Client Alert - Important Tax Developments That Have Occurred During the Second Quarter of 2016

The following is a summary of some of the more important tax developments that have occurred during the second quarter of 2016 that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the impact of those that are unfavorable.

• New Jersey Adopts "Uniform Trust Code"
• Termination of Trust Does Not Trigger Generation Skipping Transfer Tax
• IRS Clarifies "Grantor Trust" Definition in Bankruptcy and Insolvency Settings
• IRS Can Require Sole Owners of Disregarded Entities to Provide EINs
• IRS Releases Stricter Collection Financial Standards
• No Innocent Spouse Relief Where Applicant Wife Remained Silent
• Post-Divorce Settlement Sale of Businesses Between Ex-Spouses Nontaxable
• Taxpayer Entitled to Exclude Income Under Key Insolvency Exception

To read up on the useful tax planning tips listed above and many more, CLICK HERE. For more information, please contact: Judson M. Stein, Partner and Chair of the Trusts & Estates Practice Group, at jstein@genovaburns.com.