Projected 2023 U.S. Tax Rates Bloomberg Report (September 13, 2022)

Bloomberg Tax, using the September 2021 to August 2022 Chained Consumer Price Index for all Urban Consumers (C-CPI-U) data from the Bureau of Labor Statistics, has estimated the projected amounts of many items of the Code. It is estimated that the Qualified Disability Trust Deduction in Lieu of Personal Exemption will be $4750. For any … Continue reading Projected 2023 U.S. Tax Rates Bloomberg Report (September 13, 2022)

McGuire Woods: N.C. Adopts Remote Online Notarizing, Extends Emergency Video Notarizing and Witnessing (September 7, 2022)

Andrea C. Chomakos, Jean Gordon Carter, Derek A. Farrugia, and Danielle M. Burness of McGuire Woods, have made available for download their article, " N.C. Adopts Remote Online Notarizing, Extends Emergency Video Notarizing and Witnessing", published on McGuire Woods. The article begins as follows: Many tasks that were relatively easy to accomplish became nearly impossible … Continue reading McGuire Woods: N.C. Adopts Remote Online Notarizing, Extends Emergency Video Notarizing and Witnessing (September 7, 2022)

Goldman Sachs insights: How to Overhaul the Tried-and-Tested Investment Portfolio When Inflation Soars (July 28, 2022)

Goldman Sachs has recently published an article to their website which gives investment and portfolio management tips in the face of inflation. The article begins as follows: The tried and tested 60/40 formula for buy-and-hold investment portfolios got off to its worst start since World War II. The 60/40 portfolio — split between the S&P … Continue reading Goldman Sachs insights: How to Overhaul the Tried-and-Tested Investment Portfolio When Inflation Soars (July 28, 2022)

Deloitte: New Capital Options Can Create New Opportunities for Family Enterprises

Deloitte has published an article, "New Capital Options Can Create New Opportunities for Family Enterprises," which discusses funding options to help family businesses grow. The article begins as follows: You’ve crafted a vision for your family enterprise. New funding options for business growth can help you transform that vision into a masterpiece. With the proper … Continue reading Deloitte: New Capital Options Can Create New Opportunities for Family Enterprises

Greenberg Traurig LLP: Greenberg Traurig Secures Win for Client in Obus v. New York York State Tax Appeals Tribunal; Ruling is Major Change in New York Law on Statutory Residency (July 21, 2022)

Greenberg Traurig LLP has made available for download their article, "Greenberg Traurig Secures Win for Client in Obus v. New York York State Tax Appeals Tribunal; Ruling is Major Change in New York Law on Statutory Residency," published on their website. The abstract is as follows: In a major change in New York’s law on … Continue reading Greenberg Traurig LLP: Greenberg Traurig Secures Win for Client in Obus v. New York York State Tax Appeals Tribunal; Ruling is Major Change in New York Law on Statutory Residency (July 21, 2022)

RUBIN ON TAX – New Retirement Plan Distribution Rules Likely on the Way (July 21, 2022)

Charles (Chuck) Rubin published an article in the blog RUBIN ON TAX, titled "New Retirement Plan Distribution Rules Likely on the Way ". The article begins as follows: relating to retirement plan distributions. Another act on that subject is working through Congress - the Enhancing American Retirement Now (EARN) Act. A version has passed the … Continue reading RUBIN ON TAX – New Retirement Plan Distribution Rules Likely on the Way (July 21, 2022)

McDermott, Will, & Emery: Responsible Financial Innovation Act: Proposed Tax and Reporting for Digital Assets (July 15, 2022)

Andrea S. Kramer, John T. Lutz, William R. Pomierski, & Andrew M. Granek, of Mcdermott, Will, & Emery, have made available for download their article "McDermott, Will, & Emery: Responsible Financial Innovation Act: Proposed Tax and Reporting for Digital Assets." The abstract is as follows: On June 7, 2022, Senators Cynthia Lummis (R-WY) and Kirsten … Continue reading McDermott, Will, & Emery: Responsible Financial Innovation Act: Proposed Tax and Reporting for Digital Assets (July 15, 2022)

Florida Probate & Trust Litigation Blog: Bending the Arc of History by Terrence Franklin (July 14, 2022)

JULY 19, 2022 ~ NICHOLAS CHUCKAS Juan C. Antúnez, in his Florida Probate & Trust Litigation Blog, discusses Terrence Franklin's Ted Talk on unravelling his family history. The article begins as follows: The work we do as trusts and estates attorneys can alter the course of our clients’ lives. But it’s tempting to think of … Continue reading Florida Probate & Trust Litigation Blog: Bending the Arc of History by Terrence Franklin (July 14, 2022)

TaxProfBlog: Lesson From the Tax Court: No §163 Deduction From Foreclosure Proceeds (July 5, 2022)

JULY 5, 2022 ~ NICHOLAS CHUCKAS Bryan Camp has published an article on the TaxProf Blog, titled "Lesson From the Tax Court: No §163 Deduction From Foreclosure Proceeds," which discusses the tax court decision in Ronald W. Howland Jr. and Marilee R. Howland v. Commissioner (2022). The article begins as follows: It’s not just Death … Continue reading TaxProfBlog: Lesson From the Tax Court: No §163 Deduction From Foreclosure Proceeds (July 5, 2022)

Joint Committee on Taxation: Overview of the Federal Tax System

JULY 2, 2022 ~ NICHOLAS CHUCKAS The Joint Committee on Taxation issued an overview of the Federal Tax System as in effect for 2022 on June 28th. The summary is as follows: The current Federal tax system has four main elements: (1) an income tax on individuals, estates, trusts, and corporations (which consists of both … Continue reading Joint Committee on Taxation: Overview of the Federal Tax System

