipping Transfer ,
Income Taxes ,
Interest Rates ,
IRS ,
Property Tax ,
State of Emergency ,
State Taxes ,
Tax Returns ,
Time Extensions
Updated as of March 23, 2020 at 11:30 a.m.
On Friday, March 20, 2020, the IRS released updated guidance, confirming Secretary Mnuchin’s statements from earlier in the day that the April 15, 2020, federal income tax filing...more
3/24/2020
/ Coronavirus/COVID-19 ,
Corporate Taxes ,
Filing Deadlines ,
Income Taxes ,
Interest Rates ,
IRS ,
Relief Measures ,
State of Emergency ,
State Taxes ,
Tax Returns ,
Time Extensions ,
U.S. Treasury
Earlier this week, amended SB-378 was introduced in the California Legislature providing for the reinstatement of an estate tax and the imposition of a new gift and generation-skipping transfer tax (collectively, “Transfer...more
Transfers of Family-Controlled Business Entities to Family Members Could Get More Expensive -
The Internal Revenue Service (IRS) recently released proposed regulations that will dramatically change the valuation of...more
In high-net-worth estate planning, trusts are commonly used to transfer wealth from generation to generation. The rationale for using trusts is often tax savings, coupled with protection from creditors and claims of a...more
In celebration of Tax Day today, we here at Law Law Land offer tribute to our favorite celebrity/IRS run-ins. Now, lest you think this is just another list airing dirty celebrity tax laundry, think again. This is a classy...more
With the holiday season upon us, we all have so much to be thankful for: our health, happiness, Amazon Prime shipping, and — if you’re Lindsay Lohan — an extra $100k from your Uncle Charlie* (Sheen) to help you out of your...more