Joseph Verciglio

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IRS “Wealth Squad” – Something to Keep in Mind During Tax Season

By Joseph Verciglio on Posted in Estate Planning, Estate Tax, Income Tax, Tax
The IRS Global High Wealth Industry (“GHWI”) (part of the IRS Large Business & International Division) is auditing individuals with tens of millions of assets or income who utilize complicated financial and estate plan structures.  GHWI was established by the IRS in late 2009, but now has a few years of service “under its belt”.  … Continue Reading

Best Practices for Charitable Organizations: New York Overhauls Nonprofit Corporation Law

Photo of Edward BeckwithBy Edward Beckwith, William J. Culbertson and Joseph Verciglio on Posted in Trust Administration
New York Governor Andrew Cuomo recently signed into law the Non-profit Revitalization Act of 2013.  The provisions of the Act are generally effective on July 1, 2014.  A copy of the Act can be found at http://open.nysenate.gov/legislation/bill/A8072-2013. The Act will require nonprofit corporations governed by the New York Not-for-Profit Corporation Law and wholly charitable trusts … Continue Reading

Careful Planning Required to Avoid New York’s Estate Tax

By Joseph Verciglio on Posted in Estate Tax
Now that Congress has implemented a relatively large per person federal gift/estate tax exemption (i.e., the per person federal gift/estate tax exemption is $5,250,000 in 2013, indexed for inflation), many think that estate tax consequences are no longer relevant in estate planning.  However, New York residents and non-residents of New York who own assets located … Continue Reading
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