Tax Court Case Highlights New Jersey Inheritance Tax “3-Year Rule”

Tax Court Case Highlights New Jersey Inheritance Tax “3-Year Rule”

  Much has been written about the pending repeal of the New Jersey Estate Tax in 2018. As is usually noted, the repeal of the estate tax does not have an effect on the New Jersey inheritance tax, which will remain in effect. The New Jersey inheritance tax will not […] Read more »

PODCAST: When Civil Tax Cases Become Criminal

  K&D associate, Patrick J. McCormick recently recorded a podcast, “When Civil Tax Cases Become Criminal“, with the Pennsylvania Institute of Certified Public Accountants on basics of criminal tax exposure. From the PICPA website: “Civil tax failures that elevate to criminal tax exposure is a scary thought for CPA practitioners. […] Read more »

IRS Releases Notice 2016-66 To Further Contest Small Captive Structures

On November 1, 2016, the Internal Revenue Service released Notice 2016-66, identifying “micro-captive transactions” (including certain small captive insurance companies) as transactions of interest.  Involvement in such transactions can, under Treas. Reg. § 1.6011-4, necessitate heightened reporting requirements, both for participants and for their advisors.  More important from an overarching […] Read more »

Pending Legislative Update

A proposal to phase out the New Jersey estate tax passed Senate and Assembly committees on June 23. The proposal would increase the New Jersey estate tax exemption from $675,000 in 2016 to $1 million for 2017 decedents, $2 million for 2018 decedents and $3 million for 2019 decedents. After 2020, the State’s estate […] Read more »