Estate Taxation

  • Gift Tax Return Tips

    By:
    Joy Matak, JD, LLM, Steven B. Gorin, CPA, Esq., CGMA, and Martin Shenkman, CPA, MBA, AEP, JD
    |
    Oct 1, 2021
    Gift tax returns appear to be seductively simple. Failure to file a gift tax return timely and disclose transactions “in such return, or in a statement attached to the return, in a manner adequate to apprise the Secretary of the nature of such item” in accordance with regulations that impose specific requirements for “adequate disclosure” can delay the tolling of the statute of limitations.
  • The Decision to Transfer One’s Residence to Loved Ones or a Trust Requires Consideration of Many Factors

    By:
    Anthony J. Enea, Esq.
    |
    Sep 1, 2021
    Clients regularly call and advise me that they have decided to take steps to protect their home and/or vacation home for long-term care purposes. However, the decision to do so raises a number of significant and complex issues and concerns for both the attorney and client; for example, every potential transfer creates estate and gift tax, capital gains tax as well as Medicaid eligibility issues for the client, particularly a senior. A complete and thorough review of all available options should be made prior to making the transfer.  
  • FDII Qualification and Substantiation Requirements in the Final 250 Regulations

    By:
    Fernando Lopez, JD, MBA
    |
    May 1, 2021

    Enacted by the Tax Cuts and Jobs Act of 2017, IRC Section 250 (Deduction for Foreign-Derived Intangible Income (FDII) and Global Intangible Low-Taxed Income (GILTI)) provides a favorable 50% U.S. tax deduction to shareholders of controlled foreign corporations (CFCs) on their GILTI deemed dividends.  In addition, Section 250 provides domestic C corporations a favorable 37.5% deduction on Foreign Derived Intangible Income that is derived from serving foreign markets via sales, services and licensing. This article primarily addresses issues related to the FDII deduction.

  • Purchasing Services from Foreign Persons

    By:
    Yelena Y. Antipova, Esq.
    |
    Apr 1, 2021

    As technological advances have been evolving with a rapid rate, people have become more mobile. The pandemic of 2020 has only accelerated a further movement towards e-commerce. Companies can source services from anywhere in the world; people can provide services from anywhere in the world.

  • A New Environment for Estate Planning Takes Shape in 2021

    By:
    Kevin Matz, Esq., CPA, LLM (Taxation)
    |
    Mar 1, 2021
    A new environment is starting to take shape in 2021, and with it comes additional considerations to factor into one’s estate planning. As a result of the success of Georgia Senate candidates Raphael Warnock and Jon Ossoff in their respective Senate races on January 5, the makeup of the new Senate is 50 representatives per party, with Democratic Vice President Kamala Harris holding a tiebreaking vote. 
  • Final Regs. on Deduction of Administration Expenses of Estates and Non-Grantor Trusts

    By:
    Kevin Matz, Esq., CPA, LL.M. (Taxation)
    |
    Nov 1, 2020

    On September 16, 2020, the U.S. Department of Treasury (“Treasury”) and the IRS released final regulations on the deduction of administration expenses of estates and non-grantor trusts under sections 67(e) and (g), and on the treatment of excess deductions in the final year of the estate or non-grantor trust under section 642(h) (the “final regulations”).

  • Equity and Equity-Based Compensation for LLCs

    By:
    Robert M. Finkel
    |
    Jun 1, 2020
    The structures for granting equity incentives to employees and other service providers of corporations are tried and true. The income tax consequences to a grantee upon his receipt of restricted stock and stock options and to the issuing corporations are well settled.
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