By Ross Todd | June 28, 2024
After William Burck, AJ Merton and Peter Fountain of Quinn Emanuel sued the Internal Revenue Service on behalf of billionaire investor Ken Griffin, the agency this week apologized to him and thousands of others whose tax information was leaked to the press by a contractor.
National Law Journal | Commentary
By Jay R. Nanavati and Nikhil Lahiri | June 26, 2024
Section 803 of the FAA Reauthorization Act of 2024, signed into law last month, requires the FAA to establish "a process by which, upon request of a private aircraft owner or operator, the administrator withholds the registration number and other similar identifiable data or information ... for the noncommercial flights of the owner or operator."
By Stephen L. Ferszt | June 25, 2024
In 2017, Congress enacted the Tax Cuts and Jobs Act, doubling the estate and gift tax exemption. This increase is set to expire on Jan. 1, 2026, reverting to pre-TCJA levels. Taxpayers should understand strategies to take advantage of the increased exemption before it expires to shield their assets from future gift and estate taxes. Stephen L. Ferszt, chair of Olshan Frome Wolosky's Employee Benefits Practice discusses the complex landscape of estate planning and the critical decisions taxpayers need to make before the BEA rollback takes effect.
New York Law Journal | Analysis
By Neil Weisbard and Gabriel Eckstein | June 21, 2024
After two long years since the "lapse" of New York's 421-a program, real estate developers may finally be able to breathe a sigh of relief, as the new ANNY program will bring many of the same real property tax benefits for providing affordable housing.
New York Law Journal | Analysis
By Conrad Teitell | June 21, 2024
The SECURE Act—starting in 2020— killed the stretch IRA for most heirs. Until that legislation, an heir could generally have required minimum distributions stretched over his or her life expectancy. And that minimized taxes—plus; the assets in the heir's IRA grew tax-free until withdrawn.
By Jimmy Hoover | June 20, 2024
In their 7-2 decision, the justices rejected arguments that the Mandatory Repatriation Tax violates the Constitution's Apportionment Clause, which requires "direct" taxes be divvied up among the states based on population.
New York Law Journal | Analysis
By Elliot Pisem and David E. Kahen | June 18, 2024
In two recent Tax Court decisions, it was determined that, although there had been a loss in value attributable to activities ultimately determined to be crimes, no theft loss was allowable to the petitioners because no crime in the nature of theft had been committed against the petitioners themselves to deprive them of property that they owned.
New Jersey Law Journal | Commentary
By Michael F. Schaff and Jennie M. Miller | June 12, 2024
"After nearly 55 years, it appears the federal government is catching up with the times and will recognize that marijuana has an accepted medical use," write Michael F. Schaff and Jennie M. Miller.
By Jimmy Hoover | June 6, 2024
The U.S. Supreme Court's decision "upsets the assumptions of many practitioners that the proceeds of life insurance used to redeem a deceased shareholder are not factored into the estate tax calculation," said tax attorney Joel Carpenter.
The Legal Intelligencer | Commentary
By Mark L. Lubin | June 6, 2024
With careful planning, substantial tax liability can often be avoided in making a former captive's assets available to meet future business needs of related entities.
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