Insights

Gifts of Limited Partnership Interests Ruled Ineligible for Gift Tax Annual Exclusion

In Technical Advice Memorandum 9751003, the IRS determined that gifts of limited partnership interests transferred to the...

Significant New York Tax Legislation Replaces Current Estate Tax With a “Pick Up” Tax and Repeals Gift Tax in Its Entirety

The State of New York imposes an estate tax upon the transfer of the New York taxable...

How the Tax Legislation Affects Businesses

Safe Harbors for Treatment of Workers as Independent Contractors Rather Than Employees. Section 530 of the Revenue...

How the Tax Legislation Affects Charitable Organizations

Charitable Organizations Can Now Be Shareholders in S Corporations. Beginning in 1998, qualified charitable organizations may qualify...

How the Tax Legislation Affects Individuals

Spousal IRA Deduction Under prior law, deductible IRA contributions on behalf of a non-working spouse were limited...

How the Tax Legislation Affects S Corporations

The new tax legislation eliminates a number of the restrictions that apply to S corporations under current...

Proposed “Check the Box” Regulations

On May 9, 1996, the IRS issued proposed regulations under Section 7701 of the Internal Revenue Code...

Taxpayer Bill of Rights 2

The Taxpayer Bill of Rights 2 gives taxpayers additional procedural rights in an attempt to remedy prior...

Significant Federal Tax Legislation Affects Virtually All Taxpayers

Within the last month, President Clinton signed into law four separate acts that have significant tax implications...