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IRS's December Surprise: Shifting Sands in Estate Planning with Trust Tax Reimbursement Revisions | Davidoff Hutcher & Citron LLP

On the last workday of the year, December 29, 2023, the IRS issued a Chief Counsel Memorandum adding a wrinkle to one of the most estate planning techniques – to give assets away for...

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IRS Memo Has Chilling Effect on Irrevocable Trust Modifications

Practitioners need to be aware of the tax consequences of Chief Counsel Memorandum 202352018.

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Tax Law Update

The most pressing tax law developments of the past month.

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IRS Debunks Heavily Advertised Trust Strategy for Income Taxes

New Chief Counsel Memorandum deems promotional materials misstate and mischaracterize the technique's efficacy in certain circumstances.

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IRS Warns About Complex Trust Tax Scam Used To Defer Income Taxes

Considers IRS Chief Counsel Memorandum AM 2023-006 regarding non-grantor irrevocable complex discretionary spendthrift trusts

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IRS Guidance May Narrow Employers' Eligibility For COVID Tax - Government Measures

The IRS issued a Memorandum last month addressing when an employer may be considered to have experienced a full or partial suspension of operations during the COVID-19 pandemic in 2020...

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House Ways & Means Committee Issues Report on Employer Reporting Improvement Act

House Ways & Means Committee Issues Report on Employer Reporting Improvement Act
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IRS Takes View That FIRPTA Exemption for Publicly Traded Stock Must Be Tested at Partnership Level | Akin Gump Strauss Hauer & Feld LLP

Key Points Internal IRS correspondence in the form of a recent Chief Counsel Memorandum concludes that funds structured as partnerships (e.g., master funds in a standard master-feeder...

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Valuation of Digitial Assets for Charitable Donations

How do you value digital assets if you want to donate crypto to charities? IRS Code sec 501 c3, applies for donation of digital assets when taxpayers donate appreciated capital assets held for long-term capital gain, get a charitable deduction for fair market value of the donated asset

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IRS Cracks Down on Charitable Contributions of Cryptocurrency | Fox Rothschild LLP

On January 13, 2023, the IRS issued Chief Counsel Memorandum 202302012 (the “CCM”) establishing new rules for donations of cryptocurrency. In the CCM, the IRS concluded that taxpayers...

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