Tax Issues that Impact Your Wealth

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Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.

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NY's Estate Tax Cliff

The new laws for the estate tax in New York are going to benefit a lot of state citizens in the upper middle class, many of whom have worked over the course of a lifetime to accumulate their wealth. Not everyone will benefit from the laws, however, as the financial “cliff” included in the language […]

Author: James F. McDonough

May 21, 2014

New York

Exodus on the Parkway: Regent Atlantic’s Report Into Why Wealth Leaves New Jersey.

The financial advisory firm Regent Atlantic as to why wealthy people leave New Jersey to reside in other states. The report is entitled Exodus on the Parkway: Are Taxes Driving Wealthy Residents Out of New Jersey? (the “Report”). The Report draws on objective statistical information and is free of the hyperbole that often accompanies such […]

Author: James F. McDonough

March 25, 2014

What Happens Now: The Aftermath of DOMA (Defense of Marriage Act)

The United States Supreme Court recently struck down the Defense of Marriage Act (DOMA) as unconstitutional. Despite this ruling, there are a number of issues that will result from this decision where the laws of the states will differ. Consider a gay couple, A and B, with a valid marriage under the law of the […]

Author: James F. McDonough

August 1, 2013

Use Best Practices When Outsourcing Payroll

Many companies, especially small businesses, prefer to use a reputable third-party firm for the task of outsourcing payroll. While this trend may free up more time and energy for business owners to focus on their operations, it can also create stress over tax compliance if owners do not take the proper steps to ensure their responsibilities […]

Author: Scarinci Hollenbeck, LLC

July 31, 2013

Understanding the Perks, Exclusions of the Gift Tax Law

The gift tax law is a popular strategy used by individuals and business owners of all income levels to reduce their taxable estate and pass on wealth, property, and assets to future generations. While most people may know the basics of the gift tax law, many may not be aware of the fine details that may […]

Author: James F. McDonough

July 29, 2013

Gift Tax

DOMA Ruling May Have Estate Tax Planning Implications

The U.S. Supreme Court’s landmark ruling that the Defense Against Marriage Act (DOMA) is unconstitutional will have far-reaching benefits that change the paradigm of health benefits enrollment, retirement benefits, and tax planning. Regarding the latter, same-sex married couples may see sweeping changes to their estate tax planning and gift tax rules. Under current tax rules, […]

Author: Scarinci Hollenbeck, LLC

July 12, 2013

IRS Goes After Billionaire Sumner Redstone for 1972 Tax Gift

Billionaire Sumner Redstone may be on the hook for a large sum of money relating to a tax gift he made to his children in 1972 if the Internal Revenue Service has its way. The federal agency claims Redstone owes $1.1 million in taxes, penalties, and interest relating to stock given to his children 41 […]

Author: Scarinci Hollenbeck, LLC

May 24, 2013

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