Proposed Regulations Limiting Discounts on Family Gifts Targeted for Reform

By:  Amanda Wilson Last summer, we discussed the IRS’s issuance of new Proposed Regulations under Section 2704 of the Internal Revenue Code, which regulations would severely impact discounts on gifts made to

Governor Scott’s New Law To Lower Sales Tax Rate On Commercial Leases

On May 25, 2017, Governor Scott signed HB 7109 into law. The new law will lower the sales tax rate on commercial leases under Florida Statute Section 212.031 from 6% to 5.8%. The

Have a Partnership or S Corporation? Return is Due This Wednesday (March 15th)

By:  Amanda Wilson As I previously discussed (here), the federal tax due date for partnership and corporate tax returns changed for tax years on or after 2016.  This means that the new

Estate Planning 101: 4 Must-Have Documents When Planning Your Estate

President Abraham Lincoln. Civil rights activist Martin Luther King, Jr. Rock guitarist Jimi Hendrix. Eccentric billionaire Howard Hughes. Singer/songwriter Bob Marley. NFL quarterback Steve McNair. Singer/songwriter Prince. What do these famous people

IRS Issues Proposed Regulations That Will Severely Impact Discounts for Gifting to Family

By Julie Frey Discounts for gifts of closely held business interests to family members may be significantly restricted soon.  On August 2, 2016, the Internal Revenue Service issued new Proposed Regulations under Section

IRS Proposes Regulations to Limit Strategy to Avoid Estate Tax

By Jason Palmisano The IRS has issued a notice of proposed regulations to limit the valuation discounts individuals have been afforded when they engage in certain types of intra-family transfers involving their

Plan Ahead to Avoid or Minimize US Estate Tax

  By: Jason Palmisano If you are not a US resident or a US citizen and are considering buying assets in the US, there are ways to avoid or minimize US estate

Five Things You Need to Know Now About the New Partnership Audit Rules

By:  Amanda Wilson For a discussion of the five things you need to know now about the new partnership audit rules, please read my recent article found here.

America’s Un-American Resistance to the Estate Tax

By Jason Palmisano Stephen Martin wrote an interesting article in The Atlantic magazine arguing for bolstering the U.S. federal estate tax as it “is a policy that actually aligns neatly with the

Bad Boy Guarantee Makes Loan Recourse?

By: Amanda Wilson The IRS recently released IRS legal memorandum 201606027.  In this memorandum, the IRS considered the impact of a bad boy guarantee on allocating partnership liabilities under Section 752.  Traditionally,