KPMG Podcast: Build Back Better: What’s Now, What’s Next? (Oct. 14, 2021)

KPMG has released its latest podcast discussing the status of the Build Back Better Act. The summary is as follows: It’s been a month since the tax aspects of the Build Back Better Act were released and now the legislative process in the House has gone quiet. Why, and what will it take to get … Continue reading KPMG Podcast: Build Back Better: What’s Now, What’s Next? (Oct. 14, 2021)

NY Times + Northern Trusts Institute: Join Us for a Conversation on the Business of Longevity (Oct. 12, 2021)

The New York Times and the Northern Trust Institute have partnered to present Conversation on the Business of Longevity on Oct. 12, 2021. The summary is as follows: Why has the idea of immortality (or at least living much longer) inspired billions in investment? Harvard researcher and biotech founder David Sinclair joins Andrew Ross Sorkin … Continue reading NY Times + Northern Trusts Institute: Join Us for a Conversation on the Business of Longevity (Oct. 12, 2021)

KPMG Webcast: Reconciliation Bill Tax Provisions: Implications for Asset Management – Sept. 29, 2021

KPMG is hosing a webinar to discuss the implications of the reconciliation bill tax provisions on asset management. The summary is as follows: Washington is busy… On September 15th, the House Ways & Means Committee approved its portion of legislation relating to the 2022 Budget Reconciliation Bill. The Ways and Means provisions contain a number … Continue reading KPMG Webcast: Reconciliation Bill Tax Provisions: Implications for Asset Management – Sept. 29, 2021

House Ways & Means Markup and Summary of Build Back Better Act (September 14, 2021)

The House Ways and Means Committee has relased its markup and section by section summary of the Build Back Better Act. The press release and links to summary and markup are below. --------------------------------------------------- Sep 7, 2021  Press Release  SPRINGFIELD, MA—Today, House Ways and Means Committee Chairman Richard E. Neal (D-MA) announced that this week the Committee … Continue reading House Ways & Means Markup and Summary of Build Back Better Act (September 14, 2021)

KPMG report: Ways and Means tax proposals relating to infrastructure, energy, housing, retirement, and social safety net (Sept. 13, 2021)

KPMG has released a report on the latest House Ways and Means Committee tax proposals. The summary is as follows: House Ways and Means Committee Chairman Richard E. Neal (D-MA) released legislative tax proposals on Friday, September 10. Retirement tax savings proposals also were approved by the Ways and Means Committee on September 9, 2021. … Continue reading KPMG report: Ways and Means tax proposals relating to infrastructure, energy, housing, retirement, and social safety net (Sept. 13, 2021)

IRS Releases Priority Guidance Plan 2021-2022 (Sept. 9, 2021)

The IRS has released its Priority Guidance Plan for 2021-2022. The Priority Guidance Plan begins as follows: We are pleased to announce the release of the 2021–2022 Priority Guidance Plan.In Notice 2021-28, the Department of the Treasury (Treasury Department) and the Internal Revenue Service (Service) solicited recommendations for items to be included in the plan … Continue reading IRS Releases Priority Guidance Plan 2021-2022 (Sept. 9, 2021)

KPMG Podcast: The House Makes a Deal: The Tax Agenda Accelerated (Aug. 31, 2021)

KPMG Podcast Summary: The House has brokered a deal to approve the FY22 budget along with an agreement to vote on the bipartisan infrastructure deal by September 27. That deal would appear to accelerate the timing for tax action in the House. This week, John Gimigliano, Jen Acuna, and Jennifer Gray unpack the House deal and what that might mean … Continue reading KPMG Podcast: The House Makes a Deal: The Tax Agenda Accelerated (Aug. 31, 2021)

Estate of David T. Leighton v. United States, US Ct. Fed. Claims, No. 21-840T: Missing Gift Tax Return May Be Reasonable Cause for Late Filing of Estate Tax Return (August 9, 2021)

In the Estate of David T. Leighton v. United States, the US Court of Federal Claims, No. 21-840T held that a missing or unknown gift tax return could constitute a reasonable cause for the late filing of an estate tax return. The opinion's synopsis is as follows: In this tax case, the Executor-Plaintiff, Frank “Tom” … Continue reading Estate of David T. Leighton v. United States, US Ct. Fed. Claims, No. 21-840T: Missing Gift Tax Return May Be Reasonable Cause for Late Filing of Estate Tax Return (August 9, 2021)

Steve Akers: Heckerling Musings 2021 and Estate Planning Current Developments

Steve Akers has made available for download his summary of the 2021 Heckerling Program. The summary is as follows: A summary of observations from some of the sessions at the 55th Annual Heckerling Institute on Estate Planning held virtually May 3-6, 2021, as well as observations from other current developments, is available on the link … Continue reading Steve Akers: Heckerling Musings 2021 and Estate Planning Current Developments

