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
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
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
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TaxSEC 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
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
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
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Trusts and EstatesFederal 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
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
SEC Committee on Small and Emerging Companies Publishes Final Report and Addresses SOX 404(b) and Securities Act Rule 701
In 2011, the SEC formed the Advisory Committee on Small and Emerging Companies (the “Committee”) to focus on interests and priorities of small business and smaller public companies. On September 13, 2017, the Committee met for the last time before the Committee’s charter expired on… Read More
Securities and Exchange Commission Addresses Virtual Currencies and Blockchain Technology
On July 25, 2017, the SEC issued a Report of Investigation under Section 21(a) of the Securities Exchange Act of 1934 (Exchange Act) describing an investigation of “The DAO,” a virtual organization, and its use of distributed ledger or blockchain technology to facilitate the offer… Read More