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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”


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


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


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


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


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


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


Relief and other guidance on Reporting Foreign Financial Accounts (FBAR) issued
  • Pillsbury Winthrop Shaw Pittman LLP
  • USA
  • March 2 2010

On February 26, 2010, the Department of Treasury and the Internal Revenue Service issued (i) proposed regulations providing new guidance on Reporting Foreign Financial Accounts (FBAR), (ii) a Notice extending the filing deadline for certain persons with signature authority over a foreign financial account until June 30, 2011, stating that the IRS would not interpret the term "commingled fund" as applying to funds other than mutual funds for calendar years 2009 and prior years and providing guidance on filing 2010 federal tax returns, and (iii) an Announcement continuing the suspension of FBAR filing requirements for persons who are not United States citizens, residents or domestic entities