Senator Bernie Sanders introduces two pieces of legislation: The 99.5% Act and The Corporate Tax Dodging Prevention Act; Practitioners View These as The Vehicles Congress + Biden Admin Will Use for Ultimate EGT and Corporate Tax Increases (Mar. 29, 2021)

On Thursday, March 25, 2021, Senator Bernie Sanders co-sponsored two pieces of legislation, which many view as the vehicles for ultimate tax increases: The the 99.5% Act and The Corporate Tax Dodging Prevention Act. The effective date provision of the 99.% Act with EGT provisions provides that it applies to transfers made after December 31, … Continue reading Senator Bernie Sanders introduces two pieces of legislation: The 99.5% Act and The Corporate Tax Dodging Prevention Act; Practitioners View These as The Vehicles Congress + Biden Admin Will Use for Ultimate EGT and Corporate Tax Increases (Mar. 29, 2021)

Bloomberg: Biden Determined to Tax Rich After Windfalls From Covid Crisis (Mar. 22, 2021)

Bloomberg News is reporting that President Biden is determined to increase taxes on the wealthy, with that determination being reinforced by reported windfalls experienced by the wealthy during the pandemic during the "K-shaped" recovery. The Bloomberg article begins as follows: President Joe Biden’s economic team at the White House is determined to make good on … Continue reading Bloomberg: Biden Determined to Tax Rich After Windfalls From Covid Crisis (Mar. 22, 2021)

Roadmap for BidenTax Increases? Batchelder & Kamin, Taxing the Rich: Issues and Options (Sept. 18, 2019, Updated Feb. 1, 2020)

Lily L. Batchelder & David Kamin, both highly regarded tax lawyers and incoming members of the Biden Administration, with David Kamin serving as deputy director of the National Economic Council and Lily Batchelder nominated to serve as assistant Treasury secretary for tax policy, have spent the past several years as law professors at NYU Law … Continue reading Roadmap for BidenTax Increases? Batchelder & Kamin, Taxing the Rich: Issues and Options (Sept. 18, 2019, Updated Feb. 1, 2020)

Thune, McConnell and Other GOP Senators Introduce Death Tax Repeal Act of 2021

Senator Thune's press release is as follows: U.S. Sen. John Thune (R-S.D.), a member of the tax-writing Senate Finance Committee, joined Senate Republican Leader Mitch McConnell (R-Ky.), Sen. Mike Crapo (R-Idaho), ranking member of the Senate Finance Committee, and dozens of his Senate colleagues in reintroducing legislation to permanently repeal the federal estate tax, more … Continue reading Thune, McConnell and Other GOP Senators Introduce Death Tax Repeal Act of 2021

KPMG report: States proposing new taxes on financial transactions, wealth and investment income (Mar. 8, 2021)

KPMG reports that certain states have recently proposed new taxes on financial transactions—such as stock trades—as well as taxes on wealth and investment income. The KPMG report looks at proposed new taxes in the following states: New York StateIllinoisNew JerseyWashington State To download the full report, click KPMG report: States proposing new taxes on financial … Continue reading KPMG report: States proposing new taxes on financial transactions, wealth and investment income (Mar. 8, 2021)

Steve Akers + Ron Aucutt: Estate of Warne v. Commissioner, T.C. Memo. 2021-17 (Feb. 2021)

Steve Akers & Ron Aucutt, of Bessemer Trust, have made available their summary of Estate of Warne v. Commissioner, T.C. Memo. 2021-17. The summary is as follows: Estate of Warne v. Commissioner, T.C. Memo. 2021-17 values majority interests in LLCs owning real estate and addresses reductions of the available estate tax charitable deduction for interests … Continue reading Steve Akers + Ron Aucutt: Estate of Warne v. Commissioner, T.C. Memo. 2021-17 (Feb. 2021)

Elizabeth Warren Proposes Wealth Tax (March 1, 2021)

United States Senator Elizabeth Warren (D-Mass.), a member of the Senate Finance Committee, Representative Pramila Jayapal (D-WA-07), a member of the House Budget Committee, and Representative Brendan Boyle (D-PA-02), a member of the House Ways and Means Committee today unveiled the Ultra-Millionaire Tax Act. The press release is below. •BillSummary (PDF)   •BillText (PDF)  •Revenue Estimate … Continue reading Elizabeth Warren Proposes Wealth Tax (March 1, 2021)

