Private Client

Many Massachusetts residents have recently considered taking, or have undertaken, steps to relocate from Massachusetts to jurisdictions with lower or no state income taxes, especially in light of the recently enacted 2023 Massachusetts “Millionaire’s Tax”.  While such a move could offer significant tax advantages, a recent Massachusetts Appeals Court decision, Welch v. Commissioner of Revenue, could reshape how nonresidents are taxed on capital gains from stock sales, emphasizing where the value was earned over where it is recognized. 

This summary highlights provisions in the OBBBA that will impact estate, tax, and business planning strategies for business owners and high-net-worth individuals.

Read about compliance deadlines associated with the Corporate Transparency Act (CTA), types of entities subject to CTA reporting requirements, information required in a BOI report, and filing requirements for BOI reports.

In this alert, we discuss the reporting entities, information to be reported, ongoing reporting requirements, and additional considerations applicable to estate planning clients.

Read about a Massachusetts tax relief package recently signed into law, which subjects only estate assets above $2 million to state-level estate tax and makes several changes to Massachusetts income tax laws.

Read about the U.S. House Ways and Means Committee’s proposed tax legislation intended to partially fund the $3.5 trillion Build Back Better Act to fund Democratic priorities.

The lifetime federal tax exemption for gift, estate, and generation-skipping transfer taxes is scheduled to be reduced to approximately $6 million on January 1, 2026, from $11.58 million per individual or $23.16 million collectively for a married couple. Many believe, however, that the outcome of the upcoming election could accelerate the timing of this change and that the decrease could become effective as soon as January 1, 2021.

This articles outlines the Treasury Department’s second set of proposed regulations, released on April 17, 2019, for the implementation of the Opportunity Zone Program.

This article outlines the Treasury Department’s initial guidance for implementation of the qualified opportunity zone tax incentive program, designed to encourage investment in low-income communities.

The Tax Cuts and Jobs Act (the “Act”), signed into law on December 22, 2017, significantly increased the exemption amounts for the federal estate, gift, and generation-skipping transfer taxes. These increases may present planning opportunities for individuals and families.

Ten considerations for closely held companies incurring debt in connection with minority investments by private equity sponsors, growth financing, or dividend recapitalizations.