Estate tax in the United States

2020 FEUSA Family Business Survey Indicates Family Businesses Fight to Stay Healthy and Viable During Turbulent Times

Retrieved on: 
Wednesday, July 8, 2020
Family business, Estate tax in the United States, Family business, Estate tax in the United States

Family businesses fight to stay healthy and viable during times of COVID-19 and economic stress, they are resilient and build their businesses for the long term, and as a legacy for the family, their employees, and their communities.

Key Points: 
  • Family businesses fight to stay healthy and viable during times of COVID-19 and economic stress, they are resilient and build their businesses for the long term, and as a legacy for the family, their employees, and their communities.
  • To stay viable their top concerns are 1) income tax, 2) estate tax, and 3) too much government regulation, in that order.
  • 26% of family businesses are very confident that their business revenues will increase in 2020, and 46% are somewhat confident, even though the survey was conducted from January 31, to April 24, 2020; during the COVID-19 pandemic, once again reflecting the strength and commitment of family businesses.
  • Family Enterprise USA (FEUSA) is the organization that family business owners and legislators in Washington DC go to for information on the family business industry.

Wolters Kluwer Launches One-of-a-Kind Alerts Feature within Tax Reporters Plus Suite

Retrieved on: 
Monday, June 22, 2020
Tax, Economy, Government, Alphen aan den Rijn, Wolters Kluwer, Estate tax in the United States, Internal Revenue Service, Tax law

NEW YORK, June 22, 2020 /PRNewswire/ -- Wolters Kluwer Legal & Regulatory U.S. today announced the launch of a new Alerts feature within its digital Tax Reporters Plus Suite on Cheetah for tax attorneys.

Key Points: 
  • NEW YORK, June 22, 2020 /PRNewswire/ -- Wolters Kluwer Legal & Regulatory U.S. today announced the launch of a new Alerts feature within its digital Tax Reporters Plus Suite on Cheetah for tax attorneys.
  • With the Plus Suite's new Alerts feature, users can set alerts to monitor tax code sections they are interested in and receive email alerts whenever the section changes.
  • The suite includesStandard Fed Plus,State Tax Plus, andEstate & Gift Tax Plusand leverages an issue archive ofStandard Federal Tax Reporterdating back to 1986, theState Tax Reporterand theEstate & Gift Tax Reporter, as well an Internal Revenue Code archive dating back to 1954.
  • To learn more about the Alerts feature, visit: https://lrus.wolterskluwer.com/store/standard-fed-plus/
    To learn more about Tax Reporters Plus Suite, visit: https://lrus.wolterskluwer.com/store/tax-reporters-plus-suite/
    About Wolters Kluwer Legal & Regulatory U.S.
    Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors.

Herbert B. Rosenberg Joins Ryan as Director

Retrieved on: 
Monday, May 4, 2020
Consulting, Professional services, Finance, Estate tax in the United States, Wealth in the United States, Tax, Property tax, Taxation in California, Ryan LLC, Economy of the United States

Ryan , a leading global tax services and software provider, announced today that Herbert B. Rosenberg has joined the Firm as a Director in the Commercial Property Tax practice to represent real estate clients in Illinois.

Key Points: 
  • Ryan , a leading global tax services and software provider, announced today that Herbert B. Rosenberg has joined the Firm as a Director in the Commercial Property Tax practice to represent real estate clients in Illinois.
  • Mr. Rosenberg brings a diverse book of business to Ryan, comprised of a wide variety of commercial, industrial, and retail properties.
  • Mr. Rosenberg has been practicing for 50 years and has focused on representing property owners with real estate tax reduction.
  • Ryan, an award-winning global tax services and software provider, is the largest Firm in the world dedicated exclusively to business taxes.

The American College of Trust and Estate Counsel Names Stephen R. Akers as New President

Retrieved on: 
Wednesday, March 18, 2020
Common law, Equity, Inheritance, Law, American College of Trust and Estate Counsel, Taxation in the United States, Trust law, Fiduciary, Estate tax in the United States, Gift tax in the United States

WASHINGTON, March 18, 2020 /PRNewswire-PRWeb/ -- The American College of Trust and Estate Counsel (ACTEC) today announced that Stephen R. Akers will serve as the College's new President.

