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Recent Articles & Treatises
- Registration now open for September 17, 2019 CPE Seminar, “IRC Sec. 199A: Wasn’t the Code to be Simplified?” August 26, 2019
- A Journey Through IRC Section 199A: Wasn’t the Code to be Simplified? July 25, 2019
- Tax News & Comment — August 2019 July 25, 2019
- Tax News & Comment – April 2017 March 13, 2017
- Tax News & Comment — May 2016 May 14, 2016
- FROM WASHINGTON & ALBANY — Current Election Probabilities; Tax Plans of Trump and Clinton May 13, 2016
- FROM FEDERAL AND NYS COURTS: Recent Developments & 2015 Decisions of Note May 13, 2016
- IRS & NYS DTF MATTERS: Recent Developments & 2015 Regs. & Rulings of Note May 13, 2016
- Creating and Maintaining Flexibility in Wills and Trusts May 13, 2016
- Escaping the Quandary Posed by Unreported Foreign Accounts May 13, 2016
- Like Kind Exchanges Alive and Well: An Update May 13, 2016
Most Popular
- Legal Basis for Seeking Abatement of New York State Tax Penalties
- Executor and Trustee Commissions Under NY EPTL
- Depreciation Recapture
- September 17 CPE Breakfast Lecture in Old Westbury, New York -- "IRC Sec. 199A: Wasn't the Code to be Simplified?"
- New York's Revised Decanting Statute Under EPTL §10-6.6
- Rev. Rul. 85-13: Is There a Limit to Disregarding Disregarded Entities?
- Executor and Trustee Commissions Under the New York EPTL
- Like Kind Exchanges of Real Estate Under IRC Section 1031 -- Treatise
- Taxation of Foreign Nongrantor Trusts: Throwback Rule
- Marital Deduction Planning
Daily Archives: March 23, 2010
Marital Deduction Planning
By making a QTIP election, the Executor will enable the decedent’s estate to claim a full marital deduction. To qualify, the trust must provide that the surviving spouse be entitled to all income, paid at least annually, and that no person may have the power, exercisable during the surviving spouse’s life, to appoint the property to anyone other than the surviving spouse. Since the Executor may request a 6 month extension for filing the estate tax return, the Executor in effect has 15 months in which to determine whether to make the QTIP election. Continue reading
The Decedent’s Final Income Tax Return
A decedent’s final income tax return must be filed by the Executor by April 15 of the year following death. A joint return may be filed if the decedent’s spouse did not remarry during the year. If no Executor has been appointed by the due date of the return, a joint return must be filed by the surviving spouse. In that case, the later appointed Executor may revoke the surviving spouse’s election to file a joint return and file a separate return for the decedent’s estate within one year from the due date of the return, including extensions. Continue reading
ASSET PROTECTION: ETHICAL CONSIDERATIONS
New York County Surrogates Court, in In re Joseph Heller Inter Vivos Trust, 613 N.Y.S.2d 809 (1994), approving a trustee’s application to sever an inter vivos trust to “insulate[] the trust’s substantial cash and securities from potential creditor’s claims that could arise from the trust’s real property, observed that “New York law recognizes the right of individuals to arrange their affairs so as to limited their liability to creditors, including the holding of assets in corporate form . . . making irrevocable transfers of their assets, outright or in trust, as long as such transfers are not in fraud of existing creditors.” Continue reading
Revised New York Criminal Tax Statutes
Tax professionals preparing 2009 New York State corporate, income, employment and sales tax returns should be alert to statutory changes which create new tax offenses and which impose stricter criminal penalties for existing offenses. In some cases, tax professionals may be prosecuted under an accomplice theory for aiding or abetting dishonest taxpayers. This memorandum summarizes the new legislation, whose objective is to improve tax compliance and prevent tax evasion by drastically increasing penalties for serious acts of tax evasion and tax fraud. For more information about the new statute, and for legal guidance, please contact this office. Continue reading
Posted in Criminal Penalties, NYS Dept. of Tax'n & Finance, Penalties
Tagged aggregation, excise or withholding tax, failing to pay a tax due, Felony tax fraud classifications, Issuing false exemption certificates, new york criminal tax, subpoenas, tax fraud, tax preparers, Willful Failure to File, Willfully engaging in scheme to defraud, Willfully failing to collect sales, Willfully filing a false return
Business Succession Planning Involving Family Members
Business Succession Planning Involving Family Members Continue reading
Revision of New York Power of Attorney Law Takes Effect
Effective 9/1/09, NY General Obligations Law §5-1501, which governs the content and execution of powers of attorney, was revised and amended. Powers executed prior this date remain valid, but are subject to the amended statute. Continue reading →