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Tax Exemptions

Baker Donelson

Corporate Transparency Act and Tax-Exempt Entities

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This alert provides an overview of the Corporate Transparency Act (CTA) and explains the procedures that a newly formed tax-exempt entity must undertake in order to comply with the CTA....more

Kohrman Jackson & Krantz LLP

IRS Increases 2025 Federal Estate Tax Exemption and Gift Tax Exclusions: Key Points for Taxpayers

Estate planning is a lot like putting together a puzzle. The client provides you with their box lid showing what they want the ultimate result of their plan to look like. Then, estate planners are tasked to identify and...more

Holtzman Vogel Baran Torchinsky & Josefiak

FinCEN Beneficial Ownership Reports Due Before the End of the Year

Under new rules that went into effect in 2024, certain business entities are now required to file Beneficial Ownership Information (“BOI”) Reports with the Financial Crimes Enforcement Network (“FinCEN”) of the U.S....more

Dechert LLP

2024 Election - Implications on Private Client

Dechert LLP on

As the 2024 election cycle unfolds, the landscape of U.S. policy is poised for potential shifts that could significantly impact individuals and families. With a Harris administration's focus on increasing tax rates for high...more

Schwabe, Williamson & Wyatt PC

Are You Prepared for Potential Adjustments to the Federal Estate Tax?‎

The federal estate and gift tax exemption is the highest it has ever been. Under current law, you may transfer almost $14 million to anyone you wish without having to pay a dime of federal gift or estate tax. Absent any...more

Husch Blackwell LLP

Maximizing Your Wealth Transfer Potential: Updates to Gift, Estate, and GST Tax Exemptions for 2025

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When it comes to passing wealth to the next generation, one of the most powerful tools in our toolbox is the use of your lifetime gift, estate, and generation-skipping transfer tax (GST) exemption amounts. While the...more

Adams and Reese LLP

CTA Deadline is Fast Approaching: Is Your Business Ready to Report Ownership Information by Jan. 1, 2025?

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Halloween is next week, the Presidential Election is in two weeks, the Thanksgiving turkey will be in the oven in about a month, and Santa Claus is coming down the chimney in two months....more

Proskauer Rose LLP

Personal Planning Strategies - November 2024

Proskauer Rose LLP on

What This Means for Your Current Will, Revocable Trust and Estate Plan - The estate and gift tax regimes have been permanent and unified since the passage of The American Taxpayer Relief Act of 2012 (the "2012 Act"). In...more

Awatif Mohammad Shoqi Advocates & Legal...

Understanding Small Business Relief: Key Provisions of the UAE Corporate Tax Law

The introduction of the Small Business Relief under Article 21 of the UAE Corporate Tax Law (Federal Decree-Law No. 47 of 2022) aims to support small businesses by exempting them from corporate tax obligations, provided they...more

Rivkin Radler LLP

Thinking About Making Taxable Gifts Before the 2026 Sunset?

Rivkin Radler LLP on

As we will see shortly, it is often “better to give than to receive,” though this statement begs the obvious question of whether it is better to do so during one’s lifetime or upon one’s death. Many well-to-do individuals...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

Braumiller Law Group, PLLC

Wyoming’s DUNA Law – A Legal Framework for Non-Profit DAOs and Open-Source Blockchain Networks - Hot Topics in International Trade...

Decentralized Autonomous Organizations (DAOs) are a novel form of governance for blockchain-based protocols. Unlike traditional companies or non-profits, DAOs are member-controlled organizations that operate without a central...more

Carey Olsen

An overview of Cayman Islands foundation companies

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A foundation company is a vehicle unique to the Cayman Islands. It has features akin to a company, retaining separate legal personality and limited liability, whilst functioning in a manner similar to a civil law foundation...more

Freeman Law

Texas Religious Organizations Property Tax Exemptions | Take 2

Freeman Law on

Texas Religious Organizations Property Tax Exemptions – Take 2 - Many have contacted me about the Freeman Law Insights blog – Texas Religious Organizations Property Tax Exemptions...more

McDermott Will & Emery

ITFA Is Alive and Well: New York Advisory Opinion Reaffirms Sales Tax Exemption for Internet Access Services

McDermott Will & Emery on

In its latest Advisory Opinion, TSB-A-24(4)S (June 26, 2024), the New York State Department of Taxation and Finance (the Department) reaffirmed the broad protections offered by the Internet Tax Freedom Act (ITFA) against...more

Chambliss, Bahner & Stophel, P.C.

Important Tax Compliance Update for Church Operations: New State Ruling Impacts Lodging and Food Services

Prior to this opinion, you might have assumed that funds your church charged for providing food, beverages, or lodging related to a religious activity were tax-exempt and not liable for state sales tax. We are writing to...more

McDermott Will & Emery

Weekly IRS Roundup September 16 – September 20, 2024

McDermott Will & Emery on

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 16, 2024 – September 20, 2024. September 16, 2024: The IRS released Internal Revenue...more

Farrell Fritz, P.C.

Additional Real Property Tax Relief for Certain Senior Housing Properties in Nassau County Signed into Law

Farrell Fritz, P.C. on

New York State Governor Kathy Hochul signed NYS Senate Bill 8647 (Martins)/Assembly Bill 10355 (Stern) into law this week....more

Troutman Pepper

FERC Chief Accountant Proposes to Modify Transferability of Income Tax Credits

Troutman Pepper on

On September 12, 2024, FERC’s Chief Accountant issued a notice of proposed accounting release (“NOPAR”) to modify the transferability of income tax credits (“ITCs”) related to certain energy projects under the Inflation...more

Mayer Brown

Senado Aprova Medidas Para Renegociação De Multas Impostas Por Agências Reguladoras Federais

Mayer Brown on

O Senado aprovou a criação do programa “Desenrola Agências Reguladoras”, que cria a possibilidade de renegociação de multas aplicadas pelas agências reguladoras federais a pessoas físicas ou jurídicas. O substitutivo ao...more

Brooks Pierce

Changing Laws Present Unique Estate Planning Opportunities for Married Couples

Brooks Pierce on

Today’s federal estate and gift tax laws may be remembered as the most generous to wealthy families since the Great Depression. The 2017 Tax Cuts and Jobs Act (TCJA) doubled the federal estate, gift, and generation skipping...more

Bilzin Sumberg

Part 2/2: Missing Middle Tax Exemption Updates for 2025

Bilzin Sumberg on

The Florida Housing Finance Corporation is preparing to begin processing applications for the Missing Middle Tax Exemption for the 2025 tax year. Some of the deadlines for processing exemption applications have changed. This...more

Dunlap Bennett & Ludwig PLLC

Estate Tax “Cinderella” Story: Millions Of Dollars Disappearing At The Stroke Of Midnight On January 1, 2026!

The classic children’s tale of Cinderella has the magic spell that transformed Cinderella expiring at the stroke of midnight after the ball. Her magnificent coach turned back into a pumpkin, inspiring a commonly used phrase....more

Farella Braun + Martel LLP

[Event] Vines and Legacies: Secure Your Future Today - September 24th, St. Helena, CA

Thoughtful planning and careful implementation are essential to a successful estate plan that preserves wealth in the most tax-efficient manner and fulfills a family’s personal objectives....more

Dunlap Bennett & Ludwig PLLC

The Strategy Behind Spousal Lifetime Access Trusts (SLATS)

With continuing uncertainty regarding the federal estate tax laws, the Spousal Lifetime Access Trust (SLAT) is a popular option that helps high net-worth individuals maintain flexibility while maximizing their financial...more

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