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
John O. McGinnis has written a brilliant article, Machines v. Lawyers, that details the way modern supercomputers, supported by big data and analytics, could obviate the need for attorneys in many roles. He predicts that five major areas of the law will be overtaken by computers. E-discovery will replace regular … Continue reading
Wendy C. Gerzog has published an article which argues for the repeal of the facade easement deduction. An abstract is below:
… Continue reading
This article presents the case for repeal of the façade easement deduction. Proponents of this benefit argue that the deduction encourages historic preservation by reimbursing property owners for relinquishing
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
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.
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
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
According to Bloomberg, “the hottest trend in 401(k) plans is making investing easier for employees. More plans automatically enroll workers in target-date funds or other professionally managed, diversified options. Plans may also automatically increase contribution rates each year. Employees can opt out, but few do.”
Matthew A. Melone has published a new article “Gift Taxes on Donations to Social Welfare Organizations: De-politicizing Social Welfare Organizations or Politicizing the IRS?, 12 DePaul Bus. & Com. L.J. 51 (2013).” Among other things, “this Article provides an analysis of the gift tax in general and its application … Continue reading
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
The IRS has issued new (T.D.9667) and proposed (REG-114942-14) regulations concerning the filing of Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business. New regulations, effective June 6, 2014, adopt temporary and proposed … Continue reading
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, 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