IRS Releases Proposed Regulations on Clawback of Gift and Estate Tax Exclusion
On November 23, 2018, the IRS released proposed regulations providing that for gifts made prior to January 1, 2026 (the date in which the new Tax Act will sunset), the current basic exclusion amount will [...]
United States Tax Court Issues Opinion in Estate of Turner V. Commissioner Reducing Marital Deduction for Federal and State Estate Taxes
Following a petition to resolve an ongoing controversy regarding the computation of the marital deduction under Code Section 2056, on November 20, 2018 the United States tax court issued an opinion in Estate of Turner [...]
IRS Announces Increased 2019 Contribution Limits to Retirement Plans and Expected Group and Individual Retirement Plan Guidance in 2019
Increased Contribution Limits to IRAs, Roth IRAs, 401(k)s, 403(b)s, most 457 plans and the Federal Government's Thrift Savings Plan The IRS has announced that the annual contribution limits for employees participating in 401(k) plans, [...]
North Carolina Bar Association Releases Fiduciary Litigation Manual
The Estate Planning and Fiduciary Law Section of the North Carolina Bar Association has published the inaugural edition of the North Carolina Fiduciary Litigation Manual. The Manual includes twenty-one chapters designed to assist legal [...]
Utilizing Nonqualified Deferred Compensation Plans to Attract and Retain Key Employees
Many businesses like to provide their employees with some form of retirement benefit or deferred compensation. This could be for employee retention, attracting new employees, or for tax advantages associated with deferring compensation. For many [...]
IRS Issues Private Letter Ruling on Student Loan Payments from Retirement Plan
On August 17, 2018 the Internal Revenue Service (“IRS”) issued Private Letter Ruling 201833012 responding to a request by an Employer for a ruling on the Employer’s proposed “student loan benefit program” under its [...]