We hope that you are enjoying your summer and staying safe. In the 3rd Quarter 2020 newsletter, you will find the following short articles: What Family Law Practitioners Need to Know About COVID-19-Related Legislation Tax Court Spurns IRS’ Gift Tax Valuation Theory and Methodology 10 Unique Factors That Drive Paving Company Value We hope […]
Valuation Services, Inc. joins IR as the exclusive Business & Asset Valuations Member in US – Virginia
IR Global, the world’s largest exclusive network of advisory firms is delighted to introduce Jeff Bae of Valuation Services, Inc. Jeff has joined IR as our exclusive Business & Asset Valuations member in US – Virginia. Founded in 1995, Valuation Services, Inc. (VSI) is one of the nation’s premier business valuation firms, with offices in Washington, DC, […]
Jeff BaePartner, Valuation Services, Inc.
The IRS has largely reopened for business on July 15, with an eye toward high net-worth individuals. The IRS recently announced it will restart its global high-wealth program by commencing several hundred new examinations of high net-worth individuals between July 15 and September 30. IRS audits of individual tax returns showing more than $1 million […]
Thursday, June 18th 2020 – 4:00 PM (BST) About 1 hour and 30 minutes Join Norfolk Judges, David W. Lannetti and Tasha D. Scott, for a free 1-hour CLE as they discuss the pandemic’s impact in the courtroom and on court practices.* What you need to know about: Courthouse health protection – masks and social distancing […]
Save the Date – Live Webinar: How to Manage Your Cybersecurity in a Pandemic Business Recovery State
Thursday 4th June, 2020 11am – 12pm Join CWM and Layer9 as they discuss the cost saving benefits of protecting business IT infrastructure and how to respond to evolving cyber threats as businesses operate remotely and begin to reopen.
The IRS issued a new notice on Friday, March 27, 2020, postponing the due date for 2019 gift tax returns to July 15, 2020. This notice adds to the relief previously announced by the IRS that postponed due dates for most income tax returns and addresses the “trap for the unwary” we had previously identified. […]
Recent changes in the tax law make 2020 an ideal time to review the beneficiary designations on your retirement accounts. In particular, if you have designated a trust as your beneficiary, the new legislation makes it advisable to revisit that decision to determine whether that designation is still appropriate for your estate plan. Historically, a […]
Norfolk, VA, January 1, 2020 – Crenshaw, Ware & Martin has appointed Donald C. Schultz as its new Managing Partner effective January 1, 2020. He succeeds W. Ryan Snow, who served in that role since 2012. Mr. Snow will continue his Business Disputes and Construction Law practice. Mr. Schultz serves as the Practice Group Chair […]
Donald C. SchultzManaging Partner, Crenshaw, Ware & Martin, P.L.C.
Despite expressing concerns about the measure at the time, New Jersey Governor Phil Murphy signed into law on June 17, 2019, a bill that creates new disclosure requirements for certain groups seeking to influence elections and government actions in New Jersey. The new law now faces a First Amendment challenge from the conservative advocacy group […]
The Firm mourns the passing of Mortimer M. Caplin, co-founder of Caplin & Drysdale. Mr. Caplin passed away on Monday, July 15, 2019, just four days after his 103rd birthday. He died peacefully in his home. Mr. Caplin lived a remarkable twentieth-century life, spanning the decades from his action as a beach master with the […]
U.S. Shareholders of controlled foreign corporations (“CFCs”) should be aware that proposed regulations issued on June 14, 2019, could significantly alter how the new Global Intangible Low-Taxed Income (“GILTI”) regime under new section 951A affects their tax bills. If finalized, the regulations would permit taxpayers to elect to exclude CFC income items subject to foreign […]
Supreme Court Rules Against North Carolina in Kaestner On State Income Taxation of Trusts: What Does This Mean for the District of Columbia, Virginia, and Maryland?
A landmark Supreme Court decision decided last week calls into question the constitutionality of local (District of Columbia, Maryland, and Virginia) fiduciary income tax regimes. Many trusts that have been treated as “resident trusts” – and thus subject to tax in the state on all of the trust’s undistributed income, wherever sourced – because of […]