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Category: Tax Planning

October 14, 2024 CS Blog

IRS Provides Hurricane Milton Relief

In the wake of Hurricane Milton, the IRS expanded previously announced taxpayer relief for impacted taxpayers living in Florida.  In IR-2024-264, the IRS amplified and expanded the relief granted in IR-2024-253 to individuals and businesses in Broward, Indian River, Martin, Miami-Dade, Palm Beach, and St. Lucie counties.  The relief from…

June 10, 2024 Business Entities and Transactions

Company-Owned Life Insurance Proceeds On Deceased Shareholder Are Included In Their Estate Tax Calculation: The United States Supreme Court Weighs In

The recent decision of the U.S. Supreme Court in Connelly v. United States, U.S., No. 23-146, 6/6/24, has thrown an enormous monkey wrench into traditional buy-sell planning for closely held businesses.  The Court held that the proceeds of life insurance on a deceased shareholder must be included in determining the…

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