Do I Need to Make a Large Gift Now?

Many wealthy individuals are asking that question out of fear that the historically high estate/gift tax exemption of $11,580,000 ($23,160,000 for a married couple), indexed annually for inflation, could be significantly decreased prior to its scheduled “sun-setting” on December 31, 2025 to $5,490,000 (indexed for inflation) if the Democratic party sweeps Congress and the White …

August 31 Deadline Looming for Coronavirus Related Return of Required Minimum Distributions

The IRS this week issued Information Release 2020-187 to remind IRA owners and beneficiaries, as well as participants in workplace retirement arrangements, that they have until August 31 to return required minimum distributions (“RMDs”)received earlier this year and, thereby, avoid paying income tax on the distribution in 2020.  The Coronavirus Aid, Relief, and Economic Security …

Canadian Gaming Association’s Standards for Cashless Wagering

On June 10th, 2020, the Canadian Gaming Association (the “CGA”) released the draft Standards for Cashless Systems (the “Standards”) for industry comment. Cashless wagering systems allow players to participate in wagering activities without physical cash by using approved and securely protected authentication methods. The idea is that a sophisticated digital trail of cashless transactions will allow for increased …