Interview with Carla Klingler, Vice President, Swerdlin & Company Kevin: We’re meeting today with Carla Klingler, Client Relations specialist of Swerdlin & Company, a third-party administrator based in Atlanta. Carla is a recognized industry expert on retirement plans. Today, she will be sharing with us the basics of an Employee Stock Ownership Plan, also known as [...]
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Section 2704 Proposed Changes: Much Ado About Nothing? A Different Kind and Level of Estate Taxation? A Golden Opportunity? All the Above? The December 1 IRS hearings on proposed changes to the Section 2704 Regulations demonstrated the significant opposition from taxpayers, advocacy groups and other interested parties. Thousands of comments, almost all against the proposals, [...]
This recent estate tax case is rife with valuation issues. And it is one of the few that the issues are clearly defined and resolved. The United States Court of Appeals for the Ninth Circuit (the “Ninth Circuit”) remanded the case to the Tax Court to reconsider its decision on the valuation of the Estate’s [...]
Valuations frequently assume a third party will purchase a business and primarily run it unchanged. This does not mean a buyer will continue to pay expenses or a level of expense not considered typical. Non-operating assets are typically excluded from a valuation, too. Normalizing adjustments take the atypical expenses or portion of expense (or income) [...]
Stock options and stock ownership plans are a popular and effective method of incentivizing employees, often at a low cost to both the employer and the employee. Several types exist, including non-qualified stock options, incentive stock options, employee stock ownership plans, phantom stock, stock appreciation rights and more. In this second of a series of [...]
James and Julie Kress (the “Taxpayers”) filed a lawsuit in United States District Court for the Eastern District of Wisconsin [Case 1:15-cv-01067-WCG] on September 2, 2015. They sought a refund of federal gift taxes and interest they claim were erroneously assessed by the IRS on gifts made in 2007, 2008, and 2009. The Facts The [...]
Since 1975 and prior to April 2015, the definition of fiduciary as put forth by the Department of Labor included a five-part test. Only if all five parts listed below were met would an adviser be considered a fiduciary. Advice was given: as to the value of securities or other property, or make recommendations as [...]
[av_textblock size='' font_color='custom' color='#83a846'] At the American Bar Association (ABA) Section of Taxation meeting on May 8th, 2015, Catherine Hughes, of the Office of Tax Policy in the U.S. Treasury Department, announced that proposed regulations under section 2704(b)(4) could be released before the fall. She indicated that the tax community could look to the Obama [...]
No case is clear cut, but lessons often can be learned. In the recently filed action, the Department of Labor v PBI Bank, Inc. and The Miller’s Health Systems, Inc. Employee Stock Ownership Plan (United States District Court for the Northern District of Indiana, Civil Action: 3:13CV1400), some, but not all, of the issues surrounded [...]
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