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IRS Issues Proposed Regulations Clarifying Anti-Clawback Rules for Retained Interest Gifts

April 29, 2022

In November of 2019, the IRS issued final regulations referred to as the “Anti-Clawback” regulations that made it clear that a taxpayer who took advantage of the higher gift tax exemptions (currently, $12,060,000) available under the 2017 Tax Cuts and Jobs Act would not owe additional estate tax upon death if the exemption is lower at the time of death.  The regulation was needed since the estate tax calculation includes lifetime taxable gifts.  Otherwise, a taxpayer who made a large gift now may not pay gift tax but the estate would pay estate tax upon the taxpayer’s death if the exemption was lower at that time.


The Biden Administration's Revenue Proposals Again Include Changes to the Estate and Gift Tax System

March 30, 2022

On March 28, 2022, the Biden Administration released its “General Explanation of the Administration’s Fiscal Year 2023 Revenue Proposals.”  The document again supports several drastic changes to the estate and gift tax system in addition to changes to the income tax system.


Status of Remote Notarizations in New York and Connecticut

February 24, 2022

On December 22, 2021, New York joined 39 other states (including Florida) to make remote notarizations permanently legal.


The Department of the Treasury Issues Proposed Regulations Implementing the Corporate Transparency Act

February 3, 2022

In December 2021, the Financial Crimes Enforcement Network (FinCEN) of the Department of the Treasury issued proposed regulations implementing certain beneficial ownership reporting requirements of the Corporate Transparency Act of 2020.


IRS Raises Annual Exclusion and Gift and Estate Tax Exemptions for 2022

November 11, 2021

In Revenue Procedure 2021-45, the IRS announced its inflation adjustments to key figures for the calendar year 2022. For the first time in several years, the annual exclusion from gift tax will increase from $15,000 to $16,000 per year per donee effective January 1. 2022.


2021 Private Clients Group Annual Update Letter

September 24, 2021

This annual update summarizes the current status of the estate and gift tax rates and exemptions at the federal and state levels (Connecticut, New York and Florida) and highlights key provisions of these important state law developments.


New York Set to Increase Income Taxes on High Earners

April 8, 2021

Governor Cuomo and New York legislators recently announced an agreement on New York’s budget that includes a significant increase for the income tax rates that will be charged against New Yorkers with high levels of income.  The bill is expected to pass. 


Here Come the Taxes…Maybe?

March 17, 2021

With the recent passage of the American Rescue Plan, President Biden’s $1.9 trillion stimulus package, it is natural to consider what kind of revenue generating legislation may be coming in the next months and years in order to pay for what has now been three separate rounds of stimulus bills to address the challenging economic conditions brought on by the Covid-19 pandemic.


What will happen to estate, gift and generation-skipping transfer tax exemptions in 2021 and beyond?

January 21, 2021

With the inauguration of President Joe Biden and a congress narrowly controlled by the Democratic party, many clients and estate planners have begun to worry about what, if anything, will happen to the federal estate, gift and generation-skipping transfer (“GST”) tax exemptions and rates in 2021 and beyond.


New York Changes Durable Power of Attorney Law

January 11, 2021

On December 15, 2020, Governor Cuomo signed into law a bill changing New York’s durable power of attorney statutory form.  The goal was to simplify the form and alleviate practical problems that result from the current statutory form.  


IRS Issues Final Regulations on Taxation of Carried Interest under IRC 1061

January 8, 2021

On July 31, 2020, the Internal Revenue Service issued proposed regulations regarding taxation of an “Applicable Partnership Interest” or API, under Internal Revenue Code (IRC) section 1061, clarifying and elaborating on the taxation of  API (including items such as carried interest).  In 2017, under what is commonly known as the Tax Cuts and Jobs Act, Congress enacted IRC 1061.