Greenberg Traurig 2015 Year End Tax Planning Webinar
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...
View ArticleTired of Your Tax Bill? Consider Charitable Planning.
If the thought of filing your income tax return brings you an intense feeling of dread, it may be time to consider leveraging charitable giving to purposefully mitigate your tax exposure during a...
View ArticleIRS Says Aircraft Leasing Entity is Eligible for 1031 Tax Free Exchange...
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...
View Article21st Century Do-Gooding Is Now in Vogue With the IRS
The past few years have seen a marked push by younger-generation leaders in corporate America to adopt investment and marketplace strategies that emphasize combining social good with the pursuit of...
View ArticleTransfer Tax Exemption is on the Rise
Recently, the IRS announced that the estate tax exemption amount will slightly increase in 2016, while the annual gift tax exclusion amount will remain stagnant. The estate (and gift) tax exemption...
View ArticleBill to Bar Air Excise Tax on Aircraft Management Fees Clears House Ways and...
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...
View ArticlePortability of the Estate and Gift Tax Exclusion – How Does it Work?
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...
View ArticleDoes Fraudulent Conduct by Someone Else Extend the Statute of Limitations...
A fraudulent tax return is bad news for a taxpayer. Normally, the IRS has a limited period of time (3 years) to audit a taxpayer’s return. The existence (or allegation) of fraud, however, gives the...
View ArticleTreasury Department Issues Proposed Regulations That Will Dramatically Reduce...
On Aug. 2, 2016, the Treasury Department issued proposed regulations under Section 2704 of the Internal Revenue Code that, if finalized in their present form, would substantially alter the valuation of...
View ArticleJon Forster and Scott Meza Participated in the GT co-hosted Presentation...
Northern Virginia Greenberg Traurig Shareholders, Jon Forster and Scott Meza, participated as panelists in the program titled, “Preparing For An Exit: What CEOs and CFOs Need to Know (and Do)” on Nov....
View ArticleEstate Tax Exemption Nears $11 Million (For a Married Couple)
The estate (and gift) tax exemption amount (exemption amount) is the total amount that an individual may transfer during life, or at death, without incurring gift or estate tax on the value of the...
View ArticleLocation, Location, Location – Choosing the Situs of a Trust
The situs is a key element in designing an irrevocable trust. For the purposes of this post, situs refers to the place of administration of a trust and the governing law of a trust for purposes of...
View ArticleIRS Defines ‘Spouse,’‘Husband,’‘Wife,’ and ‘Marriage’ for Tax Purposes
The IRS recently issued final regulations, effective as of Sept. 2, 2016, providing gender-neutral definitions of “spouse,” “husband,” and “wife,” and clarifying the definition of “marriage” for...
View Article2017 Federal Tax Inflation Adjustments
Each year, the IRS makes inflation adjustments to numerous thresholds, exemptions, exclusions, and other amounts that affect various tax calculations under the Internal Revenue Code. For example,...
View ArticleA $64 Million Question – When is a Written Acknowledgment for a Charitable...
Year-end is a time for many taxpayers to satisfy their philanthropic and tax-related charitable goals; however, it is important to remember that the simple act of giving does not necessarily result in...
View ArticleAICPA Suggests Adequate Disclosure Reference for Section 2704 Proposed...
The American Institute of Certified Public Accountants (AICPA) recently published recommendations for a disclosure statement to be included on a U.S. Gift (and Generation-Skipping Transfer) Tax Return...
View ArticleThe Unwanted IRS Time Machine – Is Your Gift Tax Return Actually Done?
Taxpayers may assume that once a gift tax return is filed, they can sit back and avoid worrying about the IRS making adjustments once the general three-year statute of limitations has passed. But the...
View ArticleCalifornia Court of Appeal Holds Passive LLC Interest Does Not Create Nexus
A non-California corporation’s only connection with California was its passive minority interest in a limited liability company (LLC) that was doing business in California. The California Court of...
View ArticleIRS Announces That Account Transcript Can Substitute For An Estate 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 a written...
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