The document summarizes the key estate planning impacts of the 2010 Tax Relief Act. It discusses the $5 million estate tax exemption for 2010 deaths, the ability to elect no estate tax for 2010, and implications of carrying over the decedent's basis instead of a step up. It also outlines gift and GST tax changes, the reunified $5 million exemption starting in 2011, and planning strategies in light of the new laws.
Status of Estate and Gift Tax Law as of Jan 2010; planning opportunities in 2010; cautions and traps if retroactive estate tax passed in 2010; planning for 2011.
2021 Year End Tax Planning for Law Firms and AttorneysWithum
2021 has ushered in a return to what we can consider our new normal for the foreseeable future. The impact of COVID-19 on law firms persists in the form of hybrid work environments as managing partners are tasked with creating return-to-work policies with flexible remote work options.
With remote work comes complicated nexus implications that law firms must navigate. Meanwhile, federal and state tax laws, particularly Pass-Through Entity Taxes (PTET), continue to impact law firms in a unique way.
Highlights of the Final Tax Cuts and Jobs ActSarah Cuddy
The combined tax reform bill includes plans to lower tax rates on individuals and businesses and change many deductions. Those hoping for tax simplification, however, may be disappointed.
Status of Estate and Gift Tax Law as of Jan 2010; planning opportunities in 2010; cautions and traps if retroactive estate tax passed in 2010; planning for 2011.
2021 Year End Tax Planning for Law Firms and AttorneysWithum
2021 has ushered in a return to what we can consider our new normal for the foreseeable future. The impact of COVID-19 on law firms persists in the form of hybrid work environments as managing partners are tasked with creating return-to-work policies with flexible remote work options.
With remote work comes complicated nexus implications that law firms must navigate. Meanwhile, federal and state tax laws, particularly Pass-Through Entity Taxes (PTET), continue to impact law firms in a unique way.
Highlights of the Final Tax Cuts and Jobs ActSarah Cuddy
The combined tax reform bill includes plans to lower tax rates on individuals and businesses and change many deductions. Those hoping for tax simplification, however, may be disappointed.
Landlords & tenants managing through distressWithum
The COVID-19 pandemic has been, for better or worse, a transformative time for businesses undergoing disruption to everyday operations. As trends in office space and locations shift on a large scale, tenants are seeking ways to circumvent existing leases. The demand for rent concessions grows as tenants consider their options in the face of losses and even bankruptcy.
Tenant distress puts a strain on landlords. Whether strict in their terms or accommodating of tenants’ needs, landlords should be well-versed in their protections under the law. Meanwhile, shortfalls in rent payments and obstacles with reopening guidelines pose landlords with struggles of their own.
What can landlords and tenants alike do in the face of these obstacles as the pandemic and economic downturn continue? What trends and innovations can be adopted to help businesses succeed in the face of distress? What is predicted to come next?
Join William Kinney, member of Withum’s Real Estate Services Team; Donald Clarke, Bankruptcy and Restructuring Attorney at Wasserman, Jurista & Stolz; and Ken DeGraw, leader of Withum’s Financial Distress and Recovery Services Team, for this multifaceted discussion.
Estate Planning For The Business Owner Updated 1 5 2011 For 2010 Tax ActDeborahPechetQuinan
This presentation reviews federal and Massachusetts estate tax laws and applies the law and valuation discounting concepts to the closely-held business owner, and reviews pre-sale/appreciation event estate tax minimization planning opportunities.
After a year of uncertainty and economic disruption, the restaurant industry has won federal relief. On March 11 President Biden signed the American Rescue Plan into law which includes a $28.6 billion Restaurant Revitalization Fund (RRF) to assist struggling restaurants during the pandemic. The RRF impacts restaurant owners with 20 or fewer locations and will be administered by the Small Business Administration.
Topics for discussion:
- Who is eligible for RRF?
- How can the fund be used?
