The Basics on Qualified Business Income Deductions

While partners, members and shareholders of pass-through entities were provided a potential tax reduction in the 2017 Tax Reform Act in the form of a 20 percent Qualified Business Income Deduction of their pass-through earnings, determining an owner’s eligibility for and the calculation of the deduction is not so simple. Here are some of the […]

Tax Reform 2017: What You Need to Know

Table of Contents Corporate and Business. 2 Individuals. 7 Estate/ Gift Tax. 12 Charitable Contributions/ Non Profits. 13 Other. 14 Real Estate. 14 Depreciation. 14 2017 Tax Reform On December 22, 2017, President Trump signed the bill previously known as the Tax Cuts and Jobs Act into law.  The final bill removed the name “Tax […]

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 […]

Estate Planning Implications of Same-Sex Marriage

The United States Supreme Court ruled in June, 2015, that any ban on same-sex marriage is unconstitutional, and as such shifted the landscape of estate planning for same-sex couples.  A same-sex couple that is now legally married, i.e., pursuant to a properly issued marriage certificate, can now take advantage of the same planning opportunities that […]

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 […]