New Tax Changes are Blowing in the Wind
...date of the bill’s introduction. Estate & Gift Tax Proposals The estate and gift tax exclusion and the generation-skipping transfer (GST) tax exemption would be cut roughly in half beginning...
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Upcoming live video webinar: U.S.-India Tax Planning: Reporting Issues, Traps to Avoid, Tax Treaties, FTC, FACTA/FBAR Reporting, Passive Income
I am pleased to announce that I will be speaking in an upcoming Strafford live video webinar, “U.S.-India Tax Planning: Reporting Issues, Traps to Avoid, Tax Treaties, FTC, FACTA/FBAR Reporting,...
Unfiled FBAR Penalties Survive Death
Do FBAR penalties survive death? According to a new court ruling, the answer is clearly yes (unfortunately). In United States v. Gill, 2021 U.S. Dist. LEXIS 12203 (S.D. Tex. 6/30/21),...
What is a SLAT?
...remaining exemption from the federal estate tax; (ii) potentially benefits the surviving spouse; and (iii) prevents the value of the trust from being included in the surviving spouse’s gross estate...
New Form 3520 Penalties
...statement to their Form 3520 explaining the reason for filing late. This approach often led to no penalty assessment. However, the IRS website in November 2020 changed with a warning...
Penalties for Not Filing Form 3520
The IRS requires a U.S. person receiving a gift from a foreign individual, corporation, partnership, or estate to report by filing Part IV Form 3520. Failure to file or late,...
The big question on a tax increases is not “if” but “when”
...estate tax planning (such as gifting to children) and consultations in anticipation of the expected tax law increases. Please reach out to our office with questions or complete this form....
Client Case Study: Tax Savings Now
...in 2020 should be advised to use their gift exemptions before they may be changed. There are many gifting strategies consider now including spousal lifetime access trusts (SLATs). SLATs are...
Democratic Win Means Estate Tax Law Changes
...plans have been fully revived. As such, we anticipate tax changes impacting estate planning: Decrease in Federal Estate Tax Exemption: Perhaps the most significant change proposed under Biden’s estate tax...
2020 New “Universal” Deduction for Charitable Contributions
As clients look for last-minute tax-saving strategies in 2020, one area that should be considered involves the changes to the charitable giving rules made by the 2020 CARES Act. The CARES Act established...
Tax Strategies to Explore Now
...the current estate tax exemption amount (“ETEA”). Some tax strategies that we recommend including gifting through a SLAT and residency planning: 1. The feared estate tax increase has likely been...
Estate Planning for 2021 and Beyond: SLATs
The estate and gift tax exemption, which allows each U.S. person to pass a certain amount of assets free of the federal estate and gift tax, was doubled under the...