Breaking up a corporation with subsidiaries can be hard to do. However, with the right legal help, you might be able to split apart your corporate group without any dire tax consequences to the companies or the shareholders. Background: If a parent-subsidiary group of corporations meets the requirements of Section 355 of the tax code, […]
Follow links to the IPB Tax, Trusts & Estates Newsletter In This Issue: GRATs are on a Roll – Market volatility in reaction to the coronavirus favors the use of short-term rolling GRATs for marketable securities. Poor performance over a short period of time doesn’t compromise the overall success of this gifting strategy. Alternatives to In-Person Notarization – […]
Immediately after a loved one dies, the nearest family members — or sometimes close friends if no relatives are nearby — wonder what to do about the assets of the decedent. An individual’s assets can fall into certain categories including: Household items; Jewelry and other valuables; Cash; Belongings in a safe deposit box; Bank Accounts; […]
During the COVID-19 crisis, you may want to loan money to a family member in need of financial assistance. However, before writing out a check, you should review the federal tax rules to ensure that you’re making a tax-smart loan. The good news is that now is generally an advantageous time to lend money to […]
Economic fallout from the COVID-19 crisis will cause many rental real estate properties to run up tax losses in 2020 — and possibly beyond. Here’s a summary of important federal income tax rules for such losses. What You Can Write Off Rental property owners can deduct mortgage interest and real estate taxes. They can also […]
As a COVID-19 relief measure, the IRS has postponed many of the usual federal tax filing and payment deadlines, along with the deadlines for taking certain other tax-related actions. Generally, deadlines for federal income tax return filing and payments that would otherwise fall on or after April 1 and before July 15 have been postponed to […]
The days when you could claim deductions for run-of-the-mill casualty and theft losses of personal property are gone — at least temporarily. The Tax Cuts and Jobs Act (TCJA) generally suspends write-offs for such expenses for 2018 through 2025. However, you can still claim deductions for personal property losses caused by certain federally declared disasters, such as the […]
Tax Notes has published a Letter to the Editor from IPB’s Hank Gutman, entitled “Net Operating Loss Carrybacks Are Not Tax Subsidies,” in its latest issue. Refuting a letter sent to members of Congress with more than 200 signatory organizations urging repeal of a section of the CARES Act that the writers allege is an “unwarranted tax break” […]
On Wednesday, June 24th at 1:00 PM Eastern, Mark M. Trapp of Conn Maciel Carey will present a complimentary webinar regarding “Withdrawal Liability.” This webinar will address the significant challenges faced by companies participating in multiemployer plans. Specifically, it will help unionized employers understand and analyze what is often the most critical challenge facing their business – […]
Companies seeking to avoid liability from other parties can include broad indemnity provisions in their contracts in hopes of shifting financial responsibility for injuries to another party. The advantage of such provisions was highlighted in one case involving an indemnity agreement between two South Carolina construction companies working on a project together. Hightower Construction Company Inc. […]
What precautions does your company take so that employees leaving their jobs don’t take your trade secrets to competitors? The courts are filled with cases of former employees stealing proprietary information from the companies they worked for. Before leaving their jobs, these former employees took software, files, customer lists and other proprietary information and either use […]
Naturally you care about the health and safety of your employees, and don’t need a federal agency to tell you that you should be concerned. Still, it’s helpful to know what the overall position of the Occupational Health and Safety Administration’s (OSHA) is on COVID-19. In a recent “alert,” OSHA urged employers to take the […]