On May 16, 2014, the New York Department of Taxation and Finance issued TSB-M-14(3)I, a Technical Memorandum containing “Important Information for Beneficiaries and Grantors of Exempt Resident Trusts.” In response to inquiries from the New York City Bar Association, where I Chair the Trusts, Estates and … Continue reading
On May 9, 2014, the IRS published final regulations regarding which costs incurred by trusts and estates are fully deductible under Internal Revenue Code (“IRC”) § 67(e).
Which Costs Are Fully Deductible?
Under IRC § 67(a), expenses known as miscellaneous itemized deductions (including investment advisory fees) … Continue reading
Following negotiations among the Governor’s office, the Assembly and the Senate, the final budget language was released late Friday night. A vote is expected by the April 1 deadline.
Regarding the trusts & estates related proposals, the final language reflects the following changes:
The basic … Continue reading
The Assembly and Senate released their so-called one-house budget bills last week (A8559-C and S6359-C, respectively): their versions of the Governor’s Budget Bill, which I have summarized in a previous article entitled, Governor Cuomo Proposes Massive Overhaul of NY Tax System.
Among the more significant … Continue reading