APRIL 17, 2019
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California has no estate tax, but that could change in the near future. California State Senator Scott Wiener recently introduced a bill which would impose gift, estate, and generation-skipping transfer tax on transfers during life and at death after December 31, 2020.
California law requires that any law imposing transfer taxes must be approved by the voters. This means that, if the California Legislature approves the California bill, it will be put before the voters at the November 2020 election.
 More on California Estate Tax Here>
Wiggin Law FirmThe Connecticut gift and estate tax exemptions will continue to rise over the next several years and are now set to match the federal exemption amount by 2023. This news comes with the publication of the 2019 Connecticut General Statutes, which resolved a conflict in two separate bills that the Connecticut General Assembly passed in 2018. With that resolution, we now know that the gift and estate tax exemptions are slated to rise substantially over the next several years as follows:  More on Connecticut's Estate Tax Here> 
Sen. Tammy Baldwin (D-WI) and Rep. Bill Pascrell (D-NJ) recently reintroduced the “Carried Interest Fairness Act of 2019” (the “Act”). The sponsors claim that the Act would “provide for the proper tax treatment of personal service income earned in pass-thru entities” by treating carried interest income received for profitable management of an investment vehicle as ordinary income instead of capital gains. In 2015 and, again, in 2017, Sen. Baldwin and Rep. Sandy Levin (D-MI) introduced earlier versions of the Act. Although enactment is far from certain, the legislation could gain greater traction ahead of the 2020 elections and the record created in the current Congress on such proposals will be important.   More on Carried Interest Here
Do you have a balance due with the IRS? If you do, it is likely that the balance includes penalties and interest. Included among the various penalties that may apply are penalties for late filing and for failure to timely pay the tax due. Under certain circumstances, each of these penalties can be up to a maximum of 25 percent of the unpaid tax. For example, if you had unpaid tax of $10,000 and the maximum penalties applied, the balance due with the IRS, before interest, could be approximately $15,000. As you can see, these amounts can add up quickly. There are options to obtain penalty abatement/waiver and for interest abatement. But not all taxpayers will qualify for relief.    More on Penalty and Interest Abatement with the IRS Here

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