Deloitte: Tax News & Views: House Appropriators Approve $1 Billion FY 2023 Budget Bump for IRS (June 24, 2022)

JUNE 28, 2022 ~ NICHOLAS CHUCKAS Deloitte has published their Tax News & Views which discusses the Financial Services and General Government budget package for the 2023 fiscal year. The abstract is as follows: The House Appropriations Committee on June 24 approved a Financial Services and General Government budget package for fiscal year 2023 that would increase … Continue reading Deloitte: Tax News & Views: House Appropriators Approve $1 Billion FY 2023 Budget Bump for IRS (June 24, 2022)

Barron’s: Here’s How Much the Average Working Boomer Has Saved for Retirement (June 23, 2022)

JUNE 25, 2022 ~ NICHOLAS CHUCKAS Marin Larkin has published an article on Barron's, entitled "Here's How Much the Average Working Boomer Has Saved for Retirement." The article begins as follows: The first is a survey of 1,000 working Americans conducted recently showing much, or little, they have saved for retirement. And the picture isn’t … Continue reading Barron’s: Here’s How Much the Average Working Boomer Has Saved for Retirement (June 23, 2022)

Oxford University Press: Freedom of Testamentary Disposition (June 14, 2022)

JUNE 23, 2022 ~ NICHOLAS CHUCKAS Paul B. Miller, in his New York Times article, discusses defenses for the wide testamentary freedom offered by American law. The abstract is as follows: American law is notoriously solicitous of property owners’ testamentary freedom. Interpretive theorists cannot but acknowledge its centrality to enabling law. Yet freedom of testamentary … Continue reading Oxford University Press: Freedom of Testamentary Disposition (June 14, 2022)

Forbes: Understanding The Limits Of The Transferee’s Good Faith Defense In Voidable Transaction Law (June 20, 2022)

Forbes has published an article, "Understanding The Limits Of The Transferee's Good Faith Defense In Voidable Transaction Law", which discusses good faith defense and the Uniform Voidable Transaction Act. The article begins as follows: The so-called transferee's good faith defense has often befuddled attorneys and judges alike in its application to the Uniform Voidable Transaction … Continue reading Forbes: Understanding The Limits Of The Transferee’s Good Faith Defense In Voidable Transaction Law (June 20, 2022)

Ray Dalio: Reducing Inflation Will Come at a Great Cost: Stagflation (June 21, 2022)

JUNE 22, 2022 ~ NICHOLAS CHUCKAS Ray Dalio published an article to LinkedIn, titled "Reducing Inflation Will Come at a Great Cost: Stagflation," which discusses the downsides of reducing inflation. The article begins as follows: For me, hearing supposed “experts” talk about what’s now happening in the markets and economy is like listening to nails … Continue reading Ray Dalio: Reducing Inflation Will Come at a Great Cost: Stagflation (June 21, 2022)

Iowa Supreme Court: Surviving Settlor Cannot Modify Irrevocable Trust Without Court Approval (May 19, 2022)

MAY 22, 2022 ~ NICHOLAS CHUCKAS Probate Stars discusses the Iowa Supreme Court's decision in Little v. Davis to uphold the decision of the district court that a surviving settlor of an irrevocable trust cannot, even with the consent of all beneficiaries, modify the dispositive terms of an irrevocable trust without court approval. Donald and … Continue reading Iowa Supreme Court: Surviving Settlor Cannot Modify Irrevocable Trust Without Court Approval (May 19, 2022)

Holland & Knight Alert: Planning for the Future: Estate and Tax Planning with Digital Assets (June 10, 2022)

June 18, 2022 ~ Nicholas Chuckas Matt E. Kirk of Holland & Knight LLP has made available for download his article, "Planning for the Future: Estate and Tax Planning with Digital Assets" published as a Holland & Knight Alert. The article begins as follows Cryptocurrencies are becoming a larger component of investors' portfolios, especially for … Continue reading Holland & Knight Alert: Planning for the Future: Estate and Tax Planning with Digital Assets (June 10, 2022)

Rev. Rul. 2022-10: Determination of Issue Price in the Case of Certain Debt Instruments Issued for Property

The IRS has released Rev. Rul. 2022-10 which provides various prescribed rates for federal income tax purposes for June 2022. Table 1 contains the short-term, mid-term, and long-term applicable federal rates (AFR) for the current month for purposes of section 1274(d) of the Internal Revenue Code. Table 2 contains the short-term, midterm, and long-term adjusted … Continue reading Rev. Rul. 2022-10: Determination of Issue Price in the Case of Certain Debt Instruments Issued for Property

KPMG: Ninth Circuit: Tax Return Considered Filed When Sent in Response to IRS Inquiry; Tax Court Reversed (May 11, 2022)

KPMG has made available for download their article, "Ninth Circuit: Tax Return Considered Filed When Sent in Response to IRS Inquiry; Tax Court Reversed", which discusses how the U.S. Court of Appeals for the Ninth Circuit reversed the Tax Court's grant of summary judgment in favor of the government. The abstract is as follows: The … Continue reading KPMG: Ninth Circuit: Tax Return Considered Filed When Sent in Response to IRS Inquiry; Tax Court Reversed (May 11, 2022)

Peter Molk: Where Nonprofits Incorporate and Why It Matters (March 17, 2022)

Pater Molk, of the University of Florida Levin College of Law, has made available for download his article, "Where Nonprofits Incorporate and Why It Matters". The abstract is as follows: Nonprofit corporations account for over a trillion dollars of American annual GDP, employ twelve million people, and include some of the most well-known organizations in … Continue reading Peter Molk: Where Nonprofits Incorporate and Why It Matters (March 17, 2022)