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The Massachusetts Supreme Judicial Court recently ruled that a ballot initiative that would have had Bay Staters vote this November to raise the state income on its wealthiest residents is unconstitutional. The Fair Share Amendment proposal, dubbed by some the “Millionaire's Tax,” will no longer appear on the November ballot. For la...

Tax reform has created major changes and opportunities for high-net-worth taxpayers, particularly those who are real estate investors and developers. The creation of the Internal Revenue Code section 199A brings a new, advantageous deduction to those in the real estate business. For real estate owners, investors, and developers, the impacts are sig...

With the passage of the Tax Cuts and Jobs Act in late 2017, virtually all areas of federal tax law saw sweeping changes. As a business owner, it’s particularly important to understand how these changes can work to your advantage as you consider your tax planning under today’s new laws. Five strategies—including restructuring your ...

Federal tax reform has potentially and perhaps unexpectedly increased the tax liability for families by destroying the deduction for investment expenses. However, the recent United States Tax Court decision on the Lender Management case may provide an opportunity for family offices to maintain deductibility for legitimate business expenses under th...

While laws in the United States generally allow trust property to be protected from the creditors of beneficiaries, there has traditionally been an exception to these protections where property in a trust is derived from a beneficiary’s own contributions to the trust. In rejecting this traditional rule, some states have modernized their laws,...

As part of federal tax reform, Congress created a new “Qualified Opportunity Zone” program to encourage investment in businesses that are located in low-income communities. Under this program, a taxpayer who recognizes gain on the sale of property (including, for example, investment assets such as stock or other security interests, and ...

The Tax Cuts and Jobs Act of 2017 is sweeping in its reach, and divorce situations are not immune from its influence. The new tax law changes the tax treatment of alimony for both the payer and the recipient. For divorces finalized prior to January 1, 2019, this new tax treatment will not apply and will be grandfathered under the rules of the prior...

Life is more complicated for families who have a loved one with a disability. The process of developing an estate plan requires the ability to navigate the confusing and often counter-intuitive rules of government benefit eligibility, and being intimately familiar with the circle of doctors, diagnoses, therapies, and services that will be available...

The purpose of the New Markets Tax Credit (NMTC) program is to attract private investment to communities lacking adequate access to capital and experiencing vacant commercial properties, outdated manufacturing facilities and/or inadequate access to education, health care, healthy food and other basic social services. Different Community Development...

The Tax Cuts and Jobs Act was signed into law in December and made sweeping changes to many laws affecting tax-exempt organizations. Several changes combined to eliminate the tax incentive for many taxpayers to make charitable contributions. With anticipated declines in contributions, charities may be looking for more creative sources of fundraisin...

Every year during tax season the Internal Revenue Service (IRS) releases the “Dirty Dozen” list of tax scams. With the increased number of data breaches, it is important to remain vigilant when sharing your personal data and responding to demands for tax payments. Here are some tips to help you avoid tax scams and identity theft.

Section 1061 of the Tax Cuts and Jobs Act imposes a new three-year holding period for gains derived by a partnership that are passed through to the holder of a carried interest to qualify as long-term gains. This change is effective for any allocations of income or sales of carried interests on or after January 1, 2018, and it applies to newly-gran...

It is not uncommon for a related or “friendly” party to desire to make a loan at a lower interest rate than what is available in an arms-length transaction on the open market. This is often the case when loans are made between relatives, business owners and their businesses, and employers and their employees. However, if the lender does...

In late 2017, the sweeping tax reform was passed in the United States and created incredible opportunities for estate planning for high-net-worth families. It also served as a good reminder to review your estate plan to be sure that it is consistent with your current goals and is flexible to promote tax efficiency under today’s tax laws&mdash...

Family office investment vehicles often are organized as limited partnerships or LLCs treated as partnerships for federal income tax purposes. Typically, the manager of such a partnership receives an interest in the partnership’s profits (a carried interest) in connection with the management services, in addition to management fees paid by th...