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Tax Briefing(s)

                                                                                                                        November 2015

 To our Friends and Clients:

          As the fall leaves have come down, we all begin to think about the approaching holiday season. As we have seen in the past, many of our clients use this season to reflect on their lives and to think about the legacy they will leave behind. Estate planning has been around since the days of Pharaoh and the building of Pyramids. Now it is of course much easier to plan your estate and we encourage you to contact us to assist you with this delicate but necessary topic.

          Every client that uses our legal services to devise their estate plan will complete what we like to call the triple play of estate planning. Each client executes:

1) Last Will and Testament;

2) Power of Attorney; and

3) Health Care Proxy.

      WHAT SHOULD YOU BE THINKING ABOUT?

  • A Plan For The Disposition Of Your Assets
  • Estate Tax Planning To Minimize Estate Taxes Paid
  • Naming An Executor To Administer Estate
  • Naming Guardians And Trustees To Raise Children & Manage Their Assets
  • Creating Trusts to Benefit Children and Grand Children
  • If Married, to Utilize Maximum Exemptions To Reduce Estate Taxes

      What Else Should You Be Thinking About

  • A Plan For The Succession Or Sale Of A Family Business Or Practice
  • A Plan For Charitable Giving
  • Life Insurance To Support Your Family Or Provide Liquidity For The Estate And Methods to Keep Life Insurance Free of Estate Taxes
  • A Durable Power Of Attorney To Manage Finances Without Expense & Publicity Of Guardianship Hearing
  • A Health Care Proxy Which Names An Agent To Make Healthcare Decisions In The Event You Can’t Make Those Decisions
  • Living Trusts to Avoid Probate

We recommend that estate plans be reviewed every 2-4 years. Please call myself or Andrew Kirwin, Esq. to get the proverbial ball moving. As a courtesy to our clients, we shall provide a free half hour consultation regarding estate planning.

                                    

                                                                                                  We look forward to hearing from you.

 

                                                                                                                    


Final regulations relating to the low-income housing tax credit revise and clarify requirements that low-income housing agencies must follow when conducting physical inspections of low-income units and reviewing low-income certifications and other documentation. The regulations finalize previously issued temporary regulations (T.D. 9753, February 25, 2016).


The Senate’s top Democratic tax writer is calling on the IRS and Treasury to further waive underpayment penalties for the 2018 tax year. Nearly 30 million taxpayers are expected to have underpaid taxes last year, according to the Government Accountability Office (GAO).


Senators have introduced a bipartisan bill specifically tailored to reduce excise taxes and regulations for the U.S. craft beverage industry. The bill aims to promote job creation and permanently reduce certain taxes and compliance burdens.


The IRS’s proposed 50-percent gross income locational rule on the active conduct of Opportunity Zone businesses is garnering criticism from stakeholders and lawmakers alike. The IRS released proposed regulations, NPRM REG-115420-18, for tax reform’s Opportunity Zone program last October.


The IRS has said that it is postponing its plan to discontinue faxing taxpayer transcripts. The IRS statement came on the heels of a letter sent earlier this week from bipartisan leaders of the Senate Finance Committee urging such a delay.