Key Points: 
  • WASHINGTON, March 18, 2020 /PRNewswire-PRWeb/ -- The American College of Trust and Estate Counsel (ACTEC) today announced that Stephen R. Akers will serve as the College's new President.
  • Akers, Managing Director and Senior Fiduciary Counsel at Bessemer Trust in Dallas, Texas succeeds ACTEC Fellow John A. Terrill, II from West Conshohocken, Pennsylvania.
  • ACTEC Fellows have extensive experience in a range of practice areas including estate and trust planning; estate tax, gift tax and generation-skipping tax planning; fiduciary income tax planning; charitable planning; planning for owners of closely-held and family businesses; fiduciary litigation; and estate and trust administration.
  • Additionally, Akers was an active member of the College's Audit Committee, Communications Committee, Estate and Gift Tax Committee, Financial Management Committee, Long-Range Planning Committee and Sponsorship Advisory Committee.

Inheritance Tax Act 1984 (Amendment) (Siblings)

Retrieved on: 
Wednesday, January 15, 2020
Taxation in the United Kingdom, Economies, Countries, Inheritance tax, Inheritance Tax in the United Kingdom, Estate tax in the United States

Latest Bill

Key Points: 
  • Latest Bill

    Latest news on the Inheritance Tax Act 1984 (Amendment) (Siblings) Bill [HL] 2019-20

    First reading took place on 14 January.

  • This stage is a formality that signals the start of the Bill's journey through the Lords.
  • Second reading - the general debate on all aspects of the Bill - is yet to be scheduled.
  • Summary of the Inheritance Tax Act 1984 (Amendment) (Siblings) Bill [HL] 2019-20

    A bill to amend the Inheritance Tax Act 1984 to make transfers between siblings exempt in certain circumstances

More than a Role of the Dice: DangerLaw, LLC Estate Planning Board Game Adds Laughter to “Death and Taxes”

Retrieved on: 
Thursday, December 12, 2019
General Entertainment, Entertainment, Legal, Professional services, Law, Estate planning, Property law, Tax avoidance, Taxation in the United States, Trust law, Estate tax in the United States, Power of attorney, General Entertainment, Entertainment, Legal, Professional services, Law, Estate planning, Property law, Tax avoidance, Taxation in the United States, Trust law, Estate tax in the United States, Power of attorney

To empower clients to evaluate these complexities, DangerLaw, LLC, of Greater Boston has created an estate planning board game , with the playful name, Why Wonder When Youre Six Feet Under.

Key Points: 
  • To empower clients to evaluate these complexities, DangerLaw, LLC, of Greater Boston has created an estate planning board game , with the playful name, Why Wonder When Youre Six Feet Under.
  • Tackling everything from wills, trusts, estate taxes and gifting, to health care proxies, durable powers of attorney and provisions for pets, the game is DangerLaw, LLC s latest client education tool.
  • We believe in the power of laughter and offer a five-percent discount to estate planning clients who make us laugh.
  • For more information about DangerLaw, LLC and the estate planning game, contact 617-340-3231 or [email protected] , or visit DangerLaw.com .

Pappas: Download your Cook County property tax bill due March 3rd at cookcountytreasurer.com if you want to pay this year

Retrieved on: 
Wednesday, December 4, 2019
Income tax in the United States, Tax, Income tax, Payroll, Taxation in the United Kingdom, Estate tax in the United States

Tax Year 2019 First Installment taxes, due March 3, 2020, are 55 percent of the previous year's total tax, Pappas said.

Key Points: 
  • Tax Year 2019 First Installment taxes, due March 3, 2020, are 55 percent of the previous year's total tax, Pappas said.
  • Property owners should consult with a tax professional about income tax deductions for this year.
  • "By knowing now what the tax bill is, homeowners can decide whether to pay next year's taxes before December 31," Pappas said.
  • You may look up your tax bill on cookcountytreasurer.com by using your address or 14-digit Property Index Number (PIN).The website is the most convenient way to pay.

