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Month: June 2017

New York Family Leave

Practitioners should warn their business clients about the New York Family Leave Act, and they should be ready for it in their own practices and firms. New York State recently issued regulations regarding the program, so there are important new developments in the area. Background: The program will provide family leave for the birth or adoption of a new child or to care for a seriously ill par...

New Guidance Extends Portability Due Date

As discussed in our post on June 5, 2017, it is important to make a timely election for portability for estate and gift tax purposes, when a married individual dies with an estate valued under the current federal estate tax threshold ($5,490,000 for decedents who die in 2017), and there is a surviving spouse. The IRS just issued Revenue Procedure 2017-34, which provides retroactive relief for ...

Estate Tax Portability

If a client dies with an estate valued under the current federal estate tax threshold ($5,490,000 for decedents who die in 2017), it may still be prudent to file a federal estate tax return in order to elect portability for the surviving spouse. Portability allows the surviving spouse to benefit from the unused federal lifetime exclusion of the deceased spouse for gifts made by the surviving s...