The IRS updated the inflation-adjusted tax figures for 2014, increasing several federal gift tax annual exclusion amounts and the lifetime gift, estate and generation skipping tax exemption totals. Here are the specifics for each.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.
On October 31, 2013 in Notice 2013-71 the IRS announced a modification to the “use or lose” rule for Health Flexible Spending Arrangements (Health FSAs). Health FSAs permit employers to reimburse employees for health care expenses, such as deductibles and co-pays. In general, these plans are funded by employees through salary reduction agreements.Read More
The Internal Revenue Code [IRC] allows taxpayers to take personal exemptions for themselves–and their dependents. In order to be legally eligible for an exemption, a dependent must be a “qualifying” child who meets the following criteria:Read More
Several recent changes to Maryland’s recordation tax exemption law (§12-108 of the Tax-Property Article of the Annotated Code of Maryland), which took effect on July 1, 2013, should result in lower transactional costs in conjunction with the refinancing of commercial loans secured by a mortgage or deed of trust (for convenience, both will be referred to as “deed of trust”) on commercial property.Read More
On August 29, the IRS issued its much-anticipated guidance explaining the effect of the Supreme Court’s June 2013 decision in U.S. v Windsor on the application of the sections of the Internal Revenue Code that refer to a taxpayer’s marital status.Read More