A trend is under the lens of lawmakers that involves individuals in New York choosing a no income tax state, transferring significant assets into an out-of-state trust there, and retaining the benefit of their assets without the New York state income tax burden. In certain circumstances, capital gains tax obligations may be reduced as well.
One month ago, the Internal Revenue Services (IRS) finalized a draft of Revenue Procedure 2014-13, which sets forth the reporting requirements for foreign financial institutions (FFI). Learn if you have a foreign account in one of the jurisdictions affected by the new tax reporting requirements.
Five years ago the Tennessee Firearms Freedom Act preserved certain gun rights for state citizens. In 2014, Senate Bill 1607 was introduced. The bill sets forth additional protections under the Tennessee Firearms Freedom Act by imposing restrictions on federal authorities. The provisions are being made in an effort to expand the gun rights of state residents in advance of future federal firearm legislation that may infringe on citizens' rights.
As the New Year begins, our gun trust attorneys in Miami take a quick look back on record-breaking firearms sales in 'The Gunshine State' and Florida gun laws.
Tax planning in New York may evolve in the New Year. Although the New York estate tax ('death tax') is not slated for repeal, the expected proposal would create a greater exemption at a lower rate.