IRS Alert: The Internal Revenue Service (“IRS”) recently issued Revenue Procedure 2022-32 which provided surviving spouses extended relief to make “portability” elections without the need for the issuance of a private letter...more
This quarterly newsletter explores the emerging legal topics related to business succession planning. Thought-leading attorneys from Moritt Hock & Hamroff’s Closely-Held/Family Business Practice Group share their legal...more
9/8/2022
/ Acquisitions ,
Business Continuity Plans ,
Business Succession ,
Compliance ,
Earn-Outs ,
EBITDA ,
Estate Tax ,
Gift Tax ,
Governance Standards ,
Income Taxes ,
Installment Agreements ,
IRS ,
Mergers ,
Purchase Price ,
Risk Management ,
Succession Planning
On September 13, the House Ways and Means Committee released a proposed plan to pay for the $3.5 trillion Build Back Better Act (the “Act”). The proposed legislation contains a variety of changes across the tax code, but the...more
With the introduction of the “For the 99.5% Act” proposed by Senator Bernie Sanders, there is an increased likelihood for sweeping federal estate and gift tax reforms occurring during the latter part of 2021. The proposed...more
Becoming a Florida resident has numerous income and estate tax considerations and other implications including obtaining homestead status. This Alert is an introduction to the issues and steps you should consider to establish...more
Complex times are times to seek advice and consult your Estate Planner. Federal estate tax laws in place during the 1970s, 1980s and 1990s were very oppressive. These laws were modified to a great extent and now benefit...more
In April we notified you of important changes to the rules regarding required minimum distributions from your retirement accounts for calendar year 2020. These rules were part of the CARES Act which was signed into law on...more
On March 20, Governor Cuomo issued Executive Order 202.6 which directed all non-essential businesses to close. On April 26, 2020, the Governor announced a “phased” approach to re-open businesses which was based on public...more
The current state of affairs reminds all of us that we live in a time of uncertainty. We must be mindful that estate plans are fluid and need to be altered to reflect current realities. Now, more than ever, clients should be...more
We hope this newsletter finds you and your loved ones safe and healthy.
We previously noted that the coronavirus "lock down" is causing many of our clients to re-think their existing estate plans. In the past, certain estate...more
4/17/2020
/ Beneficiary Designations ,
E-Signatures ,
Estate Planning ,
Estate Tax ,
Generation-Skipping Transfer ,
Gift Tax ,
Gift-Tax Exemption ,
Health Care Proxies ,
Tax Exemptions ,
Tax Planning ,
Tax Rates
We hope this newsletter finds you and your loved ones safe and healthy. The coronavirus "lock down" is causing many of our clients to re-think their existing estate plans. Many of you want to make modifications or take...more
Business Corporation Law (“BCL”) §708(b) allows any action required or permitted to be taken by a board (or any committee thereof) to be taken without a meeting if all members of the board (or the committee) consent in...more
One of the most significant tax breaks for individuals included in the recently passed CARES Act was a temporary suspension of the annual required minimum distribution rules for IRA’s and certain other defined contribution...more
We hope this Alert finds you and your loved ones healthy and safe during these unsettling times.
When you entrusted us to implement your estate plan we assured you that we would be there for you in times of need. We are...more