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Update on Maryland estate tax

  • Pillsbury Winthrop Shaw Pittman LLP
  • -
  • USA
  • -
  • May 19 2014

Maryland Governor Martin O'Malley has signed into law H.B. 739 (the "New Law"), which contains revisions to the Maryland estate tax law. Specifically

Attention: new foreign tax withholding forms

  • Pillsbury Winthrop Shaw Pittman LLP
  • -
  • USA
  • -
  • November 28 2012

The Internal Revenue Service (IRS) recently announced that it is modifying certain of its tax forms, known generally as Form W-8s, used by foreign individuals and entities (“Foreign Parties”) to claim a reduction or exemption of withholding taxes on payments from U.S. sources (“U.S. Payors”

New estate and gift tax laws for 2011- 2012 and transfer tax provisions of the president's proposed budget for 2012

  • Pillsbury Winthrop Shaw Pittman LLP
  • -
  • USA
  • -
  • March 3 2011

On December 17, Congress passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, which included new estate and gift tax laws applicable in 2011 and 2012

Estate planning in times of unprecedented uncertainty

  • Pillsbury Winthrop Shaw Pittman LLP
  • -
  • USA
  • -
  • January 14 2010

The Economic Growth and Tax Relief Reconciliation Act of 2001 phased out the estate and generation-skipping transfer ("GST") taxes over 10 years, meaning that those taxes are no longer in effect as of January 1, 2010

IRS gives guidance on deferred compensation from offshore funds

  • Pillsbury Winthrop Shaw Pittman LLP
  • -
  • USA
  • -
  • January 29 2009

On January 8, the Internal Revenue Service (IRS) issued preliminary guidance on the taxation of deferred compensation from offshore investment partnerships and other tax-indifferent entities

Lower interest rates can mean additional estate and gift tax savings

  • Pillsbury Winthrop Shaw Pittman LLP
  • -
  • USA
  • -
  • January 5 2009

Our Client Alert from November 18, 2008 Recessionary Pressures and Market Volatility described how lower asset values, coupled with increased volatility in the stock market, are reducing the gift tax cost of transferring family business interests to beneficiaries

2008 and prior years’ FBAR filing deadlines extended for certain persons to June 30, 2010

  • Pillsbury Winthrop Shaw Pittman LLP
  • -
  • USA
  • -
  • August 17 2009

The IRS announced Friday, August 7th in Notice 2009-62 that it is extending the Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts) filing deadlines for the 2008 and earlier calendar years until June 30, 2010 for (i) persons with signature authority over, but no financial interest in, a foreign financial account; and (ii) persons with a financial interest in, or signature authority over, a foreign commingled fund

President signs HIRE Act, including FACTA provisions combating offshore tax evasion

  • Pillsbury Winthrop Shaw Pittman LLP
  • -
  • USA
  • -
  • March 18 2010

On March 18, 2010, President Obama signed the Hiring Incentives to Restore Employment Act (the "Act"), which hopes to create jobs with measures such as a "Social Security holiday" for employers that hire previously unemployed workers, an extension of highway and mass transit funding, and an expansion of the Build America Bonds program

Estate and gift tax planning opportunities scheduled to "sunset" on December 31, 2012

  • Pillsbury Winthrop Shaw Pittman LLP
  • -
  • USA
  • -
  • August 6 2012

The estate and gift tax laws under the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, are scheduled to sunset on December 31, 2012

Final FBAR reporting rules provide relief, but no exemption, for pension plans investing in foreign accounts

  • Pillsbury Winthrop Shaw Pittman LLP
  • -
  • USA
  • -
  • February 28 2011

On February 24, 2011, the Financial Crimes Enforcement Network of the Department of Treasury (FinCEN) issued final rules on FBAR filing requirements applicable to U.S. persons, including U.S. pension plans that invest in foreign financial accounts or who have signature authority over such accounts