The applicable federal rates (AFRs) under Internal Revenue Code (Code) Section 1274(d) and the Code Section 7520 rate (7520 rate) for a particular month are published by the Internal Revenue Service (IRS) in a Revenue Ruling that is released around the 18th day of the immediately preceding month. Advance knowledge of the rates for the … Continue Reading
In December 2017, Congress passed and President Trump signed the Tax Cuts and Job Act of 2017 (TCJA). Effective as of Jan. 1, 2018, the TCJA is a wide-ranging change to the Internal Revenue Code of 1986 (the Tax Code) affecting individual, corporate, and international taxation. Continue Reading.… Continue Reading
The applicable federal rates (AFRs) under Internal Revenue Code (Code) Section 1274(d) and the Code Section 7520 rate (7520 rate) for a particular month are published by the Internal Revenue Service (IRS) in a Revenue Ruling that is released around the 18th day of the immediately preceding month. Advance knowledge of the rates for the … Continue Reading
This week the U.S. Supreme Court heard oral arguments for South Dakota v. Wayfair, regarding whether physical presence is required within a state for sales and use tax purposes, specifically addressing internet sellers. The case is challenging the Court’s 1992 decision in Quill v. North Dakota, 504 US 298, which upheld a decision from 1967 … Continue Reading
California’s Documentary Transfer Tax Act (Rev. & Tax. Code §§ 11901, et seq.) is based upon the former federal Documentary Stamp Tax Act first enacted by Congress to raise revenues for the Spanish-American War. The federal law was repealed, effective Jan. 1, 1968, and simultaneously California, like many other states, picked up the tax with … Continue Reading
The Tax Cuts and Jobs Act (TCJA) limited the deduction for state and local taxes (SALT) to $10,000 for federal tax purposes. For those living in states that impose a personal income tax, this limitation may result in an increase in federal tax if their deductions for property taxes and income taxes paid to states … Continue Reading
Marvin Kirsner, a shareholder at Greenberg Traurig, is quoted in a The Wall Street Journal article titled, “Crack and Pack: How Companies Are Mastering the New Tax Code.” In the article, Kirsner discusses tax planning for pass-through businesses. Click here to read more. … Continue Reading
James Lang, a shareholder at Greenberg Traurig, is quoted in a Family Wealth Report article titled, “Muni Bonds And Tax Breaks – Old, New Forces In Impact Investing.” In the article, Lang discusses one of the tax incentive measures in the U.S. Tax Cuts and Jobs Act, which is both of interest to investors and impacting … Continue Reading
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
On Dec. 22, 2017, the Tax Cuts and Jobs Act (the Act) was signed into law. It is the most sweeping federal tax legislation in decades and significantly changes the landscape of individual, corporate, partnership, international, and trust and estate taxation. In general, the changes made by the Act take effect as of Jan. 1, … Continue Reading
Marvin Kirsner, a shareholder at Greenberg Traurig, authored an article, “How Settling With The Gov’t Is Costlier Under New Tax Law.” In the Law360 article, Kirsner discusses the provisions of the new tax law expanding the scope of disallowance of deductions for fines and penalties paid by government agencies. Click here to read more.… Continue Reading
A provision in the new tax law greatly expands the scope of the disallowance of deductions for fines and penalties paid to government agencies. The new law disallows a tax deduction for any payment made to a government entity where the payment was made in relation to a violation of law or the investigation of … Continue Reading
On March 7, 2018, Greenberg Traurig’s Northern Virginia office will host the WWLI event featuring Dr. Sachiko Kuno, the founder and visionary creative behind Halcyon House. Dr. Kuno will share her journey from entrepreneur to philanthropist and the inspiration behind Halcyon House, an environment for artistic and social innovators to transform their inspiration into impact … Continue Reading
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
Several states are considering proposals in an attempt to reduce the impact of federal tax reform’s $10,000 limit on state and local tax (SALT) deductions. In New York, the Governor’s budget proposal includes establishing two charitable organizations (one for health care and one for education) that will enable taxpayers to make a contribution to those … Continue Reading
Recently proposed legislation would require sellers to collect sales and use tax on the sales price of certain services to California businesses. On Feb. 5, 2018, California Senator Robert Hertzberg introduced a bill, which if enacted, would impose sales and use tax on purchases of services by businesses for benefit and use in California, effective … Continue Reading
He may be dead but his troubles are not over. In a unique Qui Tam case under the New York False Claims Act, the failure to file a New York estate tax return and pay estate tax was claimed to be fraudulent because the decedent, as of the date of his death, had not actually … Continue Reading
The president signed the Tax Cuts and Jobs Act (the 2017 Tax Legislation) into law on Dec. 22, 2017. The 2017 Tax Legislation made direct changes to the tax rules for tax-advantaged bonds, including eliminating advance refunding bonds and tax-credit bonds, and made other changes that will indirectly effect tax-advantage bonds, including reducing corporate tax … Continue Reading
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
The following is a summary of the real estate provisions of the Tax Cuts and Jobs Act (TCJA) signed into law by President Trump on Dec. 22, 2017. Individual Rates (Temporary) General tax rate and bracket reductions for individuals (top rate of 37 percent applies to income above $600,000 for joint filers, $500,000 for single … Continue Reading
U.S. Supreme Court grants certiorari in South Dakota v. Wayfair, et al. The U.S. Supreme Court will review the validity of a South Dakota law which requires remote retailers to collect the state’s sales and use tax even if the retailer does not have a physical presence there. If this state law is upheld by … Continue Reading
Many U.S. taxpayers are trying to prepay their 2018 real property taxes by Dec. 31 in order to avoid the $10,000 cap on deductibility of state and local taxes that will go into effect for the 2018 tax year under the new tax law signed by President Trump last week. The IRS said in a … Continue Reading
Jonathan M. Forster, a shareholder at Greenberg Traurig, authored an article, “Wealth Transfer Planning Post-Tax Reform – It’s A Brave New World.” In the Private Wealth Magazine article, Forster discusses the opportunity for wealth transfer planning with the new tax reform legislation. Click here to read more.… Continue Reading
Greenberg Traurig’s Tax team thanks our clients, colleagues and fellow industry members for a successful 2017 and looks forward to the new year ahead.… Continue Reading