Est. of Miriam Warne, T.C. Memo 2021-17: Estate and Gift Tax Values of Leased Fee Interests Determined (Feb. 18, 2021)

In the Estate of Miriam Warne, T.C. Memo 2021-17, Tax Court Judge Buch determined the estate and gift tax values of limited liability companies (LLCs) that held ground leases in several properties. The decedent and her predeceased husband created a Family Trust that became the majority interest holder of five LLCs. In 2012, the decedent … Continue reading Est. of Miriam Warne, T.C. Memo 2021-17: Estate and Gift Tax Values of Leased Fee Interests Determined (Feb. 18, 2021)

Forbes: Tax-Wise Ways To Handle The Second Home Or Vacation Home (February 17, 2021)

Forbes has published an article, "Tax-Wise Ways To Handle The Second Home Or Vacation Home," which discusses the best way to manage the second home or vacation home so that homeowners don't incur more taxes. The article begins as follows: Most owners of second homes leave a lot of money on the table, especially when … Continue reading Forbes: Tax-Wise Ways To Handle The Second Home Or Vacation Home (February 17, 2021)

Shahbaz Ahmad Cheema: Distribution of Inheritance under Islamic Law: An Appraisal of Online Inheritance Calculators (August 16, 2020)

Shahbaz Ahmad Cheema, of the Punjab University - Law College, has made available for download his article, "Distribution of Inheritance under Islamic Law: An Appraisal of Online Inheritance Calculators." The abstract is as followed: With the proliferation of the internet, new modes of access and dissemination have been invented. This paradigmatic shift is not only providing a stimulus … Continue reading Shahbaz Ahmad Cheema: Distribution of Inheritance under Islamic Law: An Appraisal of Online Inheritance Calculators (August 16, 2020)

Procedurally Taxing: How to Apply the Gross Valuation Misstatement When a Gift is a Sham (February 3, 2021)

Leslie Book, of Villanova University - Charles Widger School of Law, discusses Fakiris v Commissioner and its supplemental opinion. With the IRS urging a taxpayer friendly interpretation of the valuation misstatement penalty, the procedural posture of Fakiris is somewhat unusual. To be sure, the IRS could effectively disregard the Tax Court’s reasoning and choose to apply penalties … Continue reading Procedurally Taxing: How to Apply the Gross Valuation Misstatement When a Gift is a Sham (February 3, 2021)

Estate and Gift Tax Chart for Non US Persons (Greencard Holders and NRA’s) [November 11, 2020]

Here is the 2021 Estate and Gift Tax Chart for Non US Persons (Greencard Holders and Nonresident Aliens.) The 2020 chart is below the 2021 chart. The IRS tax adjustments for tax year 2021 updates the exemptions and exclusions for estate and gift tax for Non US Persons (Greencard holders and NRA’s).  The chart can be downloaded … Continue reading Estate and Gift Tax Chart for Non US Persons (Greencard Holders and NRA’s) [November 11, 2020]

Florida Probate & Trust Litigation Blog: What’s the “origin of the claim” doctrine and why should trusts and estates litigators care? (January 18, 2021)

Juan C. Antúnez, in his Florida Probate & Trust Litigation Blog, discusses the "origin of the claim" doctrine as it pertains to income taxes on inheritances via IRC § 102 (a) and (b). The article begins as follows: Ever wonder why we don’t spend much time thinking about the income tax consequences of an inheritance? Well, there’s a simple reason … Continue reading Florida Probate & Trust Litigation Blog: What’s the “origin of the claim” doctrine and why should trusts and estates litigators care? (January 18, 2021)

Chuck Cavanaugh (Citi Personal Wealth Management): Federal Estate Tax Exemption Is Set to Expire – Are You Prepared?

Chuck Cavanaugh, of Citi Personal Wealth Management, has made availablefor download his article, "Federal Estate Tax Exemption Is Set to Expire – Are You Prepared?" published in The Kiplinger Washington Editors. The abstract is as follows: A window of opportunity opened in 2018 when the Tax Cuts and Jobs Act (TCJA) doubled the lifetime gift, … Continue reading Chuck Cavanaugh (Citi Personal Wealth Management): Federal Estate Tax Exemption Is Set to Expire – Are You Prepared?

