The New York Times, in an article titled "The Unloved Annuity Gets a Hug From Obama," reports that the Administration plans to promote annuities as a means of secure retirement income. The article notes that the House recently proposed a...
Continue reading "NY Times: The Unloved Annuity Gets a Hug From Obama"
Tax Analysts has published an article by Meg Shreve reporting on the lobbying efforts of prominent law and accounting firms to shape tax legislation. Shreve reports that McGuire Woods LLP and Patton Boggs LLP have been retained by a group that...
Continue reading "Law Firms, Accounting Firms Lobby For Tax Reform"
The United States Patent and Trademark Office has issued a patent for a method of maximizing after-tax income using split method charitable remainder trusts. The patent abstract informs that "an evaluation service establishes a first charitable remainder trust that generates...
Certain government retirees who receive a government pension or annuity payment in 2009 may be eligible for the Government Retiree Credit. The American Recovery and Reinvestment Act of 2009 provides this one-time credit of $250 for certain federal and state...
Tax Analysts has published an article by Sam Goldfarb summarizing recent Senate legislation allowing for an increased federal debt limit and mandating a "pay as you go" budgeting system. Goldfarb notes that the spending rule allows for several important exceptions, including one which will allow...
On January 29, the IRS and the Treasury Department marked EITC Awareness Day as their partners nationwide worked to highlight the availability of this important tax credit. EITC, which is in its thirty-fifth year, is one of the federal government's...
Continue reading "IRS Marks EITC Awareness Day; Highlights Expanded Tax Credit "
The IRS continuously monitors work flow at its processing centers and makes appropriate adjustments by altering the volume of returns to be sent to each. Listed below are the announced changes for this year: Taxpayers residing in the following states will...
The IRS has announced that Section 2 of TY 2009 Directions to e-file Mixed Returns, has been updated to provide more clarity around the various Schedule M-3 required for Mixed Group Returns. The IRS emphasized that these directions must be followed by...
Continue reading "Update to Directions for eFiling Mixed Returns"
The IRS has announced an update to the SOI Integrated Business Dataset (IBD) section, which contains statistical tables through tax year 2007. The IBD was assembled at the table level from the annual SOI cross-sectional studies of corporations (C and S corporations), partnerships,...
Continue reading "Tax Stats 2010-02: Integrated Business Dataset, now through tax year 2007 "
On January 13, 2010, the Congressional Research Service released a report analyzing the current state of the estate tax and laying out popular arguments for and against estate taxation. The report concludes by raising policy and administrative concerns involved with modifying the tax. See "CRS Makes...
Continue reading "CRS Report Summarizes Arguments For and Against Estate Tax Repeal"
Tax Analysts has published an article by Professors William M. VanDenburgh and Nancy B. Nichols, of James Madison University. The Professors examine the problems that led to Congressional inaction in 2009 and urge Congress to enact legislation with a top tax rate between 35 and 45 percent and an exemption...
Continue reading "Tax Notes Article by Professors VanDenburgh and Nichols: Estate Tax Absurdity"
In IRS Legal Memorandum 201003013, the IRS ruled that a retirement savings plan owned by a Canadian decedent, is not includable in his gross estate. The retirement plan owned shares of mutual funds that in turn owned stock in U.S. corporations....
Bloomberg, in an article titled "Rich People Eschew Switzerland for Asis, OCBC Says," reports that some wealthy individuals with Swiss bank accounts are transferring their assets to financial institutions in Asia. The exodus is largely in response to the U.S....
Continue reading "Bloomberg: Rich People Eschew Switzerland for Asia, OCBC Says "
David C. Yamada has posted an article on SSRN titled "The Looming Twenty-First Century Generation Gap: Economic Challenges Facing Younger Workers." The abstract follows below: "Younger adults preparing to enter today's workforce face a confluence of economic challenges unknown to...
Patricia F. Sitchler, shareholder at Schoenbaum, Curphy & Scanlan, P.C. in San Antonio, Texas, has published an article entitled "Cutting Edge vs. Over the Edge: Ethics and Malpractice Issues for Medicaid Planning," in the Estate Planning & Community Property Law...
The Wall Street Journal, in John D. McKinnon's article entitled "Small Business Group Vows Major Campaign to End Estate Tax," reports that the American Family Business Institute is planning to be active during the 2010 congressional election races in opposing...
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The American Bar Association Section of Real Property, Trust & Estate Law present the 21st Annual Spring Symposia. This conference consist of concurrent real property, trust and estate, and young lawyers institute symposia, and it will take place on May...
