Estate Taxation

  • Avoid Misleading Fundraising Appeals: Disclose Fully and Accurately

    By:
    Luana K. Lewis
    |
    Sep 1, 2015

    Through fundraising solicitations, charities inform donors about how supporting their activities will advance their missions.  To a great extent, these missions are the core reason why they are tax exempt under IRC section 501(c)(3). 

  • Managing Assets for Aging Baby Boomers and Their Parents

    By:
    Mira B. Weiss, Esq.
    |
    Jun 1, 2015
    Benjamin Franklin is famously quoted for saying, “In this world nothing can be said to be certain, except death and taxes.” Now, baby boomers can add a third certainty to that list: the extraordinary cost of long-term care. 
  • Fighting the Good Fight for New York Estate Tax Reform: Examining the Estate Tax in the 2015–2016 New York State Fiscal Year Budget

    By:
    Kevin Matz, Esq., CPA, LLM
    |
    May 1, 2015
    The estate tax provisions signed into law by Governor Andrew Cuomo on Apr. 1, 2015, as part of the 2015–2016 New York State fiscal year budget (the “budget bill”), leave much to be desired. 
  • Common Traps To Avoid When Making Section 754 Elections

    By:
    Randy Schwartzman, CPA, MST; Jeffrey Bilsky, CPA; Patricia Brandstetter, JD, LL.M.
    |
    Apr 1, 2015

    Generally, a partnership seeking to adjust the basis of partnership property upon the transfer of an interest under Section 743(b), or following a distribution under Section 734(b), must have a valid Section 754 election in place. Although a seemingly simple election, it is not uncommon that a partnership intending to make a valid Section 754 election inadvertently fails to satisfy all of the regulatory requirements. Under those circumstances, however, there may be limited recourse available to the partnership to pursue corrective action.

  • Estate Tax Planning After ATRA: What’s Left?

    By:
    Joseph Septimus and Tara Thompson Popernik
    |
    Apr 1, 2015

    For the overwhelming majority of US taxpayers, the American Taxpayer Relief Act of 2012 ("ATRA") eliminated the need for federal estate tax planning. It did so by making the $5 million applicable exemption amount (indexed for inflation) permanent. Additionally, in April 2014, the New York State estate tax exemption increased, so fewer New York taxpayers would need state estate tax planning. 

  • Capitalizing on the Repair Regulations

    By:
    STEWART BERGER, CPA
    |
    Mar 1, 2015
    After several years of study, the IRS has finalized regulations known as the Tangible Property Regulations or the Repair Regulations.
  • To Live and Die in New York: The Tax Department’s Guidance on the 2014 New York State Estate Tax Law Changes

    By:
    Kevin Matz, JD, LLM, CPA
    |
    Nov 1, 2014
    On Aug. 25, 2014, the New York State Department of Taxation and Finance (DTF) issued TSB-M-14(6)M to provide guidance on the significant changes in the New York State estate tax system that became effective on Apr. 1, 2014 (see this author's prior TaxStringer article on the subject). In its guidance, the New York DTF clarified certain points, left open by the language of the April statute, concerning the following:
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