Supreme Court decision lets same-sex couples benefit from tax & federal benefits. In a highly-anticipated decision, the Supreme Court struck down Section 3 of the Defense of Marriage Act (DOMA) in a case titled United States v. Windsor. That decision opens the door for same-sex couples to benefit from tax and other federal benefits previously reserved for heterosexual couples.Read More
The Paley Rothman Blog
Paley Rothman shares this library of resources with clients and friends of the firm to help them stay ahead of legal and business developments and trends. Here, you will find helpful tips and tools written by our attorneys.
Act fast if you are a Virginia resident planning to refinance with your existing lender. An amendment to Section 58.1-803 of the Virginia Code, which takes effect July 1, 2012, will remove a Recordation Tax exemption that currently limits the application of Virginia’s Recordation Tax to the amount of new money borrowed in a refinance with an existing lender.Read More
The Obama Administration recently released its 2013 Revenue Proposals (the “Green Book”), a number of which are designed to limit certain gift and estate planning opportunities that are currently available. Here is a brief overview of some of the relevant proposals:Read More
A principal feature of the U.S. tax system is self-assessment; taxpayers are expected to accurately report their income and pay the appropriate level of tax when due. The federal government has limited resources to ensure compliance, however, so it recognizes the crucial need to have a policy in place to encourage non-compliant taxpayers to “come in from the cold” and avoid the more severe criminal sanctions that can arise in cases of intentional non-compliance. Many states, as well as several foreign countries, utilize similar procedures.Read More
Owners of commercial properties in many counties in Maryland have two choices when it comes to refinancing. One option costs you dearly, the other - when executed properly - creates a considerable savings. Here’s how it all works...Read More