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Taxation

Taxation

California Bill (SB 378) Seeks to Impose Estate Tax

A bill before the California legislature seeks to impose an estate tax of 40% on the net value of a decedent’s estate in excess of $3.5 million, with a credit for all federal estate taxes paid by the estate. Background In 2017, as Congress debated legislation that ultimately became the Tax Cuts and Jobs Act, […]

Taxation and Trusts & Estates

How the New Tax Act Could Affect Your Estate Plan

President Trump signed into law H.R. 1, which has a major impact on estate planning. The new law doubled the federal exemption for estate tax, gift tax and the tax on generation-skipping transfers (GST), starting January 1, 2018; the lifetime exemption for each of these taxes is now $11.2 million per taxpayer. Married couples together […]

Taxation

Tax Alert: New Partnership Audit Regime – Effective January 1, 2018

On June 13, 2017, the Treasury Department republished Proposed Treasury Regulations regarding the new partnership audit regime enacted as part of the Bipartisan Budget Act of 2015.  Generally, the new partnership audit rules will be effective January 1, 2018. As a result of the new partnership audit regime: (1) individuals and/or entities that were formerly […]