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Internal Revenue Service › Family Limited Liability Companies

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Bradley Arant Boult Cummings LLP

Recent Rulings on “Family Limited Liability Entity” Election Create Traps for the Unwary

Bradley Arant Boult Cummings LLP on

Although every LLC, limited partnership or other pass-through entity doing business in Alabama, and even those simply organized under Alabama law, are subject to an annual business privilege tax (BPT), certain entities can...more

Baker Donelson

Proposed Regulations Seek to Significantly Limit Common Estate Planning Tool

Baker Donelson on

The Internal Revenue Service (IRS) has issued long-expected proposed regulations aimed at eliminating the availability of certain valuation discounts for most family-controlled entities. These proposed regulations are...more

Proskauer Rose LLP

Valuation Discounts for Transfers of Interests in Family Entities May Be Severely Curtailed – You May Want To Act Now

Proskauer Rose LLP on

On August 2, 2016, the Treasury Department and the Internal Revenue Service (the "IRS") issued proposed regulations under section 2704 (the "Proposed Regulations") of the Internal Revenue Code of 1986, as amended (the...more

Adler Pollock & Sheehan P.C.

Insight on Estate Planning - February/March 2016

Adler Pollock & Sheehan P.C. on

When interest rates are low, it’s high time for estate planning - Interest rates remain at record lows, and while many experts believe they’ll begin to rise soon, it’s likely they’ll rise slowly. So it’s an ideal time to...more

Williams Mullen

Taxpayer Prevails in Family Limited Liability Company Case

Williams Mullen on

In a recent taxpayer victory, the Tax Court found in favor of the taxpayer with respect to three hotly contested gift and estate planning issues involving family limited liability companies. The Tax Court decided the case of...more

Best Best & Krieger LLP

Best in Law: IRS Moves Mean It's Time to Shift Family Entity Wealth

Best Best & Krieger LLP on

The IRS may take action very soon to eliminate or reduce a widely used and valuable family business entity wealth transfer strategy. The window of opportunity to take advantage of this strategy may close within the next month...more

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