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Tax Increases

Rivkin Radler LLP

Estate, Gift, GST & Related Income Tax Proposals – What is the White House Doing?

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Earlier this week the White House released its Fiscal Year 2025 Budget. Of course, the federal government has not yet adopted a budget for the Fiscal Year 2024 even as we approach that year’s halfway mark. But I digress. The...more

Seyfarth Shaw LLP

Recordation and Transfer Tax Changes in Maryland and the District of Columbia

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Seyfarth Synopsis: Montgomery and Anne Arundel Counties in Maryland are increasing their recordation and transfer taxes, while 2019 increases to recordation and transfer taxes in the District of Columbia are set to expire....more

Ballard Spahr LLP

Multifamily Updates – Rent Control, Tax Increases, Condominium Warranties, FHFA Tenant Protections RFI

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As a follow-up to our prior alert, we wanted to provide an update to legislative activities in the region: New Prince George’s County Updated Rent Control FAQs. We continue to receive many questions regarding the...more

Miles & Stockbridge P.C.

Montgomery County Impact Taxes to Increase Significantly July 1

The Montgomery County Department of Finance published the required biennial update of its development impact taxes for transportation and public school improvements on May 1. These taxes must be paid prior to the issuance of...more

Cozen O'Connor

Cozen Currents: The Politics of Moderation

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The Cozen Lens- President Biden is taking actions to move towards the center of the electorate as he prepares a re-election bid. Underlying this move is a desire to be a palatable alternative to MAGA Republicans as well as...more

Rivkin Radler LLP

The President’s 2024 Federal Budget: “Reforming” the Taxation of High-Income Taxpayers

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The Budget and Accounting Act of 1921 established the requirement that the President submit a budget to Congress for the upcoming fiscal year. Among other things, the proposed federal budget affords the President an...more

Rivkin Radler LLP

The Closely Held Business and The Tax Gap

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Have you ever wondered whether you were barking up the wrong tree? That the solution to a problem may be found, not in the approach to which you were already committed and invested, but in an altogether different direction?...more

Rivkin Radler LLP

Will New York Increase Taxes On Investment Income?

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Last Thursday, New York State Senator Gustavo Rivera, who represents the 33rd District (basically, the northwestern quadrant of The Bronx), proposed legislation that seeks to collect more taxes from the State’s high-income...more

Pillsbury Winthrop Shaw Pittman LLP

Recent Measures Establish Unprecedented Tax Increases on Real Property in California Cities

In the City of Los Angeles, Measure ULA will impose an additional city real estate transfer tax of 4% on transactions between $5 million and $10 million and an additional 5.5% on transactions over $10 million. In the City...more

Levenfeld Pearlstein, LLC

The Gift, Estate, and GST Tax Exclusion Increased by an Unprecedented $860,000 in 2023: How You Can Make the Most of It

$860,000 – that is the amount of the increase in the gift, estate, and generation-skipping transfer (“GST”) tax exclusion that came into effect on January 1st when the exclusion increased from $12.06 million for 2022 to...more

Cozen O'Connor

Cozen Cities: January 11, 2023

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Gig Economy & Technology- CHICAGO — University of Chicago Commits Millions to Startups The University of Chicago is stepping up its efforts to create more startups, committing more than $20 million to launch three new...more

Husch Blackwell LLP

The IRS is Expected to Adjust Certain 2023 Exclusions and Exemptions for Inflation

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The gift tax annual exclusion allows a taxpayer to gift a certain amount to a recipient each year without using any of the taxpayer’s lifetime exemption amount. In 2022, the annual exclusion amount was $16,000, or $32,000 for...more

Rivkin Radler LLP

The Schumer-Manchin Proposal To “Eliminate” the Profits Interest

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Summer Break? After the last couple of weeks, I’m looking forward to Congress’s summer vacation. I’m pretty sure our elected representatives feel the same way, though it is unclear at this point when they will be heading...more

Rivkin Radler LLP

Leaving New York? Can You Prove It?

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“Summertime and the Living” Isn’t Easy- Summer in the New York Metro Area can be challenging. Some would say it sucks. It gets really hot. When it rains, it pours – no spritz here. The humidity is oppressive. Ironically, a...more

Cozen O'Connor

Cozen Currents: Democrats Continue to Face Uphill Battle Despite GOP's Unforced Errors

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The Cozen Lens- The 2022 midterm elections are so far unfolding as one would expect for a referendum on the party in control of power. But intra-party dynamics and the prevalence of Trumpism could leave Republicans making...more

Cozen O'Connor

Broad Street Brief: Mayor Kenney Gives Budget Address

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Mayor Kenney Gives Budget Address- Today, Mayor Kenney will outline his vision for the upcoming fiscal year’s budget, which will officially kick off budget season. His proposal does not include tax increases, but it...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Certain Trust Expenses Still Deductible Until 2026

The Tax Cuts and Jobs Act (TCJA), while lowering taxes for most, raised them for a few. One group of those few taxpayers for whom taxes went up under TCJA were certain trusts and estates (generally those with large investment...more

Rivkin Radler LLP

2022 Estate and Gift Taxes: What’s Changed?

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We were all set for big changes in the federal estate and gift tax laws last year and, by the end of the year, almost nothing changed. Who knows what changes will ultimately come down the pike when Congress finally becomes...more

Rivkin Radler LLP

Revised Nonresident Audit Guidelines For New York Statutory Residence

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Last Week- What a week it was. It began relatively well, with the Cowboys losing the NFC wild card game, albeit to a California team. It ended disturbingly, with the Arizona Democratic Party censuring Senator Sinema...more

Rivkin Radler LLP

Leaving New York – But What About One’s New York Business?

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Goodbye New York- Late last year, the U.S. Census Bureau released data showing population shifts across the country during 2021. According to this information, New York lost 1.8 percent of its population... ...more

Rivkin Radler LLP

Gifting Business Interests Before Selling the Business? Think Valuation

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Counting the Days?- We are 302 days away from the national mid-term elections, to be held November 8, 2022, yet the first full week of the new year has already highlighted some of the economic issues with which the...more

Rivkin Radler LLP

New York’s Pass-Through Entity Tax, F Reorgs, and the Sale of An Electing S Corp

Rivkin Radler LLP on

Timing- I had planned to post this piece during the third week of December, a day or so after the exchange between Senator Manchin and the White House sealed the fate of the Build Back Better plan, at least in its current...more

Pillsbury Winthrop Shaw Pittman LLP

Proposed House Tax Plan, Now Being Updated by the Senate, Is in Flux: Year-End Update

Despite Senator Joe Manchin’s (D-West Virginia) recent announcement that he would not support a comprehensive version of Build Back Better, we expect Congress will advance some parts of the legislation early in 2022. The...more

Rivkin Radler LLP

The Tax-Deferred Rollover – Some Considerations

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“I have wondered at times what the Ten Commandments would have looked like if Moses had run them through the U.S. Congress.” – Pres. Ronald Regan- That line probably describes the exasperation with which many Americans...more

Rivkin Radler LLP

Selling Your S Corporation’s Business? What If It’s Not an S Corporation?

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Haste Makes Waste? How many of you are suffering from Build Back Better Fatigue? Seriously, it’s a thing. Sure, the House passed its version of the President’s tax and spending bill on November 19, and the Senate...more

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Updated: Dec 28, 2021:

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