The National Senior Citizen Law Center has published an issue brief titled "Medicaid Payment For Assisted Living: Current State Practices, and Recommendations For Improvement." The brief argues that the design and implementation of many state Medicaid programs have led to...
On January 27, Switzerland's executive body, the Swiss Federal Council, announced that it plans to comply with the 2009 UBS agreement even though the Swiss Federal Administrative Court found the agreement to exceed the scope of the US-Swiss tax treaty....
In Rev. Proc. 2010-5, the IRS updated its guidelines identifying circumstances under which the disclosure on a taxpayer's return with respect to an item or position will be deemed adequate for purposes of reducing the Code Sec. 6662(d) accuracy-related penalty...
Continue reading "Rev. Proc. 2010-5: IRS Updates Disclosure Procedures"
The U.S,. District Court, Central District of Illinois, Peoria Division, in C. Johnson et al. v. Sec. Mut. Life Ins. Co. of New York et al., Sec. Mut. Life Ins. Co. of New York v. Katzman et al., dismissed claims...
The International Bar Association Individual Tax and Private Client Committee present the 15th International Wealth Transfer Practices Conference. This conference will take place March 1 and March 2, 2010, at the Langham in London, England. It will cover topics that...
Wiley E. Rice, Professor of Law at St. Mary's University, has published an article entitled "Destroyed Community Property, Damages Persons, and Insurers' Duty to Indemnify Innocent Spouses and Other Co-Insured Fidicuaries: An Attempt to Harmonize Conflicting Federal and State Courts'...
If you want to get your refund as quickly as possible, just tell the IRS to deposit your refund directly into your bank account. By choosing Direct Deposit, you can get your refund much sooner than if you chose to...
Continue reading "Tax Tip 2010-19: Get Your Refund Faster - Choose Direct Deposit "
The Congressional Research Service, has released a report analyzing several of the different proposals aimed at alleviating liquidity problems family businesses face when ownership is transferred at death. The report highlights that estate tax repeal and the repeal of the stepped-up basis rules might actually...
In PLR 201003003, the IRS granted an extension to a couple to elect out of automatic GST exemption allocation for transfers to a trust created prior to December 31, 2000, where their attorney did not inform them of the deemed allocation...
In PLR 201003015, the IRS ruled that the severance of a trust created for five grandchildren into five separate trusts (with terms identical to the initial trust) will not be deemed a sale or exchange under Cottage Savings Ass'n v. Commissioner,...
On January 26 at the 2010 Heckerling Institute on Estate Planning, Richard Robinson led a session detailing the tax issues caused by a partner leaving a family limited partnership. Some of the issues discussed by Robinson included redemption of a...
Continue reading "Heckerling Institute: Leaving a Family Limited Partnership"
On January 26 at the 2010 Heckerling Institute on Estate Planning, John Bergner presented a session on how to correct common mistakes in three most-often used wealth planning strategies: grantor retained annuity trusts (GRAT's), installment sales to grantor trusts, and...
Continue reading "Heckerling Institute: How to Correct Wealth Transfer Issues"
On January 26 at the 2010 Heckerling Institute on Estate Planning, Professor Christopher Hoyt presented a session covering Roth IRS conversion issues. Hoyt began with a comparison between traditional retirement accounts and Roth IRAs, noting that although Roth IRAs provide no...
Continue reading "Heckerling Institute: How to Structure a Roth IRA Conversion in 2010"
The IRS has released Revenue Procedure 2010-15 which updates Rev. Proc. 2008-14, 2008-1, C.B. 435, and identifies circumstances under which the disclosure on a taxpayer's income tax return with respect to an item or a position is adequate for purpose of...
The first Fundamentals Session presented Monday morning, January 25 at the Heckerling Institute focused on how to choose the right entity in assisting clients establish new businesses and the important tax issues concerning closely held businesses. In determining the right choice...
While the Internal Revenue Service provides publications about a wide range of topics, there is one publication every taxpayer should have with them when they are preparing their federal tax return: Publication 17, Your Federal Income Tax, which is available at...
Continue reading "Tax Tip 2010-18: Five Facts about IRS Publication 17 "
John H. Langbein has posted an article on SSRN titled "Burn the Rembrandt? Trust Law's Limits on the Settlor's Power to Direct Investments." The abstract follows below: Abstract: Most but not all rules of trust law are default rules...
