Wealth Preservation

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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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Voting With Your Feet: When Residents of A State Decide It Is Time To Leave

I do not respond on the postings of persons who comment on the tax blog; however, one such post was brought to my attention and it is prescient and deserving of a response. The comment was written in response to our blog that described the impact of this state’s Inheritance Tax and Estate Tax upon […]

Author: James F. McDonough

July 29, 2015

2015 Gift Tax Limit Remains Steady

The federal gift tax limit will remain the same this year as it was last year, according to the IRS. As a result, a taxpayer (donor) may gift as much as $14,000 to each recipient (donee) without being required to file a gift tax return or paying gift taxes on these amounts. In addition, married couples can […]

Author: James F. McDonough

May 14, 2015

Some Differences In Tax Planning Between Jurisdictions

Despite a common language, there are differences in tax planning when it comes to the United Kingdom (UK) and the United States (US). The differences in tax planning are the direct result of a trends or a structural changes in tax law. Clearly, the trend is against the accumulation of wealth inside of trusts. Trusts […]

Author: James F. McDonough

May 1, 2015

The Accidental American

The imposition of penalties asserted against holders of undeclared offshore accounts has received much attention. Coupled with criminal prosecutions, including foreign banks, such as Credit Suisse and two of its bankers, should convince American citizens of the importance of compliance. The compliance obligation also applies to resident aliens and this is not surprising. The untold […]

Author: James F. McDonough

March 30, 2015

Clash Over Corporate Tax in North Carolina Utilities Commission

A decision by the North Carolina Utilities Commission has triggered internal protest that highlights a rift between Democrats and Republicans. According to NewsObserver.com, the commission has ruled that the state’s utilities can continue to charge their customers for a corporate tax rate higher than the rate that they actually pay. This decision has introduced strong tensions […]

Author: James F. McDonough

October 22, 2014

20 profitable U.S. companies Paid No Corporate Income Tax Last Quarter

Corporate taxation has become an important issue in the U.S., as budget deficits loom and an important election approaches. Many U.S. companies have said that high corporate income tax is onerous and reduces their ability to compete globally. According to USA Today analysis of S&P Capital IQ data, however, there were at least 20 companies […]

Author: Scarinci Hollenbeck, LLC

August 20, 2014

IRS: One IRA rollover per year as of 2015

The IRS has made a ruling on IRA rollovers in order to close a loophole ruled on earlier this year. In January, a U.S. Tax Court judge ruled that the actions of tax attorney Alvan Bobrow and his wife were not allowed under the Internal Revenue Code, according to Pacifica Wealth Advisors. In 2008, the couple […]

Author: James F. McDonough

August 1, 2014

House Votes To Make Bonus Depreciation Tax Cut Permanent

The U.S. House of Representatives voted July 11 to make permanent a temporary tax cut that allows businesses to write off 50 percent of the cost of new equipment in the year that it is purchased, according to The Associated Press. Proponents of the break argue that it makes it easier for businesses to invest […]

Author: Scarinci Hollenbeck, LLC

July 25, 2014

Report Shows How Much Walgreens Stands To Gain with Inversion

Walgreens is just one of many U.S. companies to consider lowering its tax bill by moving abroad. This move, called an “inversion,” involves purchasing a foreign company and using it to alter the corporate structure so that the U.S. company is technically a corporate resident of the low-tax foreign country. Walgreens has been considering the […]

Author: James F. McDonough

June 18, 2014

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

Business Tax Extenders May Be Made Permanent

Congress has allowed a number of tax credits to expire before renewing them every two years, in a process known as the “tax extenders.” Some of these tax breaks have been renewed regularly for over 30 years. After some wrangling in the House, the Ways and Means Committee voted to make six expired tax breaks permanent April […]

Author: James F. McDonough

May 9, 2014

Tax Breaks

Aragona Trust v. Commissioner: A Taxpayer Victory Against the 3.8% Surcharge

One of the hard-fought issues between taxpayers and the Internal Revenue Service (IRS) was whether a trust could qualify for the passive activities exception. Specifically, activities are grouped into one of two categories, either active or passive. The goal of §469 was to prevent losses from a passive activity from offsetting active income. If one […]

Author: James F. McDonough

April 8, 2014

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