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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Case of Tax Planning for the Undead

An Ohio man appeared in court seeking to reverse the 1994 declaration of his death. The declaration of death (“Declaration”) resulted from his disappearance from his home eight years earlier. Ohio law prevents a court from reversing such a Declaration after three years from its entry. The Ohio man is seeking to reclaim his social […]

Author: James F. McDonough

October 29, 2013

Tax Planning

Private Swiss Bank Closes Over Tax Evasion Dispute With U.S.

Private Swiss bank Frey & Co AG announced that it’s closing its doors due to “unsustainable costs” stemming from the country’s dispute with the U.S. over alleged tax evasion. Frey will be the second bank – following Wegelin and Co. – to close after allegations of helping Americans evade U.S. tax law. U.S. authorities have launched […]

Author: Scarinci Hollenbeck, LLC

October 28, 2013

What to Know About Paying Estate Taxes Over Time

An estate may, in certain circumstances, elect to pay estate tax in a series of payments over a number of years. This election is available to estates in which assets are used in an active trade or business comprise more than thirty-five percent (35%) of the estate. Payment of estate tax can be extended over […]

Author: James F. McDonough

October 24, 2013

Tax Liability

Affluent Urged to Focus on State Estate Taxes

Many affluent Americans and business owners who may be subject to federal state estate taxes focus a great deal of attention on understanding their obligations under tax law, utilizing gift tax allowances, and establishing wealth management plans that will help lower their liability. However, a recent analysis indicates that too few individuals give the same […]

Author: Scarinci Hollenbeck, LLC

October 16, 2013

A 2.6 Billion Dollar Tax Bill: The Estate of Davidson and CCA 2013-033

A 2.6 billion dollar tax deficiency is likely to attract a lot of attention. The late William Davidson was a successful business man, owner of privately-held Guardian Industries, the Detroit Pistons and Tampa Bay Lightning. It appears that the decedent made substantial gifts of property but did not file gift tax returns. Some of the […]

Author: James F. McDonough

October 10, 2013

Decanting By Various Means

Decanting is a popular topic among wealth advisers, trust companies, and tax professionals. In the wine industry, it means putting old wine into a new bottle. In the trust field, it means to transfer assets to a new trust to be governed by a new trust instrument that takes into account changes in law and […]

Author: James F. McDonough

October 8, 2013

Trusts

Beanie Baby Founder Pleads Guilty to $53-Million Tax Evasion

Ty Warner, founder of the iconic Beanie Baby empire, has agreed to plead guilty to federal tax evasion charges. His admission comes only days after being listed by Forbes as one of the richest people in the world. Warner was formally charged last week in a U.S. District Court for hiding more than $3.1 million in […]

Author: Scarinci Hollenbeck, LLC

October 7, 2013

IRS Publishes New Regulations for Deductible Business Repairs

The Internal Revenue Service released a new set of guidelines governing tax-deductible business repairs, which may finally put an end to disputes and challenges between the federal tax agency and companies. The new rules, which broaden the scope of business expenditures that may qualify as deductible asset repairs, may help limit the number of corporate tax […]

Author: Scarinci Hollenbeck, LLC

October 4, 2013

Joint And POD Accounts: Weapon of Choice Of Transferees When Exerting Undue Influence?

Will contests alleging undue influence are not uncommon. A will was, for many years, the only means of transmitting property from a decedent to an heir. Will contests alleging undue influence are not uncommon. A will was, for many years, the only means of transmitting property from a decedent to an heir. New forms of […]

Author: James F. McDonough

October 1, 2013

Facebook at 50 (Dollars A Share)

Facebook’s Initial Public Offering (IPO) received a great deal of attention, especially after the price of its stock dropped shortly after its first day of trading. The decline in price dominated the news for weeks. While driving to the office this week, I listened to Bloomberg report that Facebook’s stock price hit $50 a share […]

Author: James F. McDonough

September 30, 2013

IRS to Count Automatic Gratuities as Wages

The Internal Revenue Service has provided a great deal more guidance on how tips extended to waiters and waitresses, hair stylists, and other professionals should be reported for federal tax purposes. However, the agency recently announced a new policy governing the tax treatment of automatic gratuities, which may change the way that restaurants charge large […]

Author: Scarinci Hollenbeck, LLC

September 27, 2013

Report: IRS to Increase Audits of Prior- and Subsequent-Year Tax Returns

The Internal Revenue Service announced its plans to conduct more correspondence audits of those with prior- and subsequent-year tax returns of non-compliant income tax filing, according to a new government report. The Treasury Inspector General for Tax Administration published new data that reveals the federal tax agency’s plans to expand the number of correspondence audits currently […]

Author: Scarinci Hollenbeck, LLC

September 25, 2013

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