The NY State Bar Association has issued its comments on IRS Notice 2008-63 - Proposed Revenue Ruling Dealing with Tax Consequences of Use of Private Trust Company.Editor's Note. See also Choices: "Recent Tax Guidance on Private Trust Companies, Family Co-Trustees...
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Revenue Ruling 2008-53, provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate. These rates are determined as...
The Internal Revenue Service Advisory Council ("IRSAC") released its recommendations on a wide range of tax administration issues today at a public meeting in Washington, DC. IRSAC was established in 1953 as the Commissioner's Advisory Group (CAG), a national policy...
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The US District Court for the Southern District of Ohio, in Estate of Wilshire v. United States, 2008 U.S. Dist. LEXIS 91920 (S.D. Ohio Nov. 10, 2008), held that an Estate was entitled to a refund where the Estate made...
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The Social Security Administration has announced that the contribution and benefit base for 2009 remuneration and self-employment income is $106,800. The "old law" contribution and benefit base is $79,200. In addition, the domestic employee coverage threshold amount for 2009 has...
Continue reading "IRS Notice 2008-103 Contains Changes to 2009 SSN Contribution and Benefit Base"
IRS Fact Sheet 2008-24, Avoiding Incorrect Self-Employed Retirement Deductions, provides guidance to assist small businesses avoid incorrect deductions for retirement plans.Posted by Lewis J. Saret, General Editor, Wealth Strategies Journal....
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The following article has been posted on the Wealth Strategies Journal:Managing Retirement Portfolio Withdrawals in Turbulent Times: Precautionary Savings, Investment Reserves and Mid-Term Adjustments, by Patrick Collins...
The following article has been posted on the Wealth Strategies Journal:The Emergency Economic Stabilization Act of 2008, by Alvin M. Feit & Kevin C. Jones....
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The IRS, in TD 9431, issued final regs re information reporting on employer-owned life insurance contracts under IRC Sec. 6039I. According to the IRS, this final regulation is necessary to provide taxpayers with guidance as to how the requirements of...
The IRS periodically issues statistics on various tax returns. Recently release statistics include the following:Estate Tax Returns. Two tables presenting statistics for Filing Year 2007 from Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, are now available. The...
The Tax Court, in Bedwell v. Commissioner, T.C. Summary Op. 2008-139 (Nov. 3, 2008), held that an individual was entitled to an alimony deduction for payments made to former spouse because taxpayer was not required to make the payments after...
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The IRS, in Notice 2008-99, IRB 2008-47 (Nov. 24, 2008), identifies a transaction and substantially similar transactions as transactions of interest for purposes of Treas. Reg. § 1.6011-4(b)(6). The transaction involves a sale of all interests in a charitable remainder...
