In PLR 200910004, the IRS ruled on the allocation of generation-skipping transfer tax (GSTT) exemptions.Posted by Min Young Choi, Associate Editor, Wealth Strategies Journal....
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In PLR 200910003, the IRS ruled that the proposed judicial reformation of a trust is consistent with applicable state law and will not cause the beneficiaries of separate exempt trusts to possess a general power of appointment over those trusts....
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In PLR 200910002, the IRS ruled that the payment by both settlors of the premiums pursuant to a trust under a split-dollar life insurance arrangement will not result in a gift or a deemed gift to the trust by both...
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In PLR 200910019, the IRS granted an extension to an estate to make a protective assignment to the qualified domestic trust (QDOT) of a decedent's spouse with respect to: (a) the joint property that is includible in the decedent's gross...
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HR 1040 (the Freedom Flat Tax Act), introduced by Republican House Representative of Texas Michael C. Burgess, proposes to amend the Internal Revenue Code so that taxpayers would be subject to a flat tax instead of the current income tax...
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According to e-mailed advice from the IRS, the failure to pay addition to tax under section 6651(a)(2) applies to unpaid amounts showing due on the return as originally filed. An addition to tax is calculated from the payment due date,...
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According to e-mailed advice from the IRS, the maximum value of collateral the IRS may require as security for a section 6324A lien always includes any interest anticipated over the first four years of deferral. In addition, it is legally...
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According to e-mailed advice from the IRS, an estate tax deficiency attributable to a closely held business may be paid in installments unless the deficiency was due to negligence, intentional disregard of the law, or fraud.Posted by Min Young Choi, Associate Editor,...
The Tax Court, in Estate of Erma V. Jorgensen et al. v. Commissioner, TC Memo 2009-66 (March 26, 2009), held that an individual's estate included assets the individual transferred to family limited partnerships. The holding was based on the...
IRS Tax Tip 2009-49 informs taxpayers that when you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement, you may be able to take a tax credit. The Savers Credit, formally known as the Retirement...
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IRS Tax Tip 2009-43 informs taxpayers about five popular tax credits that should be considered before filing their 2008 Federal Income Tax Return. A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits are even refundable. That means...
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According to IR-2009-017, The Internal Revenue Service has released the winter 2009 issue of the Statistics of Income Bulletin, which features information on 138.4 million individual income tax returns filed for tax year 2006. Of those returns, about 93 million,...
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If you are living and working abroad you may be entitled to the Foreign Earned Income Exclusion. IRS Tax Tip 2009-37 lists some important facts about the exclusion. They are as follows: 1. The Foreign Earned Income Exclusion: United States...
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According to IR-2009-013, The Internal Revenue Service released new withholding tables that will result in more take-home pay this spring for millions of American workers. The new tables incorporate the new Making Work Pay credit, one of the key tax...
IRS Tax Tip 2009-39 reminds taxpayers that even though you already filed your federal tax return and are due a refund, you can check the status of your refund online, in English or Spanish.Where's My Refund? and ¿Dónde está mi...
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The Senate Budget Committee released a brief analysis of President Obama's fiscal year 2010 budget proposal on February 27. The analysis includes 10-year cost estimates for included tax proposals, such as making low-and middle-tincome tax cuts permanent, providing alternative minimum...
Tax Notes has published an article by Joseph M. Dodge, Stearns Weaver Miller Weissler Alhadeff & Sitterson Professor of Law at the Florida State University College of Law. The article proposes replacing the federal estate and gift tax system with...
Tax Tip 2009-38 informs taxpayers about investment income for children. Children with investment income may have part or all of this income taxed at their parent's tax rate rather than at the child's rate. Investment income includes interest, dividends, capital...
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Warren Buffet's annual letter is published. It is available here. Fred Wilson, a NY Venture Capitalist who runs an excellent blog, A VC, has written a good summary of several key points in his post, The Berkshire Hathaway 2008 Annual...
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