The IRS released Revenue Procedure 2021-45 which announces the increase in 2022 of the estate, gift and generation-skipping transfer tax applicable exclusion amounts from $11.7 million to $12.06 million. The applicable exclusion amounts currently remain scheduled to expire on December 31, 2025, which would result in a reduction in the exclusion amounts to $5 million
David J. Choyne
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Update – New York Power of Attorney Law Goes Into Effect
By David J. Choyne & Marta J. Paczkowska on
Posted in Legislation
On June 12, 2021, New York’s new Power of Attorney law (A.5630-A/S.3923-A) went into effect. As a reminder, the law simplifies New York’s Power of Attorney form and implements penalties for improper rejection of a New York Power of Attorney by third parties. A Power of Attorney that was executed under a prior version of…
New York Modifies Power of Attorney Law to Simplify Form
By David J. Choyne on
Posted in Legislation
Marta J. Paczkowska, Law Clerk at Cole Schotz, co-authored this blog.
On December 15, 2020, Governor Andrew Cuomo signed a bill into law that simplifies New York’s Power of Attorney form and implements penalties for improper rejection of a New York Power of Attorney by third parties.
The new law (A.5630-A/S.3923-A), which goes into effect…
Nelson: IRS Prevails in Defined Value Provision Case
By Steven M. Saraisky & David J. Choyne on
On June 10, 2020, in Nelson v. Commissioner, T.C. Memo 2020-81, the Tax Court ruled in favor of the IRS and against a taxpayer who attempted to use a defined value provision to value a transfer of assets.
The taxpayer’s primary business was in heavy equipment relating to the oil and gas industry. The…
COVID-19 Alert – IRS Provides Further Relief to Taxpayers
By Tishya M. Signorelli & David J. Choyne on
Posted in Tax
On April 9, 2020, the IRS updated its guidance originally provided in Notice 2020-18, Additional Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, to provide extension relief to taxpayers in response to the coronavirus emergency. In addition to the prior extension of time for the filing and payments with respect to federal income…