You must file a tax return if your income is above a certain level. The amount varies depending on filing status, age and the type of income you receive. Check the Individuals page at the IRS webiste or consult the instructions...
Continue reading "Tax Tip 2010-17: Do I have to File a Tax Return? "
Former IRS Exempt Organizations Director Marcus S. Owens testified at a hearing before the Internal Revenue Service and the Department of Treasury on January 20, 2010. Owens states that proposed regulations that delegate the authority of initiating church tax inquiries...
The IRS has released Publication 15-A: Employer's Supplemental Tax Guide. According to Tax Notes:"The publication provides a supplement to Publication 15, which contains alternative methods and tables for figuring income tax withholding, combined income tax, employee Social Security tax, and...
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Tax Notes has published an article by Bridget J. Crawford, professor of law and associate dean for research and faculty development at Pace University School of Law. The article summarizes the main arguments of ten law review articles that 1)...
The IRS has released the prepared remarks of Commissioner Doug Shulman to the New York State Bar Association Taxation Section; Shulman addressed the members of the Taxation Section at their annual meeting held on January 26. The Commissioner's speech concentrated on the...
Continue reading "IRS Commissioner Addresses New York State Bar Association Taxation Section"
The IRS has released Announcement 2010-09, which explains the potential content of a schedule that will require certain business taxpayers to report uncertain tax positions on their tax returns and invites public comments on the Internal Revenue Service's approach; the announcement will be...
If you are donating to charities providing earthquake relief in Haiti, you may be able to claim those donations on your 2009 tax return; Special Edition Tax Tip 2010-01 lists 10 important facts about this special provision: 1. A new law allows you...
Continue reading "Special Edition Tax Tip 2010-01: Ten Facts About Claiming Donations Made to Haiti"
Tax Notes has published an article by Fred Stokeld of Tax Analysts. The article reports that witnesses addressed IRS and Treasury Officials in regards to proposed regulations governing IRS investigations on houses of worships. The witnesses unanimously disagreed with these...
William Gale and Benjamin Harris, on behalf of the Tax Policy Center, have published a web memo entitled "The Status Report: Obama and the Tax System." The web memo gives President Obama a "B" grade on his tax reform and...
In PLR 201003010, the IRS ruled that a public university with a medical school and a limited liability company that qualified as a tax-exempt faculty practice plan under Internal Revenue Code section 501(c)(3) were related corporations under Code section 3121(s), as...
In PLR 201003023, the IRS ruled that an educational institution as described under Internal Revenue Code sections 509(a)(1) and 170(b)(1)(A)(ii) and exempt from taxation under section 501(c)(3) that was issuing shares of its endowment fund to charitable remainder trusts in which the...
In PLR 201003022, the IRS ruled that a social club exempt from taxation under Internal Revenue Code section 501(c)(7) would not lose its tax-exempt status upon the sale of its assets based upon the long standing position spelled out in...
Continue reading "PLR 201003022: Club Must Pay Tax on Gain From Sale of Its Assets"
In PLR 201003025, the IRS ruled that the grant-making program of a private foundation did not constitute taxable expenditures under the Internal Revenue Code. The private foundation awarded grants to "promising scientists, artists, writers, film makers, researchers and other visionaries"...
Continue reading "PLR 201003025: Private Foundation's Grants Are Not Taxable Expenditures"
In PLR 201003021, the IRS ruled that a private foundation's grant-making program under Internal Revenue Code section 4945(g)(3) established for the purpose of providing individual grants for land trust education and training was not a taxable expenditure. Recipients of the...
Continue reading "PLR 201003021: Foundation's Education Grants Will Not Be Taxable Expenditures"
In an unpublished opinion, the Ninth Circuit Court of Appeals affirmed a district court's dismissal of suit by an individual seeking to revoke the tax-exempt status of his neighborhood association. The district court concluded that the individual, Richard Gayer, lacked...
Tax Notes has published an article by Simon Brown of Tax Analysts. The article reports that IRS Chief Counsel William Wilkins urged Congress to take note of the "phenomenon of nonprofits multiplying like rabbits." Wilkins's statement comes only a few...
Tax Notes has published an aritcle by Wesley Elmore of Tax Analysts. The article reports that the IRS has selected the first round of cases for the audit of employment taxes by the National Research Program. Businesses selected for audit...
The Treasury Department has submitted various forms, regulations, and guidance to the Office of Management and Budget for review and comments. Two of the submissions pertain to non-profit organizations. The first concerns Form 990-PF, the informational return required to be...
