Many Massachusetts residents are surprised to learn that estate taxes may apply long before a family considers itself “wealthy.” With rising home values, retirement accounts, investment portfolios, and life insurance proceeds, it is increasingly common for families to unintentionally cross Massachusetts estate tax thresholds without realizing it. With the federal exemption now at $15 Million…
Attorney Eric P. Rothenberg has been selected to the 2026 Super Lawyers list—an honor recognizing attorneys who have demonstrated a high degree of peer recognition and professional achievement. Notably, Attorney Rothenberg has received this distinction every year since its inception in 2004. Mr. Rothenberg concentrates his practice in tax law, with a focus on advising…
By: Eric P. Rothenberg, Esq. [Published Article] For the first time since the IRS issued guidance in 2014 [See IRS Notice 14-21], the IRS has twice spoken on the subject of cryptocurrency despite Congress practically begging for guidance in September 2018 [See letter to the IRS dated September 19, 2018 from the House Ways…
By Eric P. Rothenberg, Esq. (Published Article) The world of cryptocurrency transactions was changed dramatically at the end of 2017 when the Internal Revenue Code [“IRC”] was modified to remove all types of assets eligible for Tax Free Exchanges under IRC Section 1031 [also known as “1031 Transactions] EXCEPT for real estate. Prior to…
Most limited liability companies [LLC’s], limited liability partnerships [LLP’s] and limited partnerships [LP’s] have operating agreements [its formation agreement] among the partners that permit adding in a new partner. An LLC, LLP or LP is a business formed to protect the individual partners from financial liability other than the assets of the entity shielding individual…
The ability to change your mind is at the heart of the difference between revocable and irrevocable trusts. Revocable trusts take their name from the trustee’s ability to “revoke” (which necessarily includes to change) provisions of the trust agreement after signing it. These changes could include adding or removing beneficiaries of the trust by amendment…
Ohio Becomes First to Accept Tax Payments in Bitcoin By Eric Rothenberg | Special to Banker & Tradesman The Ohio Treasurer’s Office has started accepting cryptocurrency to pay taxes online. Ohio is the first state in the nation to accept cryptocurrency, and may be the first government in the world, to accept cryptocurrency for payment.…
The creation and use of cryptocurrency is very recent. Back in 2010, it just began trading. In 2011, it hit its first “bubble” at $31 per coin when previously they traded for just pennies. Most people by now have already heard it hit nearly $18,000 in December 2017. That’s quite a leap in just 7…
Estate planning in general means that you are engaging in financial planning, tax planning, and succession planning and we do this through the laws governing property, wills, and trusts. Here are three facts about Massachusetts law that you should know, which are very different from federal laws. Estate Tax. Federal taxes levied against the deceased’s…
In order for you or your preparer to do a good job on your income tax returns, which in turn will reduce the risk of being audited, here are some notions you must keep in mind. The Internal Revenue Service requires individuals to gather the adequate documents that can also help provide answers if their…