Trust BCLP

Trust BCLP

Other Posts

Main Content

BCLP Partner Stephanie Moll in November STEP Journal

December 19, 2019

Categories

Stephanie Moll was quoted in the November issue of the STEP Journal article, “All to Play For.” This article discusses potential changes in trust and estate law and taxation as the United States and Canada move into an election year. In particular, Moll discusses current issues faced by US taxpayers with foreign bank accounts as a result of certain reporting requirements. The complete article can be found here.

Thomson Reuters Checkpoint Calculates Projected Inflation-Adjusted Figures for Estate and Gift Taxes for 2020

September 17, 2019

Categories

Based on the inflation measure provided by the Tax Cuts and Jobs Act and Consumer Price Index for the 12-month period ending August 31, 2019, Thompson Reuters Checkpoint has released their projected inflation-adjusted Estate, Gift, GST tax, and other exclusion amounts for 2020, as follows:

The unified estate and gift tax exclusion amount (gift and estate tax exemptions) for gifts made and decedents dying in 2020 will be $11,580,000 (up from $11,400,000 in 2019).

The generation-skipping transfer (GST) tax exemption for transfers made in 2020 will be $11,580,000 (up from $11,400,000 in 2019).

The gift tax annual exclusion amount for gifts made in 2020 will be $15,000 (the same amount as for gifts made in 2019 and 2018).

The annual exclusion for gifts to noncitizen spouses in 2020 will be $157,000 (up from $155,000 in 2019).

The special use valuation reduction limit for estate of decedents dying in 2020 will

IRS Revises EIN Application Policy, Now Requires an Individual to be Listed as the “Responsible Party”

 

The IRS announced on March 27, 2019 that in an effort to enhance security and improve transparency, the “responsible party” on applications for an employer identification number (EIN) must now be a natural person.

An EIN is the tax identification number assigned to entities such as trusts, estates, retirement plans, LLCs, partnerships, and corporations.  An entity obtains such a number by completing the IRS Form SS-4 or an online application.  One question in the application process asks the applicant to identify the “responsible party,” which the IRS defines as “the person who ultimately owns or controls the entity or who exercises ultimate effective control over the entity.” In deciding who to list as the responsible party, the IRS encourages applicants to consider whether the party has “a level of control over, or

The attorneys of Bryan Cave Leighton Paisner make this site available to you only for the educational purposes of imparting general information and a general understanding of the law. This site does not offer specific legal advice. Your use of this site does not create an attorney-client relationship between you and Bryan Cave LLP or any of its attorneys. Do not use this site as a substitute for specific legal advice from a licensed attorney. Much of the information on this site is based upon preliminary discussions in the absence of definitive advice or policy statements and therefore may change as soon as more definitive advice is available. Please review our full disclaimer.