Form 8939 Guidance Concerning the Generation-Skipping Transfer (GST) Tax

By rwithers | August 10, 2011

By Matthew J. Ahearn and Brian M. Malec This post continues on from our immediately previous posting concerning the Section 1022 election and filing requirements.  In this post, we will discuss the GST tax guidance in Notice 2011-66 (the “Notice”). A. Decedents Who Died in 2010. TRUIRJCA retroactively reinstated the GST tax for 2010, but…

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Form 8939 Notice and Guidance

By rwithers | August 8, 2011

By Matthew J. Ahearn and Brian M. Malec On Friday, August 5, 2011, the IRS issued Notice 2011-66 and Rev. Proc. 2011-41 to provide guidance concerning the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (TRUIRJCA). Under TRUIRJCA, an election may be made to opt out of the estate tax and into…

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Final Regulations Regarding Extensions of Time for Pass-Through Entities to File Returns

By rwithers | June 24, 2011

Today, the Treasury Department and IRS issued final regulations concerning automatic extensions of time to file returns for pass-through entities (i.e., partnerships, s-corporations, trusts and estates). The regulations are effective today (June 24, 2011). Prior to 2008, pass-through entities could obtain an automatic six (6) month extension of time to file their income tax returns….

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Florida’s Uniform Prudent Management of Institutional Funds Act

By rwithers | June 3, 2011

Florida’s Uniform Prudent Management of Institutional Funds Act (the “Act”) (Fla. Stat. Sec. 617.2104), replaces the Florida Uniform Management of Institutional Funds Act (Fla. Stat. Sec. 1010.10) and expands its application to include all charitable institutions and not only those associated exclusively with educational purposes The Act is based on the Uniform Management of Institutional…

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