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A Dangerous Curve Ahead: Access to Florida Guardianship Proceedings at Risk

By: Melody B. Lynch

Yesterday, the Orlando Sentinel reported that The Florida Bar Board of Governors, at the recommendation of The Real Property Probate and Trust Law Section of The Florida Bar, is considering a proposal to change Florida’s guardianship law to further reduce and limit the information available to family members regarding their loved ones involved in guardianship proceedings. In addition to limitations on family members, the media and other groups would also be barred from accessing guardianship records if the new proposal is adopted and ultimately ends up in the legislature. read more

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Treasury Plans to Pull Unpopular Discount Regulation

By:  Amanda Wilson

As discussed earlier this summer, Treasury and the IRS identified as a burdensome regulation the Proposed Regulations under Section 2704 of the Internal Revenue Code, which regulations would severely impact discounts on gifts made to family members.  (Our prior discussion can be found here.)   Today, Treasury issued a report announcing that it proposes revoking the proposed regulations.  This is good news for taxpayers.

 

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Proposed Regulations Limiting Discounts on Family Gifts Targeted for Reform

By:  Amanda Wilson

Last summer, we discussed the IRS’s issuance of new Proposed Regulations under Section 2704 of the Internal Revenue Code, which regulations would severely impact discounts on gifts made to family members.  (Our prior discussion can be found here.)   Earlier this year, the Trump Administration issued an executive order instructing the Treasury Department to review all significant tax regulations issued after December 31, 2015 and identify any regulations that impose an undue burden on taxpayers.  The Treasury Department and IRS have completed this review, and have identified eight burdensome regulations that should be reformed.  The good news for taxpayers is that the Proposed Regulations under Section 2704 are on this list.

The next step is for the Treasury Department and IRS to recommend their proposed reform for these regulations, which could range from modification to outright repeal.  We will have to wait and see what they propose, but for now, the fact that the Treasury Department and IRS targeted these Section 2704 regulations for reform is a big step in the right direction.

We will keep you updated as this process moves forward.

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FIRPTA Withholding Tax Increases

By:  Amanda Wilson

The Foreign Investment in Real Property Tax Act (FIRPTA) subjects foreign sellers to U.S. tax when they sell their interest in real property located in the U.S., including interests in companies that predominately hold real estate.  To accomplish this, the purchasers generally are required to withhold 10% of the gross sales price when the seller is foreign.  Legislation that was passed at the end of last year (the PATH Act) increases this withholding rate from 10% to 15% effective as of February 16, 2016.  If you are purchasing a U.S. real estate interest from a foreign seller, make sure you are aware of this change and adequately withhold.  If you fail to do so, you may find yourself liable for the extra withholding.

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Lowndes, Drosdick, Doster, Kantor & Reed, P.A. Unveils New Website

We are excited to announce the launch of our redesigned website, www.lowndes-law.com. The site welcomes guests with warm colors, a clean design, crisp new images and fresh content. A strong brand message, “LOCAL ROOTS. BROAD REACH.SM” reflects the firm’s experience and service as well as our commitment to the growing needs of our clients. To learn about some of our new features and objectives behind the new website, please click on the PLAY button below. To visit our Private Wealth Services page, go to www.lowndes-law.com/services/297-private-wealth-services. We hope you find the redesigned website easy to use. Visit often as we are continually updating information that may be helpful to you!

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