Williams Parker Attorneys at Law’s Post

Friendly reminder to advisors and clients managing Tax Exempt Organizations; the deadline for Tax Exempt Organizations to file their returns is approaching on May 15, 2024. The filing thresholds for the Form 990-series is as follows: -gross receipts equal or less than $50k can file Form 990-N; -gross receipts less than $200k and total assets less then $500k can file Form 990-EZ; -gross receipts equal to or greater than $200k and total assets equal to or grater than $500k can file Form 990 -Private foundations must file Form 990-PF Unfortunately, many smaller organizations fail to file their Form 990. Organizations which fail to file their Form 990 for three (3) consecutive years will automatically lose its tax exempt status. Typically, we see the same recurring issues with these types of companies: (1) lack internal structure which clearly delegates filings responsibilities among officers; (2) high officer turnover resulting in lack of institutional knowledge about filing requirements; and (3) lack of a relationship with competent counsel. For Massachusetts tax exempt organizations; remember to annually file: (1) Form 990; (2) Form PC with the Attorney General's Office; and (3) annual reports with the Secretary of State's office (if the underlying entity is a corporation). If you advise a tax exempt organization or are an officer of a tax exempt organization and need help either bringing your entity back into compliance or need advice to create better internal structures to avoid these issues; then please feel free to reach out to myself or one of the attorneys in our corporate department. #taxexemptorganization #501(c) #corporate https://lnkd.in/eEhQRCpN

🏛 The Tax Cuts and Jobs Act (TCJA) of 2017 doubled the federal gift and estate tax exemption. This increase in the federal exemption has kept federal estate taxes out of sight and out of mind for the average person, leaving only the possibility of state estate taxes. But it has an expiration date. Without congressional action to extend or make it permanent, the exemption will “sunset” on December 31, 2025, to pre-TCJA levels (adjusted for inflation). The looming sunset has prompted a flurry of discourse and proposals that could change the estate tax framework and impact all levels of wealth. A good course of action is to stay informed and communicate with your wealth advisor to (a) understand how estate tax changes could affect your wealth transfer goals, and (b) take advantage of the current federal gift and estate tax exemption and any preemptive estate tax planning. #TCJA #taxcutsandjobsact #taxes #estatetaxes #taxplanning #taxstrategies #wealthmanagement #familyoffice Disclosure: https://lnkd.in/g_nEQab7

This week's Tax Law & Policy Perspectives topic is, "Tax Law & Policy Perspectives: What Is a Grantor Trust?" In this week's post, Monte A. Jackel, UBalt Law’s graduate tax program scholar in residence, provides background relating to grantor trusts and then explains that the law needs congressional authorization to provide clarity relating to what ownership of a grantor trust means. Read more on our blog, and subscribe to never miss a post! https://lnkd.in/gtHaFQzi

Attorney General Jackson Famous 1940 Speech on the Role of the Federal Prosecutor (4/1/24): I have recently written an article featuring Justice Robert H. Jackson’s contributions to tax law and to administrative law, The Tax Contribution to Deference and APA § 706 (SSRN 4665227 January 17, 2024), here. I am a Justice Jackson fan, heavily influenced by his contributions to the discussion of deference in tax cases and other contributions to tax as IRS Chief Counsel, Assistant Attorney General for Tax, Solicitor General, Attorney General, and then as Supreme Court Justice authoring the famous unanimous opinion in Dobson v. Commissioner, 320 U.S. 489 (1943), here, reh. den. 321 U.S. 231 (1944), here. (Note: many citations to Dobson omit the opinion denying rehearing, but the opinion on denial of rehearing is important for understanding Dobson.; one interesting feature of the opinion on rehearing is that Justice Douglas dissented in the denial of rehearing without explaining his position (not uncommon for Jackson in tax cases) but Justice Douglas had not dissented from the original opinion. See * below) Justice Jackson did so much more than tax; indeed, his major contributions to the country were not tax contributions; those major contributions should not eclipse his tax contributions though. Today, I received an email from a Jackson scholar, John Q. Barrett, professor of law at St. John’s University (bio here). The bio mentions that his emails for his “Jackson List” go to more than 100,000 readers.  In today’s email, Professor Barrett quotes in full Justice Jackson’s famous speech on April 1, 1940 as Attorney General titled “The Federal Prosecutor.” Readers of this blog may read the entire speech on the Jackson Center site, here (with a link to its original publication in  ); and on DOJ site here. Sprinkled through the speech are some real gems of wisdom about the prosecutor’s role. I will not “cherry-pick” the best or my favorite quotes because all are good and are really appreciated best in the full context of the speech. (I do alert that he does not mention the word “tax” in the speech; perhaps that alert may induce some to read the speech.) Enjoy!   * On Justice Douglas’ propensity to offer no opinion for his dissents in tax cases, see Bernard Wolfman, Jonathan L.F. Silver, & Marjorie A. Silver, The Behavior of Justice Douglas in Federal Tax Cases 122 U. Pa. L. Rev. 235 (1973), later turned into a book titled Dissent Without Opinion: The Behavior of Justice Douglas in Federal Tax Cases (1975). http://dlvr.it/T4wSl3 ^ Jack Townsend #federal #tax #crime

