By Mark G. Kmiecik On December 19, 2014, President Obama signed into law the Tax Increase Prevention Act of 2014 (HR 5771). Otherwise known as the “Tax Extenders” Act, this law retroactively extended through the end of 2014, over 50 tax breaks that expired on December 31, 2013. While there were discussions of making permanent a number of these...
On July 1, 2014, the Internal Revenue Service (IRS) released Form 1023-EZ, a streamlined alternative to the venerable IRS standard-bearer in the world of nonprofits – Form 1023 Application for Recognition of Exemption Under Section 501(c)(3). The original Form 1023, weighing in at a robust 26 pages (including 7 schedules), can be burdensome,...
By Mark G. Kmiecik The final months of 2014 are a great time to finalize your tax planning opportunities and set the stage for minimizing your tax outlay in 2015. As a business owner, please be aware that in the wake of the election, sources indicate tax extenders are likely to pass, with some differences between the two houses in Congress being...
By Mark G. Kmiecik & Charles G. Maris On July 1, 2014, Wisconsin’s New Trust Code (“WTC”) takes effect making Wisconsin the 29th jurisdiction to adopt a version of the Uniform Trust Code (“UTC”). The UTC grew out of the realization that modern era trust business is now globalized like the economy, and that a uniformity of trust laws is...
By Joseph E. Tierney, IV The United States Tax Court recently decided in the taxpayer's favor in a matter pertaining to the taxpayer's interpretation of the completed contract method of accounting. Under this method, profits from the sale of homes are deferred until the tax year when the builder has incurred 95% of the project’s total cost. In...
By Scott E. Fiducci To facilitate investment in Wisconsin businesses, on November 7, 2013 Governor Scott Walker signed the CASE (crowdfunding and securities exemptions) for Jobs Act (2013 Wisconsin Act 52) (the "Act") into law, creating a state securities law exemption enabling Wisconsin businesses to raise up to $2 Million via online...
Now more than ever, the Internet is a repository for information from all aspects of our lives – everything from essential financial and email accounts to social networks and your family photo albums. As more and more people transition their financial lives from the file cabinet to the cloud, what should you be doing to ensure that your digital...
On June 26, 2013, the United States Supreme Court struck down Section 3 of the Defense of Marriage Act (DOMA) in U.S. v. Windsor. Aside from the significant impact on employee benefit plans, the decision has broad tax implications for same-sex couples. For one, same-sex couples may now file joint federal tax returns if the couple lives in a state...
Trusts, Estates and Succession Planning Attorney Jacqueline L. Messler presented to members of the Association for Women Lawyers on Wednesday, January 16, 2019. Her presentation, Estate Planning for Your Animal-Loving Clients addressed the common pitfalls of not having an estate plan, essential items to include in the estate plan, and the types...
Tax attorney, Mark G. Kmiecik will be participating on a panel discussion titled, “Reconciling State and Federal Audits After New IRS Partnership Audit Regulations: Tax Reporting Challenges”. In light of the new partnership audit rules that have a significant impact on trusts holding partnership assets, this discussion will look at the impact of...
