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Jun 04

New Law Incentivizes Investments in Delaware-based Small Businesses by Offering Refundable Tax Credit to Angel Investors

On May 24, 2018, Delaware Governor John Carney signed the Angel Investor Job Creation and Innovation Act (the “Act”) into law, amending Titles 29 and 30 of the Delaware Code in an effort to spur job creation and innovation within the State. The Act is… Read More

Apr 23

Charitable Pledge Binding Upon Corporate Donor

Prior to May 29, 2015, Foremost Industries (“Foremost”) signed a “Gift Agreement” promising to pay to Appalachian Bible College (“ABC”) the sum of $4,000,000 in five equal annual installments.  The Agreement was binding upon Foremost and its successors and assigns.  The Agreement stated that in… Read More

Jan 22

Estate and Gift Tax Planning Opportunities Under the Tax Cuts and Jobs Act

In my January 12, 2018 blog, in which I addressed the Tax Cuts and Jobs Act[1] which became effective January 1, 2018, I reviewed some of the changes affecting the federal estate and gift tax – primarily the doubling of the exemption to $11,180,000 per… Read More

Jan 12

Estate and Gift Tax Consequences of the Tax Cuts and Jobs Act

On December 22, 2017 President Trump signed the Tax Cuts and Jobs Act which became effective January 1, 2018, although many of its provisions will sunset on December 31, 2025.  Most of the changes under the Act affect the federal corporate and personal income tax,… Read More

Dec 29

Is a Federal Income Tax Deduction Available for 2018 Real Property Taxes Paid Before December 31, 2017?

Under the Tax Cuts and Jobs Act the standard deduction has been doubled to $12,000 for single individuals and married individuals who file separately and to $24,000 for married couples who file jointly.  As a result, many individuals who will itemize on their 2017 federal… Read More

Dec 18

SEC Continues Its Focus on Cryptocurrencies and Initial Coin Offerings amid Regulatory Concerns

On December 11, 2017, the SEC released a cease-and-desist order against digital tokens sold by Munchee Inc. (“Munchee”) along with a press release and a statement by SEC Chairman Jay Clayton on Cryptocurrencies and Initial Coin Offerings[1] (“ICO”), evidencing its continued focus on this emerging… Read More

Dec 14

Tax Reform Actions That May Be Taken Before December 31, 2017

It’s the holiday season and everyone has plenty of items on their “to do” list.  The proposed tax reforms have created additional items to add to your list that you may consider completing before December 31 (of course subject to a bill actually passing)!  The… Read More

Nov 14

Seeking to Repeal the Federal Estate Tax – The Sequel

In 2001 President George W. Bush tried to repeal the federal estate tax. He was successful — but only for one year, 2010.  Then during the administration of President Obama the federal estate tax returned.  Under the new estate tax law the rate of tax… Read More

Oct 31

Federal Estate Tax Inflation-Adjustments for 2018

Throughout the federal tax code there are figures which are inflation-adjusted – meaning they go up when there is inflation and they go up more when there is more inflation.  The adjusted figures for the coming year are generally announced in October of the current… Read More

Oct 23

IRS Withdraws Regulations Which Could Have Eliminated Valuation Discounts

The IRS has never been a fan of valuation discounts.  These discounts allow the owner of a closely-held business to transfer an interest in the business to family members and others and, for gift and estate tax purposes, take a discount which reduces the value… Read More