Attorney General Jackson Famous 1940 Speech on the Role of the Federal Prosecutor (4/1/24): I have recently written an article featuring Justice Robert H. Jackson’s contributions to tax law and to administrative law, The Tax Contribution to Deference and APA § 706 (SSRN 4665227 January 17, 2024), here. I am a Justice Jackson fan, heavily influenced by his contributions to the discussion of deference in tax cases and other contributions to tax as IRS Chief Counsel, Assistant Attorney General for Tax, Solicitor General, Attorney General, and then as Supreme Court Justice authoring the famous unanimous opinion in Dobson v. Commissioner, 320 U.S. 489 (1943), here, reh. den. 321 U.S. 231 (1944), here. (Note: many citations to Dobson omit the opinion denying rehearing, but the opinion on denial of rehearing is important for understanding Dobson.; one interesting feature of the opinion on rehearing is that Justice Douglas dissented in the denial of rehearing without explaining his position (not uncommon for Jackson in tax cases) but Justice Douglas had not dissented from the original opinion. See * below) Justice Jackson did so much more than tax; indeed, his major contributions to the country were not tax contributions; those major contributions should not eclipse his tax contributions though. Today, I received an email from a Jackson scholar, John Q. Barrett, professor of law at St. John’s University (bio here). The bio mentions that his emails for his “Jackson List” go to more than 100,000 readers.  In today’s email, Professor Barrett quotes in full Justice Jackson’s famous speech on April 1, 1940 as Attorney General titled “The Federal Prosecutor.” Readers of this blog may read the entire speech on the Jackson Center site, here (with a link to its original publication in  ); and on DOJ site here. Sprinkled through the speech are some real gems of wisdom about the prosecutor’s role. I will not “cherry-pick” the best or my favorite quotes because all are good and are really appreciated best in the full context of the speech. (I do alert that he does not mention the word “tax” in the speech; perhaps that alert may induce some to read the speech.) Enjoy!   * On Justice Douglas’ propensity to offer no opinion for his dissents in tax cases, see Bernard Wolfman, Jonathan L.F. Silver, & Marjorie A. Silver, The Behavior of Justice Douglas in Federal Tax Cases 122 U. Pa. L. Rev. 235 (1973), later turned into a book titled Dissent Without Opinion: The Behavior of Justice Douglas in Federal Tax Cases (1975). http://dlvr.it/T4wSl1 ^ Jack Townsend #federal #tax #crime

