The 7520 rate for August 2018 will remain at 3.4%.
The August 2018 Applicable Federal Interest Rates can be found here.
Originally posted on BCLPCharityLaw.com.
Written by Summer Associate, Brandi Miller.
To simplify compliance for grantors and contributors to tax-exempt organizations, the IRS recently issued an updated revenue procedure (Rev. Proc. 2018-32) that combines previously scattered guidance on deductibility and reliance issues. The new revenue procedure explains when grantors and contributors may rely on a listing of an organization on an IRS database of organizations eligible to receive contributions under Sec. 170 for purposes of determining whether the grants or contributions may be deductible under Sec. 170.
The IRS maintains and updates two different publicly available databases on organizations eligible to receive tax-deductible contributions under Sec. 170. The first lists organizations that are eligible to receive tax-deductible charitable donations (eligible organization list), and the second is an extract of certain information concerning tax-exempt organizations from the IRS electronic Business Master File (the EOB MF Extract).
Historically, the eligible
BCLP’s Private Client Litigation team members have been recognized by Chamber and Partners HNW 2018.
Partner Rupert Ticehurst was ranked as a Band 1 lawyer, while Senior Associates Simon Goldring and Jessica Henson were both recognized as ‘Associates to Watch’.
Private Client Global Elite is the list of the world’s elite lawyers advising Ultra High Net Worth clients. Launched in 2017, the Private Client Global Elite serves as a respected global directory of the world’s top private client and trust disputes talent, as well as rising stars within the industry. This year, they received more than 6,000 entries, resulting in just over 250 Elites and 100 Ones to Watch.
Congratulations to Bryan Cave Leighton Paisner Partners, Dyke Arboneaux, Marcus Dearle, Martin Paisner and Rupert Ticehurst for being featured as an “Elite.”
Congratulations, in equal measure goes to Bryan Cave Leighton Paisner Senior Associates, Simon Goldring, Jessica Henson and Ruben Sinha featured as “Ones to Watch.”
Originally posted on the BCLP Private Wealth Insight Blog found here.
The family business not only represents the hard work and entrepreneurial spirit of the founders, sometimes across generations, but is often a reflection of the founder’s and family’s values and beliefs.
The family business has the potential to grow, adapt and continue to deliver value across generations – but can it, will it and should it?
Should the founders pass it on or sell it? Are the options binary?
In weighing up the options, the issues can sometimes seem conflicting.
With research and drafting assistance provided by our extern from Washington University School of Law, Rachael Lynch.
Now that we’ve scared you with the potentially high taxes for self-dealing in private foundations, what is self dealing?
Self dealing includes any of the following transactions:
1. sale or exchange, or leasing, of property between a private foundation and a disqualified person (click here for a definition of a disqualified person); 2. lending of money or other extension of credit between a private foundation and a disqualified person; 3. furnishing of goods, services, or facilities between a private foundation and a disqualified person; 4. payment of compensation by a foundation to a disqualified person; 5. transfer of income or assets of a private foundation to a disqualified person; and 6. agreement by a private foundation to make any payment to a government official (other than an agreement to hire the official when
Estate tax transcripts can now be accessed online through the IRS website.
“The ability to access those transcripts online is a significant milestone in the Internal Revenue Service’s effort to reduce the number of estate tax closing letter requests and lessen its workload,” said Catherine Hughes, of the Treasury Department’s Office of Tax Policy.
Before June 1, 2015, the IRS issued an estate tax closing letter for every estate tax return filed. For returns filed on or after that date, the IRS issues a closing letter only at the request of the estate.
In Notice 2017-12, issued in January 2017, the IRS stated that in lieu of closing letters, executors, local probate courts, state tax departments, and others can request an account transcript—a computer-generated report that includes the date on which the