In a news release on July 26, 2019, the IRS announced that it was sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax. See IR-2019-132.
The announcement is an indication
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Supreme Court Unanimously Rules that States Cannot Tax Trusts Based Solely on Location of Beneficiaries
In a closely-watched decision, the U.S. Supreme Court unanimously ruled that a beneficiary’s residence within a state alone does not subject a trust to such state’s income tax. In North Carolina Dept. of Revenue v. Kimberley Rice Kaestner 1992 Family
Post-‘Wayfair’ Nexus Landscape for Tax Obligations of Out-of-State Businesses
Reprinted with permission from the 3/28/19 edition of the New Jersey Law Journal© 2019 ALM Media Properties, LLC. All rights reserved. Further duplication without permission is prohibited, contact 877-257-3382 or reprints@alm.com.
In light of ever-present budget shortfalls in most
Courts Must Apply Relevant Factors When Awarding Counsel Fees in Will Contests
In a recent unpublished opinion, the New Jersey Appellate Division summarized the factors a trial court must consider when awarding attorneys’ fees in Will contests. In Matter of the Estate of Fornaro, 2019 WL 2172791, the decedent executed a Will
Pretrial Discovery in Florida Probate Proceedings
Many people familiar with litigation probably think of pretrial discovery in the context of traditional and often heated litigation—perhaps a contentious divorce, a complex contractual or real estate dispute or a contested personal injury or medical malpractice lawsuit. While pretrial
Code §962 Election is an Option for GILTI Planning
The 2017 Tax Act added a new tax on US shareholders of controlled foreign corporations (“CFCs”), the tax on Global Intangible Low-Taxed Income (“GILTI”). GILTI often includes active business income and thus has a widespread impact.
For US C corporations,
Helpful IRS Proposed Regulations Issued on Qualified Opportunity Zone Funds
On April 17, the IRS issued a second round of proposed regulations addressing qualification as a Qualified Opportunity Zone (QOZ) Fund and related issues. This latest guidance addresses several unanswered questions and creates added flexibility, which should expand the ability
New Jersey Legalizes Prescriptions for Self-Administered Medication to End Life for Qualified Terminally Ill Patients
On April 12, 2019, New Jersey enacted the “Aid in Dying for the Terminally Ill Act.” (P.L. 2019, Ch. 59). The bill authorizes an adult resident of New Jersey, who has capacity and whose attending physician has determined to be
Are Annuities and Life Insurance Policies Exempt from the Claims of Creditors in Florida?
Annuities are a common tool for investment, financial and estate planning and asset protection. An annuity is simply a contract between a person and an insurance company in which the person makes a lump sum payment to the insurance company
Post-Wayfair New York Gearing Up to Enforce Once Dormant Economic Nexus Statute to Collect Sales Tax from Out-of-State Businesses
Since the U.S. Supreme Court issued its decision in South Dakota v. Wayfair, 138 S.Ct. 2080 (2018), this past summer reversing its long-standing “physical presence” nexus test under Quill Corp. v. North Dakota, 504 U.S. 298 (1992), businesses with contacts