The Department of the Treasury and IRS provided two New Year’s Eve presents to the tax-exempt bond community. One was the finalization of the public notice regulations, and the second was the issuance of the proposed reissuance regulations, both of which have been long promised, and both of which were published in the Federal Register … Continue Reading
The Department of the Treasury and IRS provided two New Year’s Eve presents to the tax-exempt bond community. The first is the finalization of the public notice and approval regulations, commonly referred to as the TEFRA Regulations (the Final Regulations), and the second is the issuance of the proposed reissuance regulations. Both developments have been … Continue Reading
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 that an individual may transfer during life, or at death, without incurring gift, estate, or generation-skipping transfer tax. The exemption amount is adjusted annually for inflation, … Continue Reading
As commercial real property owners in Florida are likely aware, the Sunshine State imposes its sales tax on rental payments for the lease of real property. The general 6 percent state-level tax was reduced to 5.8 percent for 2018. The legislature passed a law to further reduce the state-level rate to 5.7 percent for occupancy … Continue Reading
The Internal Revenue Service recently issued proposed regulations under Section 956 of the Internal Revenue Code (IRC) that may allow foreign subsidiaries of U.S. multinational corporate borrowers to provide additional credit support to lenders without resulting in adverse U.S. federal income tax consequences. Although the proposed regulations may be relied upon by taxpayers for taxable … Continue Reading
Just in time for the holidays, the New Jersey Division of Taxation announced a tax amnesty program. Taking a “carrot and stick” approach, the Division of Taxation said that it would take amnesty applications from Nov. 15, 2018, through Jan. 15, 2019, for outstanding liabilities for taxes administered and collected by the New Jersey Division … Continue Reading
Greenberg Traurig’s private client/high net worth team has the experience to advise mega-lottery winners. Our attorneys have worked with individuals who have won some of the biggest lottery awards in the United States. Our approach to advising lottery winner clients is based on three basic principles: Family privacy, security, and freedom from publicity Tax and estate … Continue Reading
The Tax Cuts and Jobs Act (TCJA) placed a $10,000 annual limit on the deductibility of state and local taxes (SALT). In response to and attempting to work around that limitation, several states enacted programs that create charitable entities, contributions to which would entitle the donor to a credit reducing their property tax. This would … Continue Reading
On June 21, 2018, the U.S. Supreme Court in South Dakota v. Wayfair, Inc., et al., decided (5-4 although not the usual liberal/conservative split) that an online retailer does not have to maintain a physical presence in a state in order to be required to collect the state’s sales and use tax. This opinion overturns … Continue Reading
The IRS announced that it will end the Offshore Voluntary Disclosure Program (OVDP), effective September 28, 2018. The IRS is pressing taxpayers with undisclosed foreign accounts, entities and income to come forward before the September 28, 2018 deadline and become compliant. Therefore, US taxpayers who have unreported foreign assets and income have a limited amount … 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
In planning for the next generation, many parents struggle with the decision of whether to transfer property to their children outright or in trust. Some feel that transferring property outright is the best option when the beneficiary is competent (i.e., mature, intelligent, financially savvy, and capable of managing money and making investment decisions). A beneficiary … Continue Reading
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 … Continue Reading
A bill that would exempt aircraft management fees from the federal air transportation excise tax is advancing in the House — good news for aircraft owners who use a leasing company structure to save on state sales tax when purchasing aircraft. The bill (H.R. 3608) clarifies that fees paid to an aircraft services company to … Continue Reading
Although many people name family and friends as trustees or personal representatives in their legacy plan, it’s probably safe to assume that the people being appointed don’t have an understanding of the high level of responsibility inherent in carrying out their fiduciary duties. One of the greatest fiduciary responsibilities is payment of a trust’s or … Continue Reading
Greenberg Traurig Tax & Business Group attorneys Jonathan Forster and Todd Steinberg, along with AALU Director of Public Policy, David Hollingsworth, hosted the 2016 Heckerling Institute on Estate Planning webinar. Hollingsworth provided the political and legislative update and discussed the challenges facing the insurance industry. Forster discussed what is trending in the marketplace, including rising interest … Continue Reading
We previously wrote about how a recently passed Texas bill (S.B. 1396) will allow certain in-state aircraft purchases to qualify for a resale exemption from sales tax, with the tax instead applied to later leasing contract payments. Now, a new IRS Chief Counsel memo says that an aircraft leasing partnership that trades in an aircraft that … Continue Reading
Greenberg Traurig attorneys, Jonathan Forster and Todd Steinberg, along with AALU Director, David Hollingsworth, provided an informative webinar discussing 2015 year-end tax planning. To listen to the webinar, please click here.… Continue Reading