Boyle, Huang & Kronenberg (Bessemer Trust): The Changing Tax Landscape

Patrick S. Boyle, James L. Kronenberg, and Calvin Huang, all of Bessemer Trust, have made available their article, A Closer Look: The Changing Tax Landscape. The summary is as follows: Tax rates appear likely to move higher in the near term. Several of the proposed tax changes would be material if enacted, including increasing the … Continue reading Boyle, Huang & Kronenberg (Bessemer Trust): The Changing Tax Landscape

Deloitte: Private wealth tax planning in an uncertain tax rate environment (June 15, 2021)

Deloitte is hosting a webinar to discuss wealth planning in the current environment. The summary is as follows: Participants will gain important insights into potential tax code changes and their timing, and they will explore various considerations for responding if the proposals become law. Host: Wendy Diamond, partner, Deloitte Tax LLPPresenter: Jim Calzaretta, Eddie Gershman, and Jeff Kummer 1 … Continue reading Deloitte: Private wealth tax planning in an uncertain tax rate environment (June 15, 2021)

NY Times: Rich Americans Like Bezos, Musk, Buffett Paid Little or No Federal Income Taxes (June 8, 2021)

The New York Times is reporting that an analysis by ProPublica based on Internal Revenue Service documents showed billionaires like Jeff Bezos and Elon Musk benefited from vagaries in the tax code, often paying little to no federal income taxes.. That NY Times articles comes at a time when the Biden Administration is proposing significant … Continue reading NY Times: Rich Americans Like Bezos, Musk, Buffett Paid Little or No Federal Income Taxes (June 8, 2021)

ILS Heckerling Review Webinar – May 17, 2021 at 4.00 PM (EDT)

The press release and reservation information is as follows. Couldn’t leave the ranch for Heckerling? Looking for a stray session that wandered off?  As in prior years, Marty Shenkman spent the week of (Virtual) Heckerling 2021 riding herd on all the sessions to drive home the best from the 55th Annual Heckerling Institute on Estate Planning. … Continue reading ILS Heckerling Review Webinar – May 17, 2021 at 4.00 PM (EDT)

2021 – 55th Annual Heckerling – Summaries

The Heckerling Institute on Estate Planning has long been recognized as the nation’s premier conference for estate planning professionals, offering unparalleled educational and professional development opportunities for all members of the estate planning team. Due to COVID, the 55th Institute was delivered virtually rather than in person this year. Steve Gorin, of Thompson Coburn, has made … Continue reading 2021 – 55th Annual Heckerling – Summaries

Ways & Means Approves SECURE 2.0 Bill

The House Ways & Means Committee approved, on a bipartisan basis,  H.R. 2954, the “Securing a Strong Retirement Act of 2021,” sometimes referred to as SECURE 2.0 SECURE 2.0 seeks to expand retirement plan coverage and increase retirement savings, through a variety of provisions. expanding automatic enrollment, increasing the age mandatory distributions are required to … Continue reading Ways & Means Approves SECURE 2.0 Bill

Bloomberg News: Biden Tax Rule Would Rip Billions From Biggest Fortunes at Death (May 4, 2021)

Bloomberg News has published an article examining the impact of the Biden proposal to eliminate the step up in basis at death on the fortunes of the wealthiest individuals. The Article begins as follows: Jeff Bezos has an ex-wife, a girlfriend, four children and billions of reasons to watch whether Joe Biden’s tax overhaul wins … Continue reading Bloomberg News: Biden Tax Rule Would Rip Billions From Biggest Fortunes at Death (May 4, 2021)

Estate of Michael J. Jackson v. Commissioner, T.C. Memo 2021-48 (May 3, 2021)

In the Estate of Michael J. Jackson v. Commissioner, T.C. Memo 2021-48 (May 3, 2021) the Tax Court determined the values of the following assets for estate tax purposes: The decedent’s image and likenessThe decedent's interest in a music-publishing trustThe decedent's interest in a music-publishing catalog that owned the copyrights to compositions that the decedent … Continue reading Estate of Michael J. Jackson v. Commissioner, T.C. Memo 2021-48 (May 3, 2021)

Ray Dalio: The Biden Tax and Spend Plan & The Big Cycle Swing (May 3, 2021)

Ray Dalio has posted his latest installment reflecting where current events fall into patterns that have occurred in the past. The consistent theme of this series is that, by looking at past history, we can get a rough idea of what the future holds. The current article, posted on linked in, begins as follows: President … Continue reading Ray Dalio: The Biden Tax and Spend Plan & The Big Cycle Swing (May 3, 2021)