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The Congressional Research Service, part of the Library of Congress, has released an issue statement concerning the tax-exempt sector. The statement indicates that oversight of this sector is an issue that concerns the 111th Congress, particularly over whether an organization's tax-exempt status...
Continue reading "CRS Releases Issue Statement on Tax-Exempt Organizations and Charitable Giving"
Tax Notes has published an article by David Woolridge, Ronald Levitt, and Gregory P. Rhodes of the Birmingham, Alabama office of Sirote & Permutt. The article analyzes the state of the law of the substantial compliance doctrine in relation to...
Tax Notes has published and article by Fred Stokeld of Brown, Simon. The article reports that the IRS's new compliance unit set up to focus on the new Build America Bonds program is now operational. The compliance unit was announced...
Tax Notes has published an article by Fred Stockeld. The article discusses the opinions of tax and election lawyers regarding the implications of Citizens United v. Federal Election Commission upon the political activity rules for exempt organizations. See Fred Stockeld,...
The IRS, on December 31, 2009, released an information letter in regards to the imposition of an estate tax on an estate nonresident, noncitizen decedent. The IRS noted that estate tax is imposed only on the value of the decedent's...
Reuters, in an article entitled "Jackson Estate Opposes Allowances for Father Joe," mentions that attorneys for Michael Jackson's estate claim that the estate should not have to pay a $15,000 per month allowance to Michael Jackson's father, Joe. The article...
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Bloomberg, in an article titled "Mandatory IRAs May Burden Small Employers, Business Group Says," reports that the National Small Business Association is opposed to mandatory employee enrollment in IRAs. "When small businesses are struggling to stay afloat, we oppose mandates...
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Join Us For a Special Teleconference Call "Client Counseling and Drafting Solutions Relating to the Estate Tax Dilemma"Tuesday, February 2nd, 201012:00-1:00 PM ET Presented By Lew Dymond Esq. Nicole Anderson Esq. Paul Bernstien Esq. By now you are probably aware...
Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla have published an article titled "The Effect of Uncertain Labor Income and Social Security on Life-Cycle Portfolios." The abstract follows below:"This paper examines how labor income volatility and social security benefits can...
Jonathan G. Blattmachr (Milbank, New York), Mitchell M. Gans (Hofstra), and Alvina H. Lo (Credit Suisse) have published an article titled "A Beneficiary as Trust Owner: Decoding Section 678." The abstract follows below:"This article explores the circumstances under which a...
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The IRS Free File service provides free federal income tax return preparation and electronic filing for all taxpayers. All you need is access to a computer and the Internet and you can prepare and e-file your federal tax return for...
The Trust Advisor Blog has posted an article by Jerry Cooper. The article analyzes the following factors to determine the best states to set up trusts and provides graph that displays these findings: 1) Whether a state imposes an income...
Mary F. Radford, Professor of Law at Georgia State University College of Law, has published "Estate Planning with Life Insurance Policies: Postmortem Sperm Retrieval and the Social Security Administration: "How Modern Reproductive Technology Makes Strange Bedfellows" in the Estate Planning...
The ABA Journal has published, in its December 2009 issue, an article by Christian A. Stiegmeyer, director of risk management at the Bar Plan Mutual Insurance Co. in St. Louis, Missouri, entitled "The End-of-Representation Talk Doesn't Always Mean the End." ...
On February 18, the National Constitution Center will be hosting the an audio conference titled "Dynasty Trusts in 2010: Multi-Generational Tax & Estate Planning Techniques." The following is a summary of the program:"Using Dynasty Trusts as a multi-generational estate planning...
The IRS has published Notice 2010-16; it will be included in Internal Revenue Bulletin 2010-06 dated February 8, 2010. The Notice designates the Haiti earthquake occurring in January 2010 as a qualified disaster for purposes of section 139 of the Internal Revenue Code. The IRS...
The IRS has published Notice 2010-15; it will appear in Internal Revenue Bulletin 2010-15 dated February 8, 2010. The Notice provides guidance in the form of questions and answers with particular respect to the following sections of the Heroes Earnings Assistance...
Many working taxpayers are eligible for the Making Work Pay Tax Credit, a provision created by the American Recovery and Reinvestment Act in early 2009. To help you receive the entire amount for which you are eligible, Tax Tip 2010-15...
Continue reading "Tax Tip 2010-15: Ten Things You Should Know about the Making Work Pay Tax Credit"
Revenue Ruling 2010-6 provides various prescribed rates for federal income tax purposes for February 2010 (current month) 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...
