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Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.

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Denial of Treaty Benefits and Limitation of Benefits

Denial of Treaty Benefits and Limitation of Benefits One of the hallmarks of international tax planning is the ability to obtain a tax ruling from a foreign revenue services that the taxpayer is a qualified resident for income tax treaty purposes. Such a ruling permits a taxpayer to proceed with certainty in establishing operations. It […]

Author: James F. McDonough

March 4, 2016

New IRS Ruling Makes Roth IRAs More Profitable for Taxpayers

Are Roth IRAs more profitable for the taxpayer? Many taxpayers are wondering about the impact of the new IRS ruling on Roth IRA total annual contribution limits. According to a National Law Review report, on Oct. 21, the IRS ruling will create fewer limitations on after-tax contributions directly to Roth IRAs when a taxpayer retires, […]

Author: Frank L. Brunetti

December 30, 2015

Some Differences In Tax Planning Between Jurisdictions

Despite a common language, there are differences in tax planning when it comes to the United Kingdom (UK) and the United States (US). The differences in tax planning are the direct result of a trends or a structural changes in tax law. Clearly, the trend is against the accumulation of wealth inside of trusts. Trusts […]

Author: James F. McDonough

May 1, 2015

Can I Leave My Estate To My Pet?

Every year, there are a few individuals who want to leave part or all of their estate to their pet. Unfortunately, pets are considered property, and property cannot own other property. This leaves an interesting conundrum for dedicated pet owners, but there are a couple of ways around it. So, now the question remains – […]

Author: James F. McDonough

November 6, 2014

Should the US implement a VAT?

With the November midterm elections approaching in the U.S. and corporate tax reform heavy on the public’s mind, a number of radical solutions have emerged. One such system is the value added tax, or VAT, proposed by former Treasury official and professor at Columbia Law School Michael Graetz, as reported on by Delaware Online. How […]

Author: Frank L. Brunetti

September 9, 2014

Will Stepping-Up The Basis of Assets Become More Important Than Avoiding Estate Tax?

Trends come and go and taxation is no different. The change in 2001 to raise the estate tax exemption, now $5,340,000, and to lower the top estate tax rate, now 40%, shifted the emphasis in estate tax planning. The combined estates of most American couples will remain below $10,680,000, so estate tax is no longer […]

Author: James F. McDonough

August 25, 2014

International Tax Trends

It is easy to discern a trend, especially in international taxation. One of the largest Swiss banks plead guilty to criminal charges for helping U.S. taxpayers avoid income taxes. Countries continue to enter into FACTA agreements with the U.S. rather than be shut out of the international banking system and U.S. markets. U.S. Senators rail […]

Author: James F. McDonough

June 23, 2014

Case of Tax Planning for the Undead

An Ohio man appeared in court seeking to reverse the 1994 declaration of his death. The declaration of death (“Declaration”) resulted from his disappearance from his home eight years earlier. Ohio law prevents a court from reversing such a Declaration after three years from its entry. The Ohio man is seeking to reclaim his social […]

Author: James F. McDonough

October 29, 2013

Tax Planning

Key Questions to Ask During Business Succession Planning

Succession planning is an essential component to business continuity, a smooth transition, and effective estate and tax planning. Succession planning is an essential component to business continuity, a smooth transition, and effective estate and tax planning. However, when there are several individuals under consideration for the job, making a decision can be challenging when there is […]

Author: Frank L. Brunetti

August 30, 2013

Tax Planning

DOMA Ruling May Have Estate Tax Planning Implications

The U.S. Supreme Court’s landmark ruling that the Defense Against Marriage Act (DOMA) is unconstitutional will have far-reaching benefits that change the paradigm of health benefits enrollment, retirement benefits, and tax planning. Regarding the latter, same-sex married couples may see sweeping changes to their estate tax planning and gift tax rules. Under current tax rules, […]

Author: Frank L. Brunetti

July 12, 2013

Faltering on Estate Planning Can Lead to Thorny Wealth Transfer Issues

Most business owners and affluent Americans were pleased when lawmakers announced the $5.25 million – or $10.5 million for couples – estate tax exemption. Many middle-income individuals or local business owners may have put off estate planning strategies, thinking that they will never accrue or pass on enough wealth to meet the new thresholds. However, estate planning […]

Author: Frank L. Brunetti

June 5, 2013

Tax Planning

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