Carlyn S. McCaffrey
Subscribe to Carlyn S. McCaffrey's PostsCarlyn S. McCaffrey provides legal counsel on domestic and international tax and estate planning for high-net-worth individuals. She also advises individuals and institutions on charitable planning matters. Carlyn is co-head of the Private Client practice in the Firm's New York office. A frequent lecturer on subjects relating to tax law, trusts and estates, foreign trusts and matrimonial law, Carlyn is also an extensively published author on these topics. Read Carlyn McCaffrey's full bio.
IRS Postpones Virtually All Deadlines Until July 15, 2020, in Response to COVID-19
By Brian Moore, Carlyn S. McCaffrey, McDermott Will & Emery and McDermott Will & Emery on Apr 10, 2020
Posted In IRS Guidance, Tax Refunds, Uncategorized
In Notice 2020-23, the Internal Revenue Service further expanded relief for taxpayers in response to the Coronavirus (COVID-19) pandemic. Individuals, corporations, trusts, estates and other taxpayers that ordinarily would have had a filing, payment or other deadline between April 1, 2020, and July 15, 2020, now qualify for an extension. Access the full article.
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IRS Provides Some Relief from Tax Payment (But Not Filing) Deadlines Due to COVID-19
By Carlyn S. McCaffrey, Brian Moore and McDermott Will & Emery on Mar 19, 2020
Posted In IRS Guidance, Uncategorized
On March 13, 2020, President Trump issued an emergency declaration that directed Secretary Mnuchin to provide appropriate relief from tax payment deadlines to Americans who have been adversely affected by the COVID-19 pandemic. In response to this direction, the IRS issued Notice 2020-17. The Notice declares that all taxpayers have been affected by the emergency...
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Trust Wins Due Process Challenge to North Carolina State Income Tax
By Carlyn S. McCaffrey and Laurelle M. Gutierrez on Jun 26, 2019
Posted In Appellate Courts, Court Procedure Matters, State Controversy, Uncategorized
Last week, the US Supreme Court ruled that North Carolina may not tax a trust’s income when the trust’s only contact with the state is the in-state residence of discretionary beneficiaries. The Due Process Clause requires a minimum connection between a state and the person it seeks to tax. The mere residency of the discretionary...
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Proposed New IRS Rules for Valuing Interest in Family-Controlled Entities May Curb Discounts For Estate, Gift and Generation-Skipping Tax Purposes
By Carlyn S. McCaffrey and Richard L. Dees on Aug 5, 2016
Posted In IRS Guidance, Uncategorized
On August 2, 2016, the US Department of the Treasury issued long-awaited, proposed regulations on the valuation of interests in family-controlled entities for estate, gift and generation-skipping tax purposes. If finalized, these new rules are likely to substantially increase estate taxes payable by the estates of owners of family-controlled businesses, farms, real estate companies and...
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