Welcome to DUGGAN BERTSCH, LLC — A law firm dedicated to thoughtful, innovative and uncompromising legal representation for the Private Client.

The needs of the private client are both pointed and diverse. While you require the advanced skills of a specialist, you also have diverse needs that must be understood and integrated by your lawyer. With its broad base of multi-degreed, multi-disciplinary attorneys, DUGGAN BERTSCH is uniquely positioned in the legal space to best serve the needs of Private Clients.

We look forward to showing you the DUGGAN BERTSCH difference.

 

News From DUGGAN BERTSCH

State and Local Tax Reminder about State Income Tax Residency

At DUGGAN BERTSCH, LLC, we are often asked by clients to explain the process by which a taxpayer can establish a “new” state residency for income tax purposes. 

Sometimes we are asked to explain the impact of moving to a new state altogether  or about the impact of remaining in your current state of residence while spending significant amounts of time in another or several other states. 

STATE AND LOCAL TAXATION REMINDER:

Our firm represents both individuals as well as numerous and varied business entities.  While determining state tax obligations is always a complex process, when a taxpayer has income from sources in multiple states, the complexity greatly increases.  Past considerations relied upon “physical presence” as the main factor in determining tax reporting obligations - those days have quickly changed.  Some states now assert obligations based upon “economic presence”.

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David Henderson to present at Illinois CPA Society

David Henderson, CPA, CFP, J.D., LL.M., will present on the topic of International Tax Reporting Correction Methods and Ethics on Wednesday, January 18, 2017 at the Illinois CPA Society’s inaugural International Tax Workshop.  David will provide information about international reporting and ethics that is vital for practitioners working with clients who have international tax issues.  The Illinois CPA Society is a professional organizational representing more than 24,000 accounting and finance professionals working in public accounting, corporate finance, not-for-profits, consulting, government, and education.  Founded in 1903, the Illinois CPA Society is one of the largest state CPA societies in the U.S.

IRS Finally Issues Long-Anticipated Proposed Regulations Restricting the Use of Valuation Discounts

On August 2, 2016, the IRS issued long-anticipated proposed regulations under Section 2704 of the Internal Revenue Code restricting the use of valuation discounts associated with family- controlled entities.  The use of family-controlled entities, such as limited liability companies and limited partnerships, has been a traditional way for high-net worth families to transfer wealth downstream at a reduced value for transfer tax (i.e. estate, gift and generation-skipping taxes) purposes while maintaining the full economic value of the assets for the next generation.  The reduced value has been partially based on discounts for restrictions associated with the family-entity interests such as the inability to participate in management (“lack of control”) or to sell or transfer the interest (“lack of marketability”).  

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Foreign Bank Account Report due June 30, 2016

This alert serves as a reminder that you may need to file Report of Foreign Bank and Financial Accounts ("FBAR") with respect to your foreign assets. For calendar year 2015, FBAR are required to be filed on or before June 30, 2016. The FBAR form is now called FinCen Report 114, and superseded the Form TD F 90-22.1.

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