Inheritance Tax : a basic guide

Retrieved on: 
Saturday, July 6, 2019
Taxation in the United Kingdom, Government, HM Revenue and Customs, Inheritance Tax in the United Kingdom, Tax, Estate tax in the United States, Economy, Tax return

Friday, July 5, 2019This paper provides a summary description of the structure of inheritance tax (IHT) and the main reliefs which are available.

Key Points: 
  • This paper provides a summary description of the structure of inheritance tax (IHT) and the main reliefs which are available.
  • Further to this paper, HM Revenue & Customs (HMRC) provide guidance on inheritance tax on their internet site.
  • [2] HMRC also operate a helpline for those with questions about inheritance tax or probate.
  • [4]
    [3] Inheritance Tax and Probate Helpline Tel.

Inheritance Tax

Retrieved on: 
Saturday, July 6, 2019
Economies, Countries, Inheritance Tax in the United Kingdom, Personal allowance, Inheritance tax, Tax, Income tax, Estate tax in the United States, Nil rate band, Taxation in the United Kingdom

Friday, July 5, 2019This paper gives a brief summary of the structure of inheritance tax before looking at the debates there have been about the tax in recent years.

Key Points: 
  • This paper gives a brief summary of the structure of inheritance tax before looking at the debates there have been about the tax in recent years.
  • Inheritance tax (IHT) is levied on the value of a persons estate at the time of their death.
  • [2] It is estimated that the tax was paid on 21,000 estates at death in 2017/18, representing under 4% of all deaths.
  • There are some gifts which one can make in the last seven years of ones life which do not attract tax.
  • By the middle years of the decade commentators were predicting that very many more families would have to make provision to pay for the tax in future, though even at this point, at the peak of the UK housing market, tax was paid on around 6% of all estates at death.
  • In its agreement published after the election, the Conservative-Liberal Democrat Coalition Government made a number of tax proposals including a substantial increase in the income tax personal allowance from April 2011.
  • The agreement went on to state that the new Government would further increase the personal allowance to 10,000, making real terms steps each year towards meeting this as a longer-term policy objective, and that it would prioritise this over other tax cuts, including cuts to Inheritance Tax.
  • [8] In its manifesto for the 2015 General Election the Conservative Party stated that in government, we will take the family home out of tax for all but the richest by increasing the effective Inheritance Tax threshold for married couples and civil partners to 1 million, with a new transferable main residence allowance of 175,000 per person.
  • The Budget report noted that, given this, the effective inheritance tax threshold will rise to 1m in 2020/21.
  • [19] Notes : [1] Tax rates and allowances for 2019/20 are set out in Annex A to HM Treasury, Overview of Tax Legislation and Rates, October 2018.

Duval & Stachenfeld Announces NYC Real Estate Tax and Incentives Practice Group with the Addition of Partner YuhTyng Patka

Retrieved on: 
Wednesday, April 3, 2019
Professional services, Legal, Construction & Property, Commercial Building & Real Estate, Residential Building & Real Estate, Other Construction & Property, Estate tax in the United States, Wealth in the United States, Tax, Real estate

Duval & Stachenfeld LLP The Pure Play in Real Estate Law announces the launch of their NYC Real Estate Tax and Incentives Practice Group with the addition of partner, YuhTyng Patka.

Key Points: 
  • Duval & Stachenfeld LLP The Pure Play in Real Estate Law announces the launch of their NYC Real Estate Tax and Incentives Practice Group with the addition of partner, YuhTyng Patka.
  • The new practice group will focus on representing New York City real estate owners and developers on all aspects relating to real estate taxes and government incentive programs.
  • Ms. Patka regularly advises owners in challenging their property taxes (certiorari), developers in NYC real estate tax incentive programs (421-a, ICAP, FRESH), and not-for-profits in obtaining real estate tax exemptions.
  • With approximately 45 full-time real estate attorneys, the Duval & Stachenfeld Real Estate Practice Group has one of the largest real estate law practices in New York City.