Writings by Frank L. Brunetti

Frank Brunetti has been practicing law for over thirty years in the areas of estate and wealth preservation, tax planning for business entities and complex tax matters. He is admitted to the New Jersey and New York Bars as well as the United States Tax Court.

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NY Budget Ends Corporate Income Tax For Manufacturers

A number of states have been lowering their corporate tax rates in recent years in order to remain competitive for businesses and high-net-worth individuals. The most recent state to do so is New York, in which, for the first time since 1917, manufacturers will no longer pay the state’s corporate income tax, according to Newsday. Ending […]

Author: Frank L. Brunetti

April 28, 2014

New York

U.S. posts smallest March deficit since 2000

An improving economy and reductions in federal spending led the U.S. to the smallest federal budget deficit for March in the past 14 years, according to Bloomberg. The federal government spent $36.9 billion more than it took in last month, marking a dramatic decrease year-over-year, the Treasury Department said on April 10. In March 2013, the […]

Author: Frank L. Brunetti

April 25, 2014

New York Estate Tax Law Changes Are Paid For By Taxing INGs?

On March 31, 2014, New York State enacted legislation that would begin to raise the New York estate tax exclusion over five years to eventually equal the federal figure. The table set out below shows the increases and the effective dates of such increases. Most readers will agree that everything has a price and, as […]

Author: Frank L. Brunetti

April 24, 2014

Debate To Change Regarding Corporate Taxes

This November, a number of politicians at the head of key congressional committees are set to step down, and that could lead to changes in the debate regarding corporate tax reform, according to The Wall Street Journal. There is almost $2 trillion in offshore profits held by U.S. multinationals, approximately $650 billion of which is […]

Author: Frank L. Brunetti

April 23, 2014

New bill makes it less taxing to die in Maryland

Maryland became the latest state to reduce its tax burden on high net-worth citizens in the form of a higher exemption for its estate tax, according to Forbes. The Maryland Senate passed a measure March 20 that will gradually raise the state exemption from $1 million to the projected $5.9 million federal exemption by 2019. […]

Author: Frank L. Brunetti

April 14, 2014

Spacey is " whips" votes for Maryland tax credit

In the hit Netflix show, “House of Cards”, Kevin Spacey plays silver-tongued, Machiavellian U.S. politician Frank Underwood. In the show’s well-received first season, Underwood occupies the seat of whip for the House of Representatives, but on March 21, Spacey was whipping votes all by himself, according to The Washington Post. “House of Cards” filmed its first two […]

Author: Frank L. Brunetti

April 7, 2014

Proposed changes to the New York State estate tax

After turning a $10 billion deficit into a $2 billion surplus, New York Gov. Andrew M. Cuomo is facing re-election this year, but first he is proposing a major update to the New York State estate tax law, according to Investment News. A recent change – included within an ambitious budget that includes tax cuts […]

Author: Frank L. Brunetti

April 2, 2014

Sen. Wyden to focus on restoring tax breaks

After announcements from both sides of the political line regarding an overhaul of corporate tax law, the U.S. Senate’s tax-writing committee chairman Sen. Ron Wyden has announced that the committee will not be focusing on such a change in the near future, according to Reuters. Wyden said that tax law reform would be nearly impossible in […]

Author: Frank L. Brunetti

March 31, 2014

Tax Breaks

U.S. Corporate Tax Perspective Fueling Inversion Deals

As the U.S. tax climate – which is already one of the most stringent in the developed world – threatens to grow harsher, the corporate world is seeing an uptick in so-called “inversion” deals, according to Law360. Companies that undergo inversions effectively give up their U.S. citizenship in order to move overseas – typically, into countries […]

Author: Frank L. Brunetti

March 28, 2014

Estate planning with a non-citizen spouse

Estate planning, when not done in careful accordance with tax law, can lead to extremely high costs for high-net-worth individuals. Many of these costs can be easily mitigated or avoided entirely by taking advantage of the unlimited marital deduction, but this does not apply for individuals who are married to non-citizens, according to Market Watch. […]

Author: Frank L. Brunetti

March 26, 2014

Gift Tax

States Pursue Offshore Tax-Free Income

While many reliable sources in Washington are saying that the odds of either President Obama’s corporate tax reform bill or Republican Camp’s bill getting passed this year are slim to none, some states aren’t waiting to conduct their own reform.. While many reliable sources in Washington are saying that the odds of either President Obama’s corporate tax reform […]

Author: Frank L. Brunetti

March 24, 2014

Tax Evasion

Indiana Making Changes to Business Tax Law

Businesses in the state of Indiana could see tax law change in the coming months, as legislation is currently moving through the Senate and House. According to the NWI Times, Senate Bill 1 would permit counties to eliminate the business personal property tax on new equipment, which could help keep companies in state, as their […]

Author: Frank L. Brunetti

March 17, 2014

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