- Next steps and important considerations for restaurant owners
This is a short description of how all the tax changes in 2010 impact your 2011 tax year. This was drafted presented on January 27, 2010, so additional changes might have occurred to impact the posted information. Check with your attorney or CPA to confirm this information.
Are you ready to move to the retirement home you've been dreaming of? You may want to consider how each state treats Social Security income before making your final decision.
Estate Planning Under the 2010 Tax Relief ActLewis Rice
On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Authorization & Job Creation Act of 2010 (the “2010 Tax Relief Act”) into law. The 2010 Tax Relief Act provides temporary estate and gift tax guidance for the next two years. It increases the estate, gift and generation-skipping tax exemption amounts to $5 million and reduces the estate tax rate to 35%.
Landlords & tenants managing through distressWithum
The COVID-19 pandemic has been, for better or worse, a transformative time for businesses undergoing disruption to everyday operations. As trends in office space and locations shift on a large scale, tenants are seeking ways to circumvent existing leases. The demand for rent concessions grows as tenants consider their options in the face of losses and even bankruptcy.
Tenant distress puts a strain on landlords. Whether strict in their terms or accommodating of tenants’ needs, landlords should be well-versed in their protections under the law. Meanwhile, shortfalls in rent payments and obstacles with reopening guidelines pose landlords with struggles of their own.
What can landlords and tenants alike do in the face of these obstacles as the pandemic and economic downturn continue? What trends and innovations can be adopted to help businesses succeed in the face of distress? What is predicted to come next?
Join William Kinney, member of Withum’s Real Estate Services Team; Donald Clarke, Bankruptcy and Restructuring Attorney at Wasserman, Jurista & Stolz; and Ken DeGraw, leader of Withum’s Financial Distress and Recovery Services Team, for this multifaceted discussion.
Estate Planning For The Business Owner Updated 1 5 2011 For 2010 Tax ActDeborahPechetQuinan
This presentation reviews federal and Massachusetts estate tax laws and applies the law and valuation discounting concepts to the closely-held business owner, and reviews pre-sale/appreciation event estate tax minimization planning opportunities.
After a year of uncertainty and economic disruption, the restaurant industry has won federal relief. On March 11 President Biden signed the American Rescue Plan into law which includes a $28.6 billion Restaurant Revitalization Fund (RRF) to assist struggling restaurants during the pandemic. The RRF impacts restaurant owners with 20 or fewer locations and will be administered by the Small Business Administration.
Topics for discussion:
- Who is eligible for RRF?
- How can the fund be used?
- Next steps and important considerations for restaurant owners
This is a short description of how all the tax changes in 2010 impact your 2011 tax year. This was drafted presented on January 27, 2010, so additional changes might have occurred to impact the posted information. Check with your attorney or CPA to confirm this information.
Are you ready to move to the retirement home you've been dreaming of? You may want to consider how each state treats Social Security income before making your final decision.
Estate Planning Under the 2010 Tax Relief ActLewis Rice
On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Authorization & Job Creation Act of 2010 (the “2010 Tax Relief Act”) into law. The 2010 Tax Relief Act provides temporary estate and gift tax guidance for the next two years. It increases the estate, gift and generation-skipping tax exemption amounts to $5 million and reduces the estate tax rate to 35%.
The National Association of Realtors Fiscal Cliff Summary for Mortgage Interest Deductions, Mortgage Relief for Short Sales, Leasehold Improvements, Energy Efficiency Tax Credit summary
How has depreciation changed in your years of practice? Whether you have been in practice for 5 years or 40 years, the changes in the rules on depreciation have been staggering. Let’s walk down memory lane and see just where each of us gets lost in the Depreciation Maze.
2. Estate Planning Update - The Impact of the 2010 Tax Relief Act Brian T. Whitlock, CPA, JD, LLM
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Editor's Notes
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Overview of Act Passed during the Lame Duck Session before Congress went on its holiday break. Act extends Bush Era Income Tax Rates Extended
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