News & Analysis as of

Estate Tax

Estate taxes, also known as inheritance or death taxes, are taxes on an individual's right to transfer property at death.

IRS and Treasury Department to Withdraw Proposed Tax Regulations Curbing Valuation Discounts

by Davis Wright Tremaine LLP on

In a positive development for closely-held business owners and their families, the Treasury Department recently recommended the complete withdrawal of its proposed tax regulations that would have severely limited the...more

Estate Tax Changes Past, Present and Future

by McGuireWoods LLP on

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

“Constructive Gifts” & The Partnership Allocation Rules

by Farrell Fritz, P.C. on

Relief? Not So Fast- You may recall that the President directed the Treasury Department to identify “significant tax regulations” issued during 2016 that, among other things, add undue complexity to the tax laws. An...more

TIGTA Determines Improvements Are Needed In Estate And Gift Examination Processes

by Fox Rothschild LLP on

TIGTA recently released a report discusses their audit of the IRS’s estate and gift tax examination procedures. TIGTA made eight recommendations of changes to the estate and gift tax examination process. The bulk of TIGTA’s...more

Nate Smithson Provides an Update on Tax Reform

by Jackson Walker on

Jackson Walker partner Nate Smithson has prepared an updated guide to tax reform which reflects President Trump’s new tax plan. The guide covers tax brackets, deductions, capital gains, and other relevant topics in tax...more

Planning ahead after a divorce

For those in the middle of a divorce, the last thing on their mind is a review of their estate plan. However, a major life change, such as a divorce, is a critical time to update an estate plan so that wishes are carried out...more

Withdrawal of Proposed Tax Regulations Affecting Availability of Valuation Discounts to Family Business Owners

In September and December of last year, we posted blog articles discussing the Treasury Department’s issuance of proposed regulations under Section 2704 of the Internal Revenue Code (sometimes referred to as the 2704 proposed...more

Tax Reform Update: A Call for Committee Action

by McNair Law Firm, P.A. on

On September 27, 2017, the Secretary of the Treasury, the Director of the National Economic Council, the Chair of the U.S. House Ways and Means Committee, the Chair of the U.S. Senate Finance Committee, the Speaker of the...more

Republicans Announce Tax Reform Framework, Which Includes Repealing Estate Tax

After months of speculation, President Trump and the Republicans have announced their framework for tax reform. While specific details are not known, the key elements of the framework include...more

Framework for Tax Reform Announced

by Hinshaw & Culbertson LLP on

On September 28, the Trump Administration and the Republican Congressional leadership announced their framework for tax reform. Many of the crucial details have been left for Congress to decide, but the major points of the...more

The White House Framework for Tax Legislation

On September 27, the White House released a document called the “Unified Framework for Fixing Our Broken Tax Code,” containing an outline prepared by the administration plus the senior Republican members of the tax-writing...more

Tax Changes On the Horizon: What To Expect In Federal Estate, Gift And Generation-Skipping Transfer Taxes

by Fox Rothschild LLP on

Since July 2016, there have only been incremental changes to the federal estate, gift and generation-skipping transfer taxes and related income tax rules, and to the Washington estate tax rules....more

Musings on the Unified Tax Reform Framework - What It Means for the Real Estate Industry

by Goulston & Storrs PC on

This September, the Trump Administration, the House Ways and Means Committee and the Senate Finance Committee released a unified framework for a major tax reform effort. The framework is not a set of detailed legislative...more

Unified Framework for Tax Reform

by Ballard Spahr LLP on

President Donald J. Trump and the "Big Six"—House Speaker Paul Ryan (R-WI), Senate Majority Leader Mitch McConnell (R-KY), Treasury Secretary Steven Mnuchin, White House adviser Gary Cohn, House Ways & Means Committee...more

More Specifics Come Out in New Trump Tax Plan

by Barley Snyder on

The Trump administration on Wednesday released its “Unified Framework for Fixing Our Broken Tax Code.” The reforms outlined in the documents provide more specificity than prior White House plans, but a number of specifics...more

U.S. Tax Reform Effort Moves Forward

by Hogan Lovells on

On September 27, 2017, Republican leaders of the tax reform effort in the U.S. House of Representatives, the U.S. Senate, and the Trump Administration released a "Unified Framework for Fixing Our Broken Tax Code," providing...more

Trump Tax Reform Roadmap Released

by Butler Snow LLP on

On Wednesday President Trump and congressional Republicans unveiled their long-awaited framework for overhauling the United States tax code. Although much of the content was expected, the proposal is notable because it...more

Tracking Tax Reform: Fall 2017 Update

by Locke Lord LLP on

On September 27 the “Big Six,” which includes Treasury Secretary Steven Mnuchin, National Economic Council Director Gary Cohn, and other top Republicans in the House and Senate, released the “Unified Framework for Fixing Our...more

Estate Tax Changes Past, Present, and Future

by McGuireWoods LLP on

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

The Unified Framework for Tax Reform: Impact on Transfer Tax Planning for the High-Net-Worth Individual

by McDermott Will & Emery on

The Trump Administration, the House Committee on Ways and Means and the Senate Committee on Finance released their Unified Framework (Framework) for Tax Reform on September 28. There were few surprises and fewer details...more

Some Quick Thoughts on the “Big Six” Unified Framework

by Proskauer - Tax Talks on

Yesterday, the Trump Administration, the House Committee on Ways and Means, and the Senate Finance Committee proposed a “unified framework” for tax reform. The members of the working group are House Speaker Paul Ryan (R-WI),...more

"Big Six" Release Tax Reform Framework

by Clark Hill PLC on

On September 27, 2017, the White House Administration and Republican leadership came together to release the highly-anticipated "Big Six" tax framework for tax reform. The 9-page outline provides few details and mimics...more

The Path to Tax Reform 2017: September Framework Sets Stage for Passage Before Year-End

by BakerHostetler on

With the release today of a Republican budget framework (the Framework) reflecting the shared view of the White House and House and Senate leaders – and with GOP majorities in both chambers of Congress – there is a likelihood...more

Tax Law Uncertainty Should Not Delay Farming Business Succession Planning

by Downey Brand LLP on

President Trump promised and will pursue tax reform, but Congress must agree to any proposal. For the most part, a majority vote in both houses would allow tax reform for about a decade, and at least sixty Senate votes would...more

Planning for 2018

by Dickinson Wright on

Even if Congress fails this autumn to overhaul the Internal Revenue Code and, conceivably, repeal the federal “death” or estate tax, 2018 can be expected to bring relief in the form of taxpayer-friendly inflation adjustments....more

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