Forbes: IRS Announces Higher Estate And Gift Tax Limits For 2021 (October 26, 2020)

Forbes has published an article, "IRS Announces Higher Estate And Gift Tax Limits For 2021," which discusses the new estate and gift tax limits for 2021. The article begins as follows: The Internal Revenue Service announced today the official estate and gift tax limits for 2021: The estate and gift tax exemption is $11.7 million per individual, … Continue reading Forbes: IRS Announces Higher Estate And Gift Tax Limits For 2021 (October 26, 2020)

Shahbaz Ahmad Cheema, Distribution of Inheritance under Islamic Law: An Appraisal of Online Inheritance Calculators (August 16, 2020)

Shahbaz Ahmad Cheema, of Punjab University - Law College, has mad available for download his article, Distribution of Inheritance under Islamic Law: An Appraisal of Online Inheritance Calculators. The abstract is as followed: With the proliferation of the internet, new modes of access and dissemination have been invented. This paradigmatic shift is not only providing … Continue reading Shahbaz Ahmad Cheema, Distribution of Inheritance under Islamic Law: An Appraisal of Online Inheritance Calculators (August 16, 2020)

Jeffrey M. Verdon, Esq. (Jeffrey M. Verdon Law Group, LLP): With Estate Taxes on Sale Now, You Snooze, You Lose! (September 25, 2020)

Jeffrey M. Verdon, Esq., of Jeffrey M. Verdon Law Group, LLP, has published his article, With Estate Taxes on Sale Now, You Snooze, You Lose!, in The Kiplinger Washington Editors. The abstract is as follows: Depending upon the outcome of the upcoming November 2020 election, the elevated exemption levels may be cut much sooner. This would mean that these once-in-a-lifetime wealth-transfer … Continue reading Jeffrey M. Verdon, Esq. (Jeffrey M. Verdon Law Group, LLP): With Estate Taxes on Sale Now, You Snooze, You Lose! (September 25, 2020)

Sharon L. Klein (Family Matter)- New York’s Latest Legislative Session: What Passed, What Didn’t, What’s Next (September 14, 2020)

Sharon L. Klein, President of Family Matter, has made available for download her article, New York’s Latest Legislative Session: What Passed, What Didn’t, What’s Next, published in the New York Law Journal Special Trusts & Estates section. The abstract is as follows: Learn about what passed and what didn’t in New York’s 2019- 2020 legislative session … Continue reading Sharon L. Klein (Family Matter)- New York’s Latest Legislative Session: What Passed, What Didn’t, What’s Next (September 14, 2020)

Elizabeth Carrott Minnigh, Carol A. Kelley, Joshua D. Headley (Buchanan Ingersoll & Rooney PC): District of Columbia Passes New Law, Exposes More Families to Death Tax (September 16, 2020)

Elizabeth Carott Minnigh, Carol A. Kelley, and Joshua D. Headley, of Buchanan Ingersoll & Rooney PC, have made available for download their article, "District of Columbia Passes New Law, Exposes More Families to Death Tax," published in Buchanan Ingersoll & Rooney PC. The abstract is as follows: New legislation enacting the “Estate Tax Adjustment Amendment Act of 2020” was signed by … Continue reading Elizabeth Carrott Minnigh, Carol A. Kelley, Joshua D. Headley (Buchanan Ingersoll & Rooney PC): District of Columbia Passes New Law, Exposes More Families to Death Tax (September 16, 2020)

William G. Gale, Christopher Pulliam, John Sabelhaus, and Isabel V. Sawhill: Taxing Wealth Transfers Through an Expanded Estate Tax (August 4, 2020)

William G. Gale, Christopher Pulliam, John Sabelhaus, and Isabel V. Sawhill, of The Arjay and Frances Fearing Miller Chair in Federal Economic Policy, the Center on Children and Families, Washington Center for Equitable Growth, and also the Center on Children and Families respectively, have made available for download their article, Taxing Wealth Transfers Through an … Continue reading William G. Gale, Christopher Pulliam, John Sabelhaus, and Isabel V. Sawhill: Taxing Wealth Transfers Through an Expanded Estate Tax (August 4, 2020)