Tax Law Insights

IRS Proposes New Estate & Gift Valuation Rules for Family Owned Businesses

In August, 2016 the IRS issued long anticipated proposed regulations under Section 2704 of the Internal Revenue Code that, if finalized, will substantially impact the estate and gift tax planning of family owned businesses.  Pursuant to the proposed 2704 regulations, no discounts would be available in valuing a family owned business, which would include lack […]

The ABC’s of United States Tax Laws for Foreign Investors

One of the challenges for foreign investors is navigating the United States tax laws, and further complicating the issue is that rules for determining residency of income tax purposes are distinct from the domicile rules for estate and gift tax purposes. Residency and domicile are two separately defined concepts in the U.S. tax code Income […]

Hiring an Insider – What Nonprofits Need to Know

While it is not uncommon for nonprofits to engage in business transactions with insiders, i.e., doing business with an entity related to a board member or officer of the nonprofit organization, it is important that the nonprofit engage in due diligence and strict corporate governance to ensure that such related party transaction will run afoul […]

Amendment to the Florida Solicitation of Contributions Act

The Florida Solicitation of Contributions Act (the “Act”) requires anyone who solicits donations, i.e., charitable organizations, sponsors, professional solicitors and fundraising consultants, to register with the Florida Department of Agriculture and Consumer Affairs (the “DACA”). Recent amendments to the Act have added some additional administrative and reporting requirements which became effective July 1, 2014. A […]

IRS Grants Timing Relief For The Estate Tax Portability Election

Beginning in 2011, the exemption from federal estate tax applicable to the estates of most decedents has been $5,000,000 (or even slightly higher).  If the assets comprising a decedent’s gross estate during that time were less than $5,000,000, the new federal “portability” laws allowed for transference of the unused estate tax exemption to the surviving […]