Sell Corporate Stock Tax-Free to an ESOP One of the best tax breaks available to closely held businesses is the ability to sell stock to an employee stock ownership plan (ESOP) on a tax-free basis. This strategy works well for business owners who are looking for an exit strategy and are committed to the concept of […]
Patent Number 9,621,539, which issued April 11, 2017, is a unique combination of automated privacy compliance technology and systems architecture designed for database-agnostic communication to meet the most stringent privacy laws and regulations, including well-known U.S. Health Insurance Portability and Accountability Act (HIPAA), banking, and EU Privacy Directive requirements, among others. Thomas Peterson, a noted […]
How Consumer Protection Laws Affect Your Business Business owners can get trapped by numerous state and federal consumer protection laws. Click “Full Article” for a rundown of some of the statutes related to deceptive advertising, pricing and more.Copyright © 2017 How Crooks Use Bankruptcy to Cheat Creditors Some bankrupt businesses deliberately sell off assets so there isn’t […]
Inside Wealth DBGB Kitchen and Bar in CityCenterDC, where there is also an Hermès store. Justin T. Gellerson for The New York Times Wealth in Washington is being redefined, as the region’s modest millionaires give rise to a new class of superrich. For years, Washington and its surrounding suburbs have been among the most affluent […]
This is the third instalment in a series on the US cross-border insolvency statute, Chapter 15 of theBankruptcy Code, which took effect 11 years ago (for further details please see “Chapter 15 at 11:Bankruptcy Code’s cross-border insolvency law approaches 11th anniversary” and “Chapter 15 at 11:Chapter 15 provides provisional relief in Hanjin Shipping”). IntroductionThe previous […]
In Revenue Procedure 2016-37, the IRS formally announced the elimination, effective January 1, 2017, of the five-year remedial amendment cycle system for individually designed, qualified retirement plans.[1] The IRS further announced that it would publish each year a Required Amendments List (“RA List”) and provide an Operational Compliance List (“OC List”) in place of the […]
On November 1, 2016, the Internal Revenue Service (“IRS”) issued Notice 2016-66, identifying certain transactions relating to “micro-captive” insurance companies as “transactions of interest.” This designation brings covered captive insurance companies into a Federal reporting regime requiring participants in such transactions, as well as their advisors, to meet certain one-time and annual filing obligations. Participants […]
This past weekend, President Donald Trump signed an Executive Order requiring all new appointees in his Administration to sign an ethics pledge that contains special “revolving door” and gift restrictions. Although Mr. Trump also formally rescinded an ethics order issued in the early days of the Obama presidency, this new Executive Order carries over some […]
In Revenue Procedure 2016-37, the IRS formally announced the elimination, effective January 1, 2017, of the five-year remedial amendment cycle system for individually designed, qualified retirement plans.[1] The IRS further announced that it would publish each year a Required Amendments List (“RA List”) and an Operational Compliance List (“OC List”) in place of the Cumulative […]
On December 12th, the IRS issued final regulations requiring foreign-owned, single-member LLCs to disclose to the IRS their beneficial owners by obtaining a U.S. tax identification number (“TIN”) and in many circumstances, filing annual returns. Wealth advisors and their clients should be aware that failure to comply could result in significant civil penalties and, if […]
It is widely expected that Congress will address tax reform early in its 2017 session. This alert summarizes President-Elect Trump’s proposal and Speaker of the House Paul Ryan’s proposal on key corporate tax provisions applicable to U.S. domestic and multinational corporations. Estate, gift and generation-skipping tax proposals (including possible changes to the treatment of basis […]
The Bipartisan Budget Act of 2015 (“BBA”) fundamentally changed the rules by which partnerships, and entities taxed as partnerships, interact with the Internal Revenue Service (“IRS”) in an audit or litigation. We outlined these significant changes to the partnership audit rules in a prior Alert. The BBA repealed the 30 year-old TEFRA partnership audit regime, […]