Income Taxes Estate Tax

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
News & Analysis as of

Connecticut Tax Developments

2016 Legislative Session: The New Economic Reality - In his February 2016 State of the State address, Governor Malloy announced that his administration would be adopting a new approach to state budgeting in light of...more

Does Anybody Really Know What Time It Is?

In Notice 2016-27, 2016-15 IRB 1, the IRS has again delayed the initial due date for providing statements to the IRS and to beneficiaries under the “consistent basis reporting” rules for estate and income tax purposes until...more

Recent Connecticut Tax Law Developments

Coming off what was a relatively quiet year in 2014, the year 2015 was a tumultuous year for Connecticut tax law changes. The changes enacted during 2015 will impact virtually all taxpayers in the state (both individuals and...more

2016-17 New York State Budget

On April 13, 2016, Governor Andrew M. Cuomo signed the 2016-17 New York State Budget into law. We summarize the highlights of the revenue provisions below. Personal Income/Estate Taxes Personal Income Tax rates are scheduled...more

2015-16 New York State Budget

On April 13, 2016, Governor Andrew M. Cuomo signed the 2016-17 New York State Budget into law. We summarize the highlights of the revenue provisions below....more

Plan Ahead to Avoid or Minimize US Estate Tax

If you are not a US resident or a US citizen and are considering buying assets in the US, there are ways to avoid or minimize US estate tax on those assets. ...more

Estate Planning and Administration – Be Prepared for the Year That Follows the Death of a Loved One

The loss of a loved one is a traumatic event and it can be among the most challenging of times to make important financial decisions. Proactive planning with an attorney and financial planner can significantly lessen the...more

Annual Estate Planning Newsletter: Part One

Action Item: This year, Blank Rome’s annual estate planning newsletter will be issued in six installments. Each installment will discuss certain concepts and techniques that we hope may be of interest to our clients and...more

U.S. Pre-Immigration Tax Planning

The U.S. Pre-Immigration Tax Planning brochure provides information on the U.S. Tax Code, income tax, estate and gift tax, and pre-immigration considerations, in addition to real-world examples. There are no adverse...more

Focus on Tax Controversy - December 2015

IRS Updates Administrative Appeals Process for Cases Docketed in Tax Court - In Notice 2015-72, the Internal Revenue Service (IRS) provided a proposed revenue procedure to update Rev. Proc. 87-24, 1987-1 C.B. 720, which...more

Are Income Tax Refunds Due to a Decedent Subject to Estate Taxes?

I've always thought so, but apparently at least one estate thought not, and took the issue to the Tax Court. A decedent died before filing his income tax return for the prior calendar tax year. Once the return was...more

IRS Proposed Regs Redefine the Terms “Husband” and “Wife”

The Supreme Court has recently struck down state bans on same-sex marriage as unconstitutional in Obergefell v. Hodges, 576 US ___ (2015), after previously striking down the federal exclusion of same-sex couples from...more

Inflation Adjustments for 2016

On October 21, 2015, the IRS released the annual inflation adjustments which will apply to tax year 2016. These adjustments will help determine a taxpayer's tax bracket and available deductions, credits, exclusions, and...more

Treasury and the IRS Issue Proposed Regulations Implementing Supreme Court Same-Sex Marriage Ruling

In recent guidance, the Department of Treasury and the IRS issued proposed rules that clarify under the Internal Revenue Code (Code) that the terms “spouse” and “husband” and “wife” refer to individuals who are lawfully...more

Tax Planning for Chinese Investment in U.S. Real Estate

According to recent estimates, Chinese investors represented the largest group of foreign investors in U.S. real estate in the second quarter of 2015 with $1.9 billion in acquisitions. In the last 12 months, Chinese investors...more

Estate Planning Pitfall: You jointly own property with a family member

A common estate planning mistake that many people make is to own property jointly with a child or other family member. True, adding a loved one to the title of your home, bank account or other property can be a simple...more

Wealth Management Update - October 2015

October Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The October § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more

Insight on Estate Planning - October/November 2015

In This Issue: - The net investment income tax and your estate plan: How one affects the other - Use a noncharitable purpose trust to achieve a variety of goals - Addressing adopted children or stepchildren in your...more

2017 Diversity Immigrant Visa Lottery Program Announced

The U.S. Department of State has announced the opening of the registration period for the DV-2017 Diversity Visa (DV) Lottery Program. The DV Lottery Program enables foreign nationals to apply for permanent residence in the...more

Pass-Through Business Tax Alert

The Pennsylvania Department of Revenue has announced that it will soon begin identifying pass-through business entities that have under-reported income, failed to file PA-20S/PA-65 Information Returns, and failed to maintain...more

Wealth Management Update - September 2015

September Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The September § 7520 rate for use with estate planning techniques such as CRTs, CLTs,...more

Florida Tax Issues in Commercial Real Estate and Related Financing Transactions

Florida has long been known as a tax friendly state for retirees. The "Sunshine State" has no income tax on individuals and no estate taxes. The state has quite a different reputation for commercial real estate investors who...more

Tax-Savvy Planning for Foreign Business Owners Seeking Temporary U.S. Residence: Alternatives to the EB-5 Visa

The EB-5 Visa program has been widely promoted as a legal basis for foreign business owners to gain conditional residency followed by permanent residency in the United States. The program is a great solution to the...more

Trust And Estate: Changes To UK Resident Non Dom Income Tax Laws Leads To Need To Establish A Resident Non Dom Income Tax Trust...

The UK tax obligations of an individual depend in large part on the individual’s "domicile" under generally applicable English common law principles. The citizenship of an individual is irrelevant under the UK tax system. The...more

Tax Changes Made by Maine's 127th Legislature

The Maine Legislature ended its tumultuous session on July 16, 2015. After an advisory opinion by the Maine Supreme Court, we now know which bills actually became law. As usual, a number of significant tax issues were...more

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