As predicted, the 2017 Tax Act appears to have impacted the state of charitable giving in the United States. The 2019 Giving USA report released June 18, 2019, indicated that giving by individuals declined by 3.4 percent...more
On July 2, 2019, the North Carolina Department of Revenue issued a notice setting December 21, 2019, as the deadline for certain taxpayers to file amended returns or tax refund claims based on the U.S. Supreme Court decision...more
7/10/2019
/ Beneficiaries ,
Due Process ,
Estate Tax ,
Exclusive Control ,
Forum State ,
In-State Beneficiaries ,
Income Taxes ,
Minimum Contacts ,
North Carolina Department of Revenue v The Kimberley Rice Kaestner 1992 Family Trust ,
SCOTUS ,
State Taxes ,
Trustees ,
Trusts
On June 21, 2019, the U.S. Supreme Court issued a unanimous opinion, delivered by Justice Sotomayor, in North Carolina Department of Revenue v. Kimberley Rice Kaestner 1992 Family Trust, holding that the North Carolina...more
6/26/2019
/ Beneficiaries ,
Due Process ,
Estate Tax ,
Exclusive Control ,
Forum State ,
In-State Beneficiaries ,
Income Taxes ,
Minimum Contacts ,
North Carolina Department of Revenue v The Kimberley Rice Kaestner 1992 Family Trust ,
SCOTUS ,
State Taxes ,
Trust Distributions ,
Trustees ,
Trusts
On April 16, 2019, the U.S. Supreme Court heard arguments in Kaestner v. North Carolina Department of Revenue. The case will address the extent of the state’s authority to tax the income of certain trusts. The trustees of the...more
The U.S. Supreme Court will have the final word in the ongoing challenge to North Carolina’s statute taxing trust income, as it agreed on January 11 to hear arguments in North Carolina Dept. of Revenue v. Kaestner Family...more
On June 8, the North Carolina Supreme Court affirmed the Court of Appeals’ 2016 decision in the matter of the Kimberly Rice Kaestner 1992 Family Trust v. North Carolina Department of Revenue , upholding the Court of Appeals’...more
On July 5, 2016, the North Carolina Court of Appeals affirmed the Business Court ruling in the matter of Kimberly Rice Kaestner 1992 Family Trust v. North Carolina Department of Revenue. As noted in our Alert of May 1, 2015,...more