Attorney General Jackson Famous 1940 Speech on the Role of the Federal Prosecutor (4/1/24): I have recently written an article featuring Justice Robert H. Jackson’s contributions to tax law and to administrative law, The Tax Contribution to Deference and APA § 706 (SSRN 4665227 January 17, 2024), here. I am a Justice Jackson fan, heavily influenced by his contributions to the discussion of deference in tax cases and other contributions to tax as IRS Chief Counsel, Assistant Attorney General for Tax, Solicitor General, Attorney General, and then as Supreme Court Justice authoring the famous unanimous opinion in Dobson v. Commissioner, 320 U.S. 489 (1943), here, reh. den. 321 U.S. 231 (1944), here. (Note: many citations to Dobson omit the opinion denying rehearing, but the opinion on denial of rehearing is important for understanding Dobson.; one interesting feature of the opinion on rehearing is that Justice Douglas dissented in the denial of rehearing without explaining his position (not uncommon for Jackson in tax cases) but Justice Douglas had not dissented from the original opinion. See * below) Justice Jackson did so much more than tax; indeed, his major contributions to the country were not tax contributions; those major contributions should not eclipse his tax contributions though. Today, I received an email from a Jackson scholar, John Q. Barrett, professor of law at St. John’s University (bio here). The bio mentions that his emails for his “Jackson List” go to more than 100,000 readers.  In today’s email, Professor Barrett quotes in full Justice Jackson’s famous speech on April 1, 1940 as Attorney General titled “The Federal Prosecutor.” Readers of this blog may read the entire speech on the Jackson Center site, here (with a link to its original publication in  ); and on DOJ site here. Sprinkled through the speech are some real gems of wisdom about the prosecutor’s role. I will not “cherry-pick” the best or my favorite quotes because all are good and are really appreciated best in the full context of the speech. (I do alert that he does not mention the word “tax” in the speech; perhaps that alert may induce some to read the speech.) Enjoy!   * On Justice Douglas’ propensity to offer no opinion for his dissents in tax cases, see Bernard Wolfman, Jonathan L.F. Silver, & Marjorie A. Silver, The Behavior of Justice Douglas in Federal Tax Cases 122 U. Pa. L. Rev. 235 (1973), later turned into a book titled Dissent Without Opinion: The Behavior of Justice Douglas in Federal Tax Cases (1975). http://dlvr.it/T4wSl9 ^ Jack Townsend #federal #tax #crime

The Solicitors Disciplinary Tribunal has upheld a claim against Osborne Clarke partner Ashley Hurst regarding his conduct in Strategic Lawsuits Against Public Participation (SLAPP) correspondence. Hurst had been corresponding with Dan Neidle, a former Clifford Chance tax partner, about Nadhim Zahawi’s tax affairs. The Solicitors Regulation Authority alleged that the respondent sent written correspondence that improperly attempted to restrict Neidle’s right to publish and/or discuss specific matters regarding the Former Chancellor of the Exchequer's tax affairs and legal repercussions that may follow if he did. The case, brought by the SRA, rested heavily on an e-mail and letter that Hurst sent to Neidle on 16 July 2022 and 19 July 2022, respectively. The SDT found that in the email Hurst acted improperly and the case against him was upheld. The claim regarding the letter was dismissed. This marks the first time a lawyer has faced tribunal over a reported SLAPP, with the legal industry closely monitoring the SDT's outcome for future implications. A spokesperson for Osborne Clarke said: "We are extremely surprised and disappointed with this outcome in light of the legal position and evidence heard at the Tribunal. We will await the detailed reasons of the Tribunal before commenting further." Full story from Molly Smith: https://lnkd.in/g2z6yvjD

A piece we've done for ILFM (The Institute of Legal Finance & Management) on what you need to know, and think about, in relation to basis period reform.

MISSED OUR LIVE FEDERAL TAX LAW OVERVIEW PROGRAM? Watch the discussion and EARN 2 CPE Credits (Federal Tax Law Overview) for viewing the program, “Through the Maze – Navigating the IRS Collection Process." One viewer said, “It was a great program! It's been years since I've dealt with clients in these situations and the refresher course was welcomed. I have many now walking thru my door that haven't filed in years.” Another viewer said, “The presenters were very knowledgeable effective communicators. One of the best programs I have watched.” Click here to watch the program and earn 2 CPE credits: https://lnkd.in/gaqzbgfE Moderator Alan Pinck, EA, and IRS representative Andra Kullman, Program Manager, Headquarters Collection Policy, Internal Revenue Service, and industry insiders Clarice Landreth, EA, and Marc J Dombrowski, EA, discuss how individuals become involved with the IRS collection process and programs that may be available to avoid collection actions, tools available to the IRS for collecting unpaid taxes, how collection decisions may be appealed, and the rights of the persons subject to the collection process. By the end of the program, participants have a practical understanding of how taxpayers enter the collection process, the tools IRS uses to collect unpaid taxes, and the right of individuals to appeal collection decisions.