LIFE INSURANCE PROCEEDS FOR REPURCHASE OF DECEASED BUSINESS OWNER’S STOCK MAY RESULT IN ESTATE TAX LIABILITY
On June 6, 2024, the Supreme Court of the United States ruled in Connelly v. United States that proceeds of a life insurance policy...
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C. Richard Wilkins
Mar 51 min
FEDERAL COURT HOLDS CORPORATE TRANSPARENCY ACT UNCONSTITUTIONAL
In a decision released on Friday, March 1, 2024, Judge Liles C. Burke of the U. S. District Court for the Northern District of Alabama...
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C. Richard Wilkins
Dec 28, 20231 min
IRS PROVIDES TAXPAYERS RELIEF FROM 2020 AND 2021 TAX RETURN PENALTIES
The Internal Revenue Service announced on December 19, 2023 new penalty relief for individuals, businesses and tax-exempt organizations...
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C. Richard Wilkins
May 31, 20231 min
TAXING AUTHORITY’S RETENTION OF TAX SALE PROCEEDS EXCEEDING TAX DEBT UNCONSTITUTIONAL
In an opinion issued May 25, 2023, the Supreme Court of the United States ruled that retention by a County of tax sale proceeds in excess...
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C. Richard Wilkins
Mar 8, 20231 min
TAX DEADLINE EXTENDED TO OCTOBER 16 FOR DISASTER AREA TAXPAYERS
On February 24, 2023, the Internal Revenue Service announced that taxpayers in parts of Alabama now have until October 16, 2023, to file...
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C. Richard Wilkins
Feb 9, 20231 min
SECURE 2.0 Act of 2022
The SECURE 2.0 Act of 2022 was passed by Congress in late 2022 as part of the Consolidated Appropriations Act of 2023 and was signed into...
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C. Richard Wilkins
Jan 17, 20231 min
FTC PROPOSES RULE TO BAN NONCOMPETE CLAUSES
On January 5, 2023, the Federal Trade Commission proposed a new rule that would ban employers from imposing noncompetes on their workers....
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