Editor’s Note: This blog post is a joint submission with BakerHostetler’s Data Privacy Monitor blog.
Last year we saw an unprecedented number of companies of all sizes fall victim to a W-2 spear phishing scam. The
Wealth Director
Private Wealth Developments and Observations
Wealth Director, published by Baker & Hostetler LLP, focuses on legal issues related to wealth management, estate planning, and tax law. The blog covers topics such as federal estate, gift, and generation-skipping transfer taxes, retirement account planning including IRAs and qualified plans, tax implications of same-sex marriage, IRS regulations and procedures affecting wealth transfer, and data security concerns impacting financial information. It provides updates on legislative proposals, IRS rulings, and practical guidance for managing complex wealth transfer and tax compliance matters.
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Same-Sex Spouses Authorized to Recalculate Transfer Tax Treatment of Prior Gifts and Bequests
By Chad Makuch
The IRS recently issued Notice 2017-15 to provide same-sex spouses relief to recalculate the federal estate, gift and generation-skipping transfer (GST) tax treatment of gifts and bequests made before the Defense of Marriage Act (DOMA) was deemed unconstitutional.
DOMA defined…
The Impending Death of the Stretch IRA?
By John W. Boyd
It can, at times, seem like a fool’s errand to focus too closely on specific provisions contained in proposed legislation. As any casual observer of Congress can attest, committee proposals frequently die unenacted or undergo significant change before they are…
IRS Revenue Procedure Confirms IRS Will Respect QTIP Elections When Portability Elections Also Made
The IRS resolved an important issue when it issued Revenue Procedure 2016-49, effective September 27, 2016, clarifying that the IRS would not disregard qualified terminable interest property (QTIP) elections for estates that also made a portability election.
Uncertainty over…
IRS Regulations Clarify Definition of Spouse for Federal Tax Purposes in Light of Obergefell v. Hodges
By Amanda Tate & Chad Makuch
The IRS has issued final regulations clarifying the definitions of “spouse,” “husband,” “wife,” and “husband and wife” for federal tax purposes. The final regulations now define “spouse,” “husband” and “wife” as any individual lawfully married to another individual, and “husband…
Beyer Beware: An Examination of a Family Limited Partnership Gone Wrong
By Scott Bent
The opinion issued on Sept. 29, 2016, in the case of Estate of Edward G. Beyer v. Commissioner of Internal Revenue was the culmination of an estate planning exercise that had an unfortunate ending for everyone involved (other than the…
Possible Congressional Action May Undercut Proposed 2704 Regulations
Republicans in the House of Representatives and the Senate have introduced bills to derail the Proposed Regulations under Section 2704 of the Internal Revenue Code (“Proposed Regulations”), including bills to (1) nullify the Proposed Regulations and prevent future regulations, and…
Proposed Regulations Under IRC Section 2704 Seek to Eliminate Discounts on Transfers of Family Business Interests
On Aug. 2, 2016, the Treasury Department and the Internal Revenue Service released proposed regulations under Internal Revenue Code (Code) section 2704 (the “Proposed Regulations”). The Proposed Regulations, if finalized in their proposed form, would eliminate most valuation discounts on…
The Donor Advised Fund Alternative to a Family Foundation
There are several gifting vehicles that provide donors and their families with the opportunity to participate in their philanthropy on an ongoing basis. Frequently, families will consider creating and funding a private family foundation or, in special circumstances, an organization…
IRS Simplifies Rules for Correcting Failed Rollover
By John W. Boyd
On August 24, 2016 the IRS published Revenue Procedure 2016-47, which simplifies the steps for correcting a missed rollover from a qualified plan or IRA to another qualified plan or IRA. Amounts distributed from a qualified plan or IRA will…