On Feb. 15, 2022, the IRS announced revisions to Form 14457, the Voluntary Disclosure Practice Preclearance Request and Application. The longstanding Voluntary Disclosure Practice is a way for taxpayers who
Continue Reading IRS Announces Revisions to the Application Form for Voluntary Disclosures with New Provisions for Cryptocurrency, Employment Tax, and Estate, Gift and Generation-Skipping Transfer Tax
On June 21, 2019, in a unanimous decision, the U.S. Supreme Court held as unconstitutional a North Carolina statute that had been interpreted by North Carolina to mean that a
Continue Reading Effect of Kaestner on Non-California Trusts With California Beneficiaries
IRS announces the 2019 inflation-adjusted figures for gift and estate tax exemption amounts.
The federal gift, estate, and GST exemption amount ( the exemption amount) is the total amount
Continue Reading Federal Individual Gift, Estate, and GST Exemptions Increase to $11.4 Million in 2019
Greenberg Traurig Shareholder, Todd Steinberg, was recently quoted in Forbes where he discusses, in particular, the estate tax repeal. The article is in response to recently issued bill, H.R.1,
Continue Reading Greenberg Traurig’s Todd Steinberg Quoted in Forbes
Greenberg Traurig Shareholder Diana Zeydel, was recently quoted in Forbes where she discusses estate tax valuation rules. The article is in response to President Donald Trump’s executive order to
Continue Reading Greenberg Traurig’s Diana Zeydel Quoted In Forbes
On May 4, 2017, Maryland’s Governor signed into law H.B. No. 1104, effective July 1, 2017, reducing the evidentiary documentation required from domestic partners to evidence the qualification of
Continue Reading Maryland Reduces Evidentiary Requirements to Exempt Primary Residence of Domestic Partners from Inheritance Tax
The IRS has announced, in IRS Notice 2017-12, that an IRS-issued account transcript can substitute for an estate tax closing letter. An estate tax closing letter (IRS Letter 627) is
Continue Reading IRS Announces That Account Transcript Can Substitute For An Estate Tax Closing Letter
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
Continue Reading IRS Temporarily Halts PLRs on Certain GST Tax Issues
Greenberg Traurig attorney, Diana Zeydel, was recently quoted in Forbes where she discusses the new proposed regulations regarding the valuation of family limited partnerships. These new proposed regulations would
Continue Reading Greenberg Traurig’s Diana Zeydel Featured In Forbes
Portability refers to the ability of a surviving spouse, to make use of a deceased spouse’s unused estate tax exclusion amount (DSUE amount). Portability was intended to simplify estate planning for married couples by eliminating the need for a bypass trust. However, in order to preserve the DSUE amount the surviving spouse must comply with a complex set of rules, including filing a federal estate tax return for the decedent even though one would not otherwise be required. Portability is not a substitute for traditional estate planning, particularly for high net worth individuals. However, it may prevent an otherwise unused DSUE amount from being completely lost.
Continue Reading Portability of the Estate and Gift Tax Exclusion – How Does it Work?