Tax Law News and Insights

On May 28, 2020, the Treasury Department and Internal Revenue Service issued final regulations changing the requirements of certain tax-exempt organizations to report donor information to the IRS.1 Under the new regulations, tax-exempt organizations, other than private foundations and public charities described in section 501(c)(3) and political organizations described in section 527, are...

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Creating a grantor retained annuity trust (commonly referred to as a "GRAT") is a relatively simple way to transfer property to your children at virtually no gift tax cost. In order for a GRAT to be successful, your retained annuity from the GRAT must increase in value greater than a...

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The U.S. Tax Court issued four separate releases in a 13-day span (March 11-23) canceling upcoming trial sessions across the country through the end of June and closing the Tax Court indefinitely in response to the coronavirus (COVID-19) pandemic. Despite the cancellations and closures, the Court instructed taxpayers and the...

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