News & Analysis as of

Closely Held Businesses Gift Tax

Rivkin Radler LLP

The Enactment of OBBBA: It’s Time to Plan, Not Relax – “Winter is Coming”

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In the months preceding the general election in 2024, the owners of many closely held businesses who had not yet given much thought to the disposition of their future estates, including their businesses, decided they should...more

Rivkin Radler LLP

Closely Held Businesses and Their Owners Ask: What’s Big and Beautiful in the Recent Tax Law?

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The “One Big Beautiful Bill Act” (the “Act”) was signed into law last week, on July 4. As promised by the White House, the Act extends – i.e., purports to make “permanent” – many of the otherwise expiring provisions that were...more

DarrowEverett LLP

How Will New Congress Impact Tax and Estate Planning Strategies?

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With the looming elections, tax planners have taken time to consider what the future of Estate and Gift Tax planning might be under the new Congress. Every new Congress considers changes to the Internal Revenue Code of 1986,...more

Procopio, Cory, Hargreaves & Savitch LLP

Considerations for Taxable Estate Owners with a Beneficial Tax Provision Possibly Expiring

A key benefit to families with taxable estates may be about to go away. The Tax Reform Act of 2017 incorporated numerous tax reductions into U.S. law, with one significantly increasing the ability of taxable estate owners to...more

Warner Norcross + Judd

Tax Changes Coming in 2025 Affecting Farmers and Agribusiness Clients

Warner Norcross + Judd on

The Tax Cuts and Jobs Act provisions are set to sunset at the end of calendar year 2025. With this sunset on the horizon, those involved in the farming and agribusiness industries may want to take note and adjust their...more

Womble Bond Dickinson

Supreme Court Decision in Connelly v. United States

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On June 6, 2024, the United States Supreme Court issued its decision in in Connelly, As Executor of the Estate of Connelly v. United States, (602 US ________). The decision involves the application of the federal estate tax...more

Rivkin Radler LLP

The Family-Owned Business, Stock Options, And Personal Goodwill – a Smorgasbord of Tax Issues

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Many of us have encountered variations of the following scenario: a parent owns and operates a business; one or more of their children are employed in the business; as the children mature and become more experienced and...more

Rivkin Radler LLP

Taxes and the 2024 Election: ‘Tis the Season to Plan and Act

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This is The End- I have dreaded the year end for as long as I can remember. As a teenager and then as a young adult I associated the final quarter of the year, and especially the period beginning on Thanksgiving and...more

Rivkin Radler LLP

Disclaiming to Save Taxes

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It’s not enough for the founder of a closely held business to have successfully established the business. The business has to grow, not only to increase profits, but also to make it more competitive and to diversify its...more

Rivkin Radler LLP

Corporate-Owned Life Insurance, a Redemption, and The Value of a Decedent’s Stock

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Estate Tax – It’s a Killer- One of the reasons often given for eliminating the estate tax is the substantial economic burden it places upon the estate of a deceased business owner and upon the business itself. Specifically,...more

Rivkin Radler LLP

Gifting Business Interests Before Selling the Business? Think Valuation

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Counting the Days?- We are 302 days away from the national mid-term elections, to be held November 8, 2022, yet the first full week of the new year has already highlighted some of the economic issues with which the...more

Rivkin Radler LLP

Gift Transfers: Not on the Congressional Agenda, But Still in the Crosshairs of the IRS

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Same old in D.C.- On Monday, November 15, the President will sign into law the approximately $1 trillion Infrastructure Investment and Jobs Act that was finally passed by Congress when the House approved the Senate’s...more

Rivkin Radler LLP

Gifts, Sales and Effective Dates: The Race Against the Clock the Taxpayer Cannot See

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It was quite a week, wasn’t it?- Manchin- Senator Manchin continued to attract a lot of attention. To the dismay of his fellow Democrats, the West Virginian – who also chairs the Senate Energy and Natural Resources...more

Morgan Lewis

The House Democrats’ Tax Plan – The Time for Estate Planning Is Now

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The Democrats of the House of Representatives have released a much-anticipated tax plan that would significantly impact the federal estate and gift tax system. Importantly, the House could still amend this legislation and the...more

Rivkin Radler LLP

Tax Increases Are In Sight

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Summertime in Washington- On August 11, the Senate passed the $3.5 trillion budget resolution for the 2021-2022 fiscal year – S. Con. Res. 14, as amended – by a vote of 50 to 49, strictly along party lines, including...more

Rivkin Radler LLP

Biden’s 2022 Revenue Proposal, Profits Interests, And The Alchemy Of Compensation

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Recap- Last week, we considered several of the revenue proposals included in the Biden Administration’s 2022 Budget that are probably of interest – or should we say, “of concern”? – to the owners of closely held...more

Rivkin Radler LLP

The Biden Administration’s Revenue Proposals For Fiscal Year 2022: Tax Increases And Forced Recognition Of Capital Gains

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Extra, Extra!- Last Friday afternoon, as millions of unsuspecting Americans prepared for the long Memorial Day weekend – for many, perhaps, their first mask-less holiday celebration in almost 15 months – the Biden...more

Rivkin Radler LLP

The President’s Recent Tax Proposals: What Do They Mean For Business Owners?

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A Night to Remember? Did you listen to the President’s speech last Wednesday? He addressed a joint session of Congress to pitch the Administration’s $1.8 trillion American Families Plan. Due to COVID-related...more

Opportune LLP

Gift & Estate Tax Valuation: 5 Things To Remember

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Here are five things to remember when performing the valuation of shares of a closely held entity for gift and estate tax reporting...more

Ward and Smith, P.A.

A Farewell to the Current Gift and Estate Tax Exemption?

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We recently wrote about a window of opportunity to take advantage of the rising estate and gift tax exemption before it sets. It is becoming clearer that the window may be shutting fast. The opportunity to take advantage...more

Cole Schotz

Business Succession Planning – Should I Own My Business In A Trust?

Cole Schotz on

Closely-held businesses come in all shapes and sizes. Some owners own 100% of their businesses. Some have partners. Some have children in the business. Some do not. A common question that a client asks the business and...more

Farrell Fritz, P.C.

The Election, The Democrats’ Tax Proposals, And Year-End Tax Planning: Caught Between Scylla And Charybdis

Farrell Fritz, P.C. on

What a Week- There is no denying that last week’s political events were historic; one can only hope they were aberrational. The week began with the Sunday New York Times publishing a story in which it claimed to have...more

Farrell Fritz, P.C.

Biden’s Tax Proposals For Capital Gain, Like Kind Exchanges, Basis Step-Up & The Estate Tax – Tough Times Ahead?

Farrell Fritz, P.C. on

“The board is set. The pieces are moving. We come to it at last.” With these words, Gandalf the White acknowledged that the decisive battle for control over Middle Earth had been joined. So it is now for the U.S....more

Ruder Ware

Peter, Paul, and Mary Should Make Large Gifts – Now!

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Peter, Paul, and Mary have done well for themselves. Each has a nice home, a seasonal residence, and a large IRA. Coincidentally, each also has an additional $11 million worth of real estate, savings, brokerage accounts, and...more

Farrell Fritz, P.C.

Wealth Inequality, COVID-19, Recession, The 2020 Election & The Estate Tax

Farrell Fritz, P.C. on

Politics and Wealth Inequality- As we approach the presidential convention season, and the election campaign that will follow, the thoughts of many business owners have turned to the federal estate tax, and for good...more

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