Legal Alerts
Chairman of The United States Senate Committee on Finance proposes treating inherited IRAs as taxable distributions
February 7, 2012
For Immediate Release
Chairman Max Baucus (D-Mont.) announced he will release a modified Chairman’s Mark of The Highway Investment, Job Creation and Economic Growth Act of 2012 which will incorporate amendments and altered revenue proposals in an effort to build broad bipartisan support. Included in the list of modifications is one which generally would require retirement savings accounts (such as IRAs and 401(k) accounts) to be treated, for tax purposes, as distributed within five years of the death of the account holder, unless the beneficiary is the account holder’s age, a child with special needs or older than 70. Under current law, original holders of these accounts are required to begin taking taxable distributions from the accounts once they reach age 70 1/2. However, these distributions may be stretched over many years if the holder dies having designated a young individual as the beneficiary of the account. In such circumstances, the taxation of the account maybe spread over the life expectancy of the beneficiary. The Chairman’s Modification would effectively destroy this tax savings technique.
Chairman Baucus also announced a number of other modifications which may affect, reverse Morris Trust Transactions, the Black Liquor Tax Credit, Thrift Savings Plan accounts, employers who provide mass transit and parking benefits, small issuers who sell bank-qualified bonds, investors in private activity bonds, and issuers of Transportation and Regional Infrastructure Bonds (TRIPs).
Our office will continue to track the proposed modifications and we are available to answer any questions you may have.
Colorado Secretary of State Launches Password Protection for Business Filers
January 26, 2012
For Immediate Release
The Colorado Secretary of State has launched a new program aimed at preventing unauthorized changes to business records. Businesses who file documents with the Colorado Secretary of State now have the option to create an online password for online filing purposes.
Current business filers can now add password protection to their filings by going to their business' summary page and clicking "Set Up Secure Business Filing." From there, business filers can request a PIN that will be mailed to the address already on file. New businesses registering can set-up a password as part of their registration. Please contact our office for more information.
Important Colorado Legal Alert
July 1, 2009
The “Lofgren and Johnson Families Carbon Monoxide Safety Act” imposes significant new obligations on sellers, buyers, tenants, landlords, and contractors. To read more click here.