In November 2017, the IRS released proposed regulations clarifying the estate tax treatment of large lifetime gifts made now, while the federal estate and gift tax exemption is temporarily increased thanks to the Tax Cuts and Jobs Act of 2017. These proposed regulations, if they go into effect as drafted, provide an opportunity for wealthy taxpayers to lock in the temporarily increased exemption by making large lifetime gifts.
In light of Sen. Elizabeth Warren’s (D-Mass) New Year’s Eve announcement that she is running for President, thus kicking off not only the new year, but also apparently the formal beginning of the Presidential campaign season, we thought it timely to consider the most recent estate tax proposal of Sen. Warren, and how it compares to the current state of the estate tax.
In 2016, New York State Department of Labor adopted a schedule of increases to both the minimum wage rate for hourly workers and the minimum salary level for exempt executive and administrative employees. The increases are scheduled to take effect each year on New Year ’s Eve and are specific to the employer’s geographic location and size.
Earlier this month, the New York Attorney General issued a new guidance document regarding the sale of non-profit nursing homes to for-profit buyers.