The recent stock market volatility due to the coronavirus has understandably caused concern. When the market drops, however, it presents a great estate planning opportunity. Then, it’s the perfect time to gift assets to loved ones at a significant discount, something that would not have been possible even one month ago. Lower stock prices allow …
Read More

Friends and colleagues- My thoughts are with you during these uncertain times. First and foremost, I want you and your family to stay safe and healthy. Social distancing is a small price to pay for guarding the wellness of our most vulnerable. Second, I am sure you are anxious about your health and the health …
Read More

In an effort to provide as much timely guidance as possible, the IRS has created a Frequently Asked Questions (FAQs) site to address taxpayer questions and concerns with respect to recently promulgated Notice 2020-18. The Notice generally provided relief with respect to income tax return filings and payments and the FAQs serve to guide taxpayers …
Read More

As part of the federal government’s continued efforts to minimize the economic disruptions caused by the coronavirus pandemic, U.S. Treasury Secretary Steven Mnuchin on March 20, 2020, announced that the April 15th deadline for filing individual income tax returns for tax year 2019 has been moved to July 15, 2020. In addition to relief on …
Read More

On July 1, 2019, President Trump signed the Taxpayer First Act into law. The Act represents an important and welcome step toward improving technology and security while providing for an overall improved service experience for taxpayers interacting with the IRS. The Act contains two parts. The main themes of the first portion of the Act …
Read More

Due to a recent Supreme Court decision, internet sellers may now be required to collect and remit sales taxes in states in which they have no physical presence. In the landmark case of South Dakota v. Wayfair, Inc., decided on June 21, the Court overturned its prior decisions that had provided that an out-of-state seller …
Read More

A new audit regime, effective January 1, potentially shifts tax liabilities among partners. Starting in 2018, the IRS will be authorized to collect tax deficiencies directly from a partnership (including LLCs taxed as partnerships). This will result in current partners bearing tax liabilities relating to prior taxable years, even though the partnership may now have …
Read More

Sequestration and the IRS Earlier this year, the previously little-known word of “sequestration” was catapulted to the forefront of the news because effective March 1, 2013 the American Taxpayer Relief Act of 2012 mandated an approximate $1 trillion spending cut for federal agencies over a 10-year period.  So, what exactly is sequestration and how does …
Read More

The “Obamacare” tax on net investment income came into effect on January 1, 2013 although the guidance on the regulations under Section 1411 is not effective until after December 31, 2013. First and foremost – what is this new tax? Basically, taxpayers must add an additional 3.8% tax on the lesser of their net investment …
Read More

The fiscal cliff was averted on January 1, 2013 with the passage of the American Taxpayer Relief Act of 2012 (Act) which was signed by President Obama on January 2, 2013.  The new law eliminates the “sunset” provisions of the 2001 and 2003 tax cuts, offering an increased degree of stability even with the tax …
Read More