Current Developments in Estate Planning and Business Law: January 2022

By WealthCounsel Staff on Jan 21, 2022 10:00:00 AM

monthly-recap (1)

From an Internal Revenue Service (IRS) Chief Counsel Advice affecting GRATs to decisions regarding the deduction of business losses, we have recently seen significant developments in estate planning and business law. To ensure that you stay abreast of these legal changes, we have highlighted some noteworthy developments and analyzed how they may impact your estate planning and business law practice.

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Current Developments in Estate Planning and Business Law: December 2021

By WealthCounsel Staff on Dec 17, 2021 10:00:00 AM

monthly-recap (1)

From the announcement of the increased annual exclusion and gift and estate tax exemption for 2022 to the release of proposed regulations implementing the Corporate Transparency Act, we have recently seen significant developments in estate planning and business law. To ensure that you stay abreast of these legal changes, we have highlighted some noteworthy developments and analyzed how they may impact your estate planning and business law practice.

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Lessons from the Court: Ginsburg v. United States

By WealthCounsel Staff on Dec 3, 2021 10:00:00 AM

Lessons-from-the-Court

Business lawyers should be aware that advising partnerships can be tricky: the federal partnership tax rules can be quite complicated. Partnerships should be formed for a legitimate business purpose—not just to avoid taxes—and partners should take care to avoid overstating their losses and underpaying taxes. In addition, if the Internal Revenue Service (IRS) imposes a penalty, any defenses must be raised at the proper stage: otherwise, they will be unavailable. As we examine the recent decision in Ginsburg v. United States, we can learn lessons about how the federal government handles tax issues relating to business partnerships. 

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