On July 1, 2020, the new Mississippi Uniform Estate Tax Apportionment Act went into effect under Sections 33-46 of S.B. 2851, replacing the old Uniform Estate Tax Apportionment Act under Title 27 Chapter 10 of the Mississippi Code. What does apportionment of estate taxes mean anyway? Apportionment of estate taxes is the determination and allocation…
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The Mississippi Legislature made some sweeping changes to Mississippi laws governing estates and trusts, as well as one significant change to real property law. With the passage of S.B. 2850 and S.B. 2851, Mississippi is set to get some much needed updates in these areas of law. Both bills were signed by the governor and…
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Those of us who handle acquisition transactions can take for granted that asset acquisitions avoid the buyer assuming unintended liabilities of the seller. As a general rule, acquisitions of an entity’s equity cause the buyer to take any liabilities of the business conducted by the entity. However, asset acquisitions generally allow the buyer to selectively…
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On March 13, 2020, under the Stafford Act, the President issued an emergency declaration as a part of the government’s attempts to mitigate the effects of the COVID-19 pandemic. Since that time, business owners have had a lot to handle including mandatory closures, remote working, issues under preexisting contracts (leases, loans, supply contracts, employment agreements,…
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On Friday, March 26, 2020, history was made. In one fell swoop, Congress dropped $2.2 trillion to keep the United States’ economy going during the COVID-19 epidemic with the passage of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). With such a lengthy bill, many are wondering what all is contained in the…
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Due to historically low rates combined with potentially depressed asset values due to the recent market decline, now may present an unparalleled opportunity to take advantage of wealth transfer techniques to shift significant wealth downstream with little to no use of gift tax exemption. As I write the article, the United States and the rest of…
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Conservation has been in the tax news yet again recently. Really, ever since Notice 2017-10, conservation easements, especially those of the syndicated variety, have been caught in the cross hairs of the IRS as well as the Department of Justice while also drawing the ire of a few of those in power in Congress. Most…
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There was a lot of movement from the IRS involving cryptocurrencies in 2019. Prior to 2019, the IRS had issued just one piece of guidance regarding cryptocurrencies. That was by issuance of Notice 2014-21 in which the IRS let us know it would treat cryptocurrencies as capital assets rather than as a currency. There are…
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I was fortunate enough to attend the 54th annual Heckerling Institute on Estate Planning in Orlando. Heckerling is known worldwide for being one of the most innovative and informative estate planning conferences put on. The topics are always relevant and timely, and there are always some new and innovative planning techniques and ideas presented. Additionally,…
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On December 20, 2019, President Donald Trump signed the Setting Every Community Up for Retirement (Secure) Act into law as part of the year-end spending bill. The Secure Act (the “Act”) goes into effect on January 1, 2020 and makes a host of changes to retirement plan laws. Among these changes are significant changes to…
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