SANTA CLARA COUNTY ESTATE PLANNING COUNCIL

Recent Tax Developments and Looking Ahead
Presented by: Michael Gray, CPA

This is a rare opportunity to attend a LIVE tax update and meet with your fellow professionals!  Most groups are still meeting remotely!  Includes 1 hour CPE for attorneys, CPAs and CFPs.

AGENDA
5:30 - Networking (cash bar)
6:15 - Dinner Buffet 
7:00 - Tax Update
8:00 - Conclude

REGISTRATION FEES
Premier Members - No Fee (included in annual dues)
Regular Members - $65
First Time Guests - $75
Return Guests - $95

QUESTIONS?
Contact Stacie@SCCEPC.org

Developments, Cases and Rulings

• U.S. v. Paulson – Beneficiaries were liable for unpaid estate tax.
• Connelly v. U.S. – Buy-sell life insurance added to estate tax stock value.
• Moving out of California?  Be careful how you receive non-qualified deferred compensation payments!
• SB 131 – California retroactively changes tax rues for incomplete gift grantor trusts
• California replaces Uniform Principal and Income Act
• Avoid California e-pay requirements by making smaller estimated tax payments
• Using an intermediary for an installment sale? The IRS wants to know
• Estate of Caan v. Commissioner – IRA rollover of proceeds of sale of distributed partnership disallowed
• In re Vital Pharmaceuticals – Bankrupt S corporation can’t revoke its S election
• Notice 2024-02 – IRS issues SECURE 2.0 Act guidance
• New federal independent contractor regulations released
• Notice 2023-62 – Roth requirement postponed for catch-up contributions
• Huffman, et. al. v. Commissioner – Option agreement to purchase family business shares was a taxable gift.
• Chief Counsel Advice 202352018 – Beneficiary consent to a trust change could be a taxable gift
• Notice 2024-2 – Reporting employer designated Roth contributions
• Big Brother wants to watch EVEN MORE!  Proposed FinCEN regulations for reporting real estate transfers without conventional mortgages
• REG-117542-22 – IRS to require Listed Transaction disclosure for certain CRATs
• Notice 2024-35 – Required minimum distribution relief for inherited retirement accounts extended

Looking Ahead

• H.R. 7024, The Tax Relief for American Families and Workers Act of 2024 (Proposed federal legislation.)
• SB 1501 – California proposed passthrough entity tax relief
• The Tax Cuts and Jobs Act of 2017 will soon be a pumpkin! – Expiring tax provisions to plan for.
• President Biden’s Tax Reform Wish List (Fiscal Year 2025 Budget Proposal.)
• Tax on unrealized capital gains at death and for gifts with a $5 million lifetime exclusion(!)
• 39.6% tax rate on capital gains over $1 million.
• Limit 1031 like-kind exchanges to $500,000 in tax deferral
• Impose a 25% minimum tax on unrealized gains for taxpayers with net wealth over $100 million(!)
   

Michael Gray, CPA has been a speaker for the Santa Clara County Estate Planning Council on many occasions.He has also been a speaker for the Silicon Valley Bar Association, the Santa Clara County Bar Association, the California Society of Certified Public Accountants, and many others.He is the author of Secrets of Tax Planning for Employee Stock Options, Executive Tax Planning for Employee Stock Options, The Real Estate Tax Handbook, and How to Use Roth and IRA Accounts to Provide A Secure Retirement.Michael has been quoted in the Wall Street Journal, New York Times, San Francisco Chronicle, and San Jose Mercury News, and Silicon Valley Business Journal and has been profiled in The Journal of Accountancy.