Sharon Klein, Wilmington Trust: N.Y.’s Top 10 Developments, Lessons and Reminders

Sharon Klein, President, Family Wealth, Eastern US Region, Wilmington Trust, NA, has made available for download her article, which was recently published in the New York Law Journal’s Special Trusts & Estates Section: N.Y.’s Top 10 Developments, Lessons and Reminders.  This article includes Ms. Klein’s pick of the top ten 2019 developments affecting those in New … Continue reading Sharon Klein, Wilmington Trust: N.Y.’s Top 10 Developments, Lessons and Reminders

AICPA Tax Insider.2020.02.06: Current Partnership Developments; Understatement of Gain Doesn't Extend Statute of Limitations; Employee or Independent Contractor

Current developments in partners and partnerships By Hughlene A. Burton, CPA, Ph.D. This annual update reviews and analyzes recent law changes as well as rulings and decisions involving partnerships, including developments affecting partnership audits and guidance issued under the law known as the Tax Cuts and Jobs Act. Electronic filing mandated for Sec. 501(c)(3) applications … Continue reading AICPA Tax Insider.2020.02.06: Current Partnership Developments; Understatement of Gain Doesn't Extend Statute of Limitations; Employee or Independent Contractor

Sharon Klein, Wilmington Trust: The State of the States (Jan. 2020)

Sharon Klein, President, Family Wealth, Eastern US Region, Wilmington Trust, NA, has made available for download her article, The State of the States, published in Trusts & Estates (Jan. 2020). The Abstract is as follows: This article provides an overview of some key state-level planning developments across the U.S., including:• Latest estate and gift tax … Continue reading Sharon Klein, Wilmington Trust: The State of the States (Jan. 2020)

IRS Launches New Online Resource “Identity Theft Central” (Feb. 4, 2020)

 The IRS has launched Identity Theft Central, designed to improve online access to information on identity theft and data security protection for taxpayers, tax professionals and businesses. Located on IRS.gov, Identity Theft Central is available 24/7 at irs.gov/identitytheft. It is a resource on how to report identity theft, how taxpayers can protect themselves against phishing, online scams … Continue reading IRS Launches New Online Resource “Identity Theft Central” (Feb. 4, 2020)

Rev. Proc 2020-8: Form 1023 – application for tax exempt status under Section 501(c)(3) must be filed electronically

The IRS has released guidance in Rev. Proc 2020-8 that requires electronic submissions of Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code. The guidance provides a 90-day transition relief period, during which paper Form 1023 applications will be accepted. This revenue procedure also modifies language related to the … Continue reading Rev. Proc 2020-8: Form 1023 – application for tax exempt status under Section 501(c)(3) must be filed electronically

IRS announces that it is taking the next step on abusive micro-captive transactions; nearly 80 percent accept settlement, 12 new audit teams established

The Internal Revenue Service announced the overwhelming acceptance of a time-limited settlement offer made to certain taxpayers under audit who participated in abusive micro-captive insurance transactions. Nearly 80% of taxpayers who received offer letters elected to accept the settlement terms. In addition, the IRS is establishing 12 new examination teams that are expected to open … Continue reading IRS announces that it is taking the next step on abusive micro-captive transactions; nearly 80 percent accept settlement, 12 new audit teams established

IRS outlines new tax law effect on tax exempt organizations

The Internal Revenue Service has released a news released notifying tax-exempt organizations about recent tax law changes that might affect them. The Taxpayer Certainty and Disaster Tax Relief Act, passed on December 20, 2019, includes several provisions that may apply to tax-exempt organizations' current and previous tax years. Repeal of "parking lot tax" on exempt … Continue reading IRS outlines new tax law effect on tax exempt organizations