Do You Know Which States Are Trying to Tax Your Trust?

A post on Bryan Cave’s website, discussing state income taxation of trusts, notes that “an accurate assessment of the potential state income tax liability of a trust requires a detailed analysis of the laws of the various states in which the settlor(s), beneficiary(ies) and trustee(s) reside or with which the … Continue reading

Non-U.S. Retirement Plans Must Comply with or Claim Exemption from FATCA by July 1 | McDermott Will & Emery – JDSupra

McDermott Will & Emory is reporting that non-US retirement plans must comply with FATCA regs by July 1 or claim an exemption.

In 2013, the IRS published final FATCA regs.  FATCA imposes significant reporting obligations on both non-US foreign financial institutions (“FFIs”) and US taxpayers holding foreign financial accounts.

Non-US … Continue reading

Dangers of Misclassifying an Employee as an Independent Contractor Highlighted Once Again in New York Appellate Court Decision | Mintz Levin – Employment Matters – JDSupra

In Nancy v. NYP Holdings, a New York appellate court affirmed an earlier finding that the New York Post failed to classify one of its photojournalists properly, thereby highlighting the risk of misclassification of employees as independent contractors.

via Dangers of Misclassifying an Employee as an Independent Contractor Highlighted Continue reading

Can You Run Your Business Entirely On Mobile?

Can you run an entire business from the palm of your hand?

The Wall Street Journal is reporting that many entrepreneurs are essentially running their entire businesses using mobile gadgets like smartphones and tablets, which don’t just help them do their work—they’re the backbone of the business. Entrepreneurs use them to … Continue reading

IRS Publishes “Taxpayer Bill of Rights”

On Tuesday the IRS announced that it would adopt a Taxpayer Bill of Rights in the latest version of Publication 1.   Like the US Constitution, the Internal Revenue Code defines certain rights applicable to all governed by the document.  Unlike the US Constitution, however, the rights contained in the … Continue reading

Quick Divorces May Become Modern Trend

An increasing number of people are attempting divorces without the assistance of counsel to avoid excess costs.  Without knowledge of proper procedure, however, the process can take much longer and people can miss out on benefits to which they are entitled.  Recognizing this, courts in California, where 75% of divorce … Continue reading

International Estate Planning

Attorneys from Adler Pollock & Sheehan, P.C. published an article providing guidance on estate planning when a spouse is not a citizen of the U.S. The article explores the nuances of noncitizen tax status, as well as the critical differences in application of certain rules, credits, deductions, and exemptions. Crucially, … Continue reading

Kevin E. Packman

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Kevin E. Packman, a native of Miami, is a partner with Holland & Knight and a member of its International Estate Planning Group, an integral part of the firm’s Private Wealth Services Department. He also chairs the firm’s Offshore Compliance Team. His practice includes tax controversies, estate planning (domestic and … Continue reading