Tag Archives: greenberg traurig

IRS Announces June 2017 Applicable Federal Rates and 7520 Rates

The Internal Revenue Service (IRS) publishes a monthly update to the applicable federal rates (AFRs) and 7520 rates. Planning professionals and their clients should take note of fluctuations in these rates and be mindful of planning opportunities that come with rate changes. The AFR is calculated by the IRS under Section 1274(d) of the Internal … Continue Reading

IRS Announces May 2017 Applicable Federal Rates and 7520 Rates

The Internal Revenue Service (IRS) publishes a monthly update to the applicable federal rates (AFRs) and 7520 rates. The May 2017 rates generally reflect a slight decrease from the April rates. Planning professionals and their clients should take note of fluctuations in these rates and be mindful of planning opportunities that come with rate changes. The … Continue Reading

IRS Temporarily Halts PLRs on Certain GST Tax Issues

On March 3, 2017, Melissa C. Liquerman, a branch chief for the IRS Office of Chief Counsel, announced at the Federal Bar Association Tax Law Conference that, due to “budget cuts and prolonged strain on agency resources,” the IRS is temporarily suspending the issuance of private letter rulings (PLRs) relating to certain generation-skipping transfer (GST) … Continue Reading

Greenberg Traurig Hosts Women’s Power and Purpose Networking Luncheon

The Northern Virginia Women’s Initiative and the Washington Women’s Leadership Initiative of global law firm Greenberg Traurig, LLP recently hosted the Women’s Power and Purpose networking luncheon with Lisa A. Rickard, U.S. Chamber Institute for Legal Reform President, Workforce Freedom Initiative President, and Executive Vice President, U.S. Chamber of Commerce.  This moderated program discussed Rickard’s … Continue Reading

Greenberg Traurig Sponsors and Attends the National Capital Chapter of the Society of Financial Service Professionals 2017 Professional Night Gala Event

Greenberg Traurig was proud to continue to support and sponsor the National Capital Chapter of the Society of Financial Service Professionals (FSP) 2017 Professional Night recently held at the Ritz-Carlton in McLean, Virginia. The FSP brings together multidisciplinary, credentialed professionals to develop and foster business relationships and build professional networks within the community.  The primary … Continue Reading

IRS Announces Slight Increase for April 2017 Applicable Federal Rates and 7520 Rates

The Internal Revenue Service (IRS) publishes a monthly update to the applicable federal rates (AFRs) and 7520 rates. The April 2017 rates reflect a slight increase from the March rates. Planning professionals and their clients should take note of fluctuations in these rates and be mindful of planning opportunities that come with rate changes. The AFR … Continue Reading

California Court of Appeal Holds Passive LLC Interest Does Not Create Nexus

A non-California corporation’s only connection with California was its passive minority interest in a limited liability company (LLC) that was doing business in California. The California Court of Appeal held that this limited connection was not sufficient to subject the out of state corporation to California’s Corporation Franchise Tax. All taxpayers that have filed and … Continue Reading

IRS Announces Slight Decrease for March 2017 Applicable Federal Rates and 7520 Rates

The Internal Revenue Service (IRS) publishes a monthly update to the applicable federal rates (AFRs) and 7520 rates. The March 2017 rates reflect a slight decrease from February’s rates. Planning professionals and their clients should take note of fluctuations in these rates and be mindful of planning opportunities that may come with rate changes. The … Continue Reading

The Unwanted IRS Time Machine – Is Your Gift Tax Return Actually Done?

Taxpayers may assume that once a gift tax return is filed, they can sit back and avoid worrying about the IRS making adjustments once the general three-year statute of limitations has passed. But the IRS has a powerful “rewind-the-clock” tool that taxpayers may inadvertently trigger if they aren’t careful when preparing any filed gift tax … Continue Reading

AICPA Suggests Adequate Disclosure Reference for Section 2704 Proposed Regulations

The American Institute of Certified Public Accountants (AICPA) recently published recommendations for a disclosure statement to be included on a U.S. Gift (and Generation-Skipping Transfer) Tax Return (IRS Form 709) disclosing the transfer of an interest in a family partnership or family controlled entity made on the same date or after the issuance of the … Continue Reading

A $64 Million Question – When is a Written Acknowledgment for a Charitable Donation Needed?

Year-end is a time for many taxpayers to satisfy their philanthropic and tax-related charitable goals; however, it is important to remember that the simple act of giving does not necessarily result in the realization of desired income tax benefits from a charitable donation. The Internal Revenue Service, under Internal Revenue Code (Code) § 170(f)(8)(A) and (B) … Continue Reading

IRS Announces Increase for February 2017 Applicable Federal Rates and 7520 Rates

The Internal Revenue Service (IRS) publishes a monthly update to the applicable federal rates (AFRs) and 7520 rates. The February 2017 rates reflect a slight increase over January’s rates. Planning professionals and their clients should take note of fluctuations in these rates and be mindful of planning opportunities that come with rate changes. The AFR is calculated … Continue Reading

What Happens to My Social Media Accounts When I’m Gone?

When working on their legacy plan, most individuals focus on their finances and real and personal property.  However, over the past few years and the rise of social media, many of our prized memories and photographs are now stored online – Facebook, Instagram, Google, Twitter, and so on.  Each social media company has its own set … Continue Reading

President Barack Obama Signs New Legislation Regarding Special Needs Trusts

On Dec. 13, 2016, President Barack Obama signed the 21st Century Cures Act (Act) allowing individuals to create their own self-settled special or supplemental needs trust (SNT), without having to go to court. [1] Prior to enactment of this new law, disabled individuals who did not have a living parent or grandparent (or did not … Continue Reading

2017 Federal Tax Inflation Adjustments

Each year, the IRS makes inflation adjustments to numerous thresholds, exemptions, exclusions, and other amounts that affect various tax calculations under the Internal Revenue Code. For example, annual inflation adjustments apply to the standard deductions available to taxpayers for income tax purposes, the filing thresholds for each income tax bracket, the amount available for annual … Continue Reading

IRS Defines ‘Spouse,’ ‘Husband,’ ‘Wife,’ and ‘Marriage’ for Tax Purposes

The IRS recently issued final regulations, effective as of Sept. 2, 2016, providing gender-neutral definitions of “spouse,” “husband,” and “wife,” and clarifying the definition of “marriage” for federal income, transfer, and employment tax purposes. Under the new final regulation section 301.7701-18(c), a marriage (same-sex or opposite-sex) will be recognized for federal tax purposes if it is … Continue Reading
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