In PLR 201002008, the IRS granted an extension to an estate to make a reverse QTIP election for a trust where the executor had timely filed the decedent's Form 706, had elected to treat the assets of the trust as QTIP...
Continue reading "PLR 201002008: IRS Grants Extension to Make Reverse QTIP Election"
Nesting an Investment Strategy within a Financial Plan . This is the first in a series of communications by Gordon Fowler, Glenmede's President and Chief Investment Officer, that will provide commentary on a wide range of investment-related topics. "Nesting an...
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Jeff Carlson of the CCH News staff reports: The Senate late on January 20 completed the procedural steps necessary for placing estate tax legislation (the Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Bill of 2009 HR 4154)...
The Virginia House is working on legislation (HB 755) that provides a new formula for calculating transfers or devises based on federal estate or generation-skipping transfer tax law contained in a will or trust of a decedent who dies after...
Continue reading "Virginia Set to Change Construction of State Estate and GST Tax Formulas"
In PLR 201002010, the IRS granted a couple an extension to allocate their GST exemption to transfer to several trusts where the couple timely filed their gift tax return, but their accountants failed to make the allocation. Posted by Evan...
Continue reading "PLR 201002010: IRS Grants Extension for GST Allocation"
In PLR 201002013, the IRS ruled that a judicial modification of a bypass trust to correct an attorney's drafting error would not constitute the exercise or release of a general power of appointment. Posted by Evan L. Abrams, Esq., Associate Editor, Wealth Strategies...
In PLR 201002023, the IRS ruled that income from a trust created by a municipality to fund medical benefits for retired employees is tax-exempt. The Service also ruled that contributions to the plan and payments from the plan are excludable from the...
Continue reading "PLR 201002023: IRS Exempts Municipal Trust Income"
Olivia Mitchell, Executive Director - Pension Research Council, has published an article titled "Implications of the Financial Crisis for Long Run Retirement Security." The abstract follows below:Managing retirement risk has become extraordinarily difficult in this era of financial turmoil, global...
The CBO has posted an article titled "Federal Estate and Gift Taxes." The article outlines the history of the estate and gift taxes, their impact on taxpayer behavior, and some policy options for changing the taxation of wealth transfers. The...
The Honorable Deborah K. Chasanow, of the District Court of Maryland, has denied an estate's discovery request where the Plaintiff was seeking admissions from the Service that it occasionally has disregarded its own rules and failed to assert a delinquency penalty. In denying...
Continue reading "District Court Denies Estate's Discovery Request on Relevancy Grounds"
Tax Notes has published an article by Lee A. Sheppard, exploring the constitutionality of reinstating an estate tax. Sheppard thoroughly analyzes United States v. Carlton, 512 U.S. 26 (1994), which allowed retroactive taxation where the tax was not considered a "new" tax. Sheppard also...
Tax Notes has published an article by Lee A. Sheppard, examining several unanswered questions that have arisen as a result of this year's estate tax repeal. Sheppard discusses the problem of interpreting bequest formulas, the effects the repeal has on state estate taxes, raises GST concerns,...
The University of Texas School of Law and The Wealth Management and Trust Division of the Texas Bankers Association present the following CLE: "2010 Changes and Trends Affecting Special Needs Trusts: A Guide for Attorneys, Financial Advisors and Trust Officers." ...
The Wall Street Journal, in Anne Tergesen's "How You Fund an IRA Conversion Through the 'Back Door,'" addresses the "back-door" method of funding a Roth IRA: (1) funding a traditional IRA and (2) converting the assets in the traditional IRA...
Continue reading "WSJ Q&A: "How You Fund an IRA Conversion Through the 'Back Door'""
On January 21, 2010, the IRS released a reminder about upcoming deadlines for tax-exempt organizations. The agency cautioned that, in 2010, the tax-exempt status of any non-profit that has not filed the required form in the last three years will...
On January 20, 2010, the IRS released Issue 2010-02 of eNews for Small Business, which addressed the following subjects: Tax Calendar Filing forms W-2 Earned Income Tax Credit Purchasing Real Property from a foreign person Foreign corporations Recent IRS announcements...
The IRS recently announced that the availability 2007 Corporation Source Book , which presents balance sheet, income statement, tax, and other selected items by size of total assets for all returns with and without net income. You can obtain a copy in two...
On January 19, 2009, the IRS released a message that announced the extension of the COBRA subsidy, