News & Analysis as of

American Taxpayer Relief Act

The American Taxpayer Relief Act of 2012 is a United States federal statue enacted in 2012 to address certain aspects of the so-called Fiscal Cliff, i.e. certain mandatory tax increases and budget cuts set to... more +
The American Taxpayer Relief Act of 2012 is a United States federal statue enacted in 2012 to address certain aspects of the so-called Fiscal Cliff, i.e. certain mandatory tax increases and budget cuts set to take effect at the beginning of 2013.  ATRA extends certain tax cuts, modifies the estate tax and tax rates on income.  The Act also provides for certain Medicare, unemployment and farm payments. less -
Jackson Lewis P.C.

You Don’t Have To Go Home, But You Can’t Stay Here

Jackson Lewis P.C. on

It’s 2024, which means a new batch of provisions from SECURE Act 2.0 have gone into effect. One of the more significant ones is an increase in the “cashout” limit that a qualified plan can impose to kick former employees with...more

Dunlap Bennett & Ludwig PLLC

Maryland And Federal Estate Tax Portability In A Nutshell

Dunlap Bennett & Ludwig PLLC on

In the technology world, portability has become increasingly important as people become more mobile and reliant on a variety of devices to access and use information. Portability allows individuals to work remotely or while...more

McCarter & English, LLP

Enhanced Opportunities To Benefit From The Employee Retention Credit

McCarter & English, LLP on

The Employee Retention Credit (ERC) was established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) on March 27, 2020, to encourage businesses to keep employees on their payroll during the pandemic....more

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

Portability, Rev. Proc 2017-34 and Potential Estate Tax Legislation

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

Recently widowed individuals whose deceased spouse’s estate did not make a portability election by the due date for filing an estate tax return -- because the estate either was not aware a portability election was available...more

Eversheds Sutherland (US) LLP

The Second Circuit - canons of construction prevail in dizzying case of “black hole” tax refunds

Eversheds Sutherland (US) LLP on

In an important win for taxpayers, a unanimous Second Circuit reversed the Tax Court on a statutory interpretation issue involving the three-year “look-back” period for Tax Court jurisdiction over refunds. Borenstein v....more

Stinson LLP

In Pursuit of Portability

Stinson LLP on

The concept of portability, permanently enacted as part of the amendments to the estate tax law under the American Taxpayer Relief Act of 2012, allows the deceased spousal unused exclusion amount (DSUEA) of a decedent to be...more

Alston & Bird

Section 721(c) Partnership Regulations Arrive Just in Time

Alston & Bird on

On January 18, 2017, the IRS issued temporary and proposed regulations (T.D. 9814) under Section 721(c) to address transfers of appreciated property by U.S. persons to partnerships with related foreign partners. With some...more

Katten Muchin Rosenman LLP

2016 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on

In 2016, we continued to experience a period of relative stability in our federal transfer tax system and have been able to plan without expecting imminent significant changes to the system. Under the American Taxpayer Relief...more

McNees Wallace & Nurick LLC

McNees Insights – Estate Planning: June 2016

McNees Wallace & Nurick LLC on

Education Tax Credits - There are two tax credits available to help you offset the costs of higher education: the American opportunity credit and the lifetime learning credit. Tax credits are more favorable than deductions...more

Butler Snow LLP

Planning for the $5-$10 Million Couple: Portability or Credit Shelter?

Butler Snow LLP on

In 2009, each individual had a $3.5 million estate tax exemption. If a married individual had assets over $3.5 million, without careful planning, those assets in excess of $3.5 million would fall subject to a 45% estate tax....more

McNees Wallace & Nurick LLC

The Future of Credit Shelter Trusts

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When the President signed the American Taxpayer Relief Act of 2012, some observers thought that certain provisions would sound the death knell for a popular legal tax shelter strategy known as Credit Shelter Trusts (CST)....more

Proskauer Rose LLP

Personal Planning Strategies - December 2015

Proskauer Rose LLP on

2016 Estate, Gift and GST Tax Update - What This Means for Your Current Will, Revocable Trust and Estate Plan - As we previously reported, the American Taxpayer Relief Act of 2012 (the "Act") made the following...more

Katten Muchin Rosenman LLP

2015 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on

In 2015, we continued to experience a period of relative stability in our federal transfer tax system and have been able to plan without expecting imminent significant changes to the system. Under the American Taxpayer Relief...more

Proskauer Rose LLP

Wealth Management Update - August 2015

Proskauer Rose LLP on

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

Holland & Knight LLP

Regulatory Update: Final Regulations on Portability of the DSUE

Holland & Knight LLP on

Portability of the deceased spousal unused exclusion (DSUE) amount between spouses was first introduced by Congress in December 2010, applicable to estates of married decedents dying on or after Jan. 1, 2011. Although...more

McGuireWoods LLP

State of the Union Surprise: President Targets Inherited Assets in Middle-Class Tax Reform

McGuireWoods LLP on

After the American Taxpayer Relief Act of 2012, many in the estate planning community thought that tax law dealing with estates and trusts was settled for some time. President Obama’s earlier budget proposals calling for a...more

Snell & Wilmer

Estate Planning in 2014

Snell & Wilmer on

Exemptions and Rates - On Jan. 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 (ATRA) into effect to avoid the “fiscal cliff,” setting the unified Federal gift and estate tax exemption at $5...more

Baker Donelson

Spotlight on SALT: More States Conform to Beneficial Federal Tax Treatment of IC-DISCs

Baker Donelson on

U.S. exporters meeting a few requirements are able to use the IC-DISC (Interest Charge – Domestic International Sales Corporation) to achieve beneficial federal income tax treatment of their export sales. An IC-DISC is...more

King & Spalding

Additional Guidance On In-Plan Rollovers to Roth Accounts

King & Spalding on

On December 11, 2013, the IRS issued Notice 2013-74 to provide guidance regarding "in-plan Roth rollovers" (also commonly referred to as "in-plan Roth conversions"). This Notice builds on Notice 2010-84 which addressed...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

New Opportunities For In-Plan Roth Rollovers

Ogletree, Deakins, Nash, Smoak & Stewart,... on

In furtherance of Section 902 of the American Taxpayer Relief Act of 2012 (ATRA), the Internal Revenue Service (IRS) recently issued Notice 2013-74 updating prior IRS guidance regarding so-called “in-plan” Roth conversions...more

Morgan Lewis

IRS Issues Notice on Expanded In-Plan Roth Conversion Option

Morgan Lewis on

Guidance confirms that plan sponsors have flexibility in designing and implementing a feature that allows participants to convert vested pre-tax balances to after-tax Roth balances....more

Katten Muchin Rosenman LLP

2013 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on

In this issue - - Federal Estate, GST and Gift Tax Rates - Annual Gift Tax Exclusion - Federal Income Tax Rates - President’s Budget Proposal for Fiscal Year 2014 - Important Planning...more

McNees Wallace & Nurick LLC

Income Tax Cost Basis Planning

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Prior to the recent and significant increases in the federal estate tax exemption amount, many clients engaged in planning the purpose of which was to ensure the use of both spouses’ exemption amount through the use of a...more

Adler Pollock & Sheehan P.C.

Insight on Estate Planning - Year End 2013: Can portability help preserve retirement benefits?

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The American Taxpayer Relief Act of 2012 (ATRA) made the estate tax exemption “portability” feature permanent. This allows a surviving spouse to take advantage of a deceased spouse’s unused federal gift and estate tax...more

Adler Pollock & Sheehan P.C.

Insight on Estate Planning - Year End 2013

Adler Pollock & Sheehan P.C. on

In This Issue: - State death taxes can be hazardous to your estate - Can portability help preserve retirement benefits? - Provide for family members with special needs using an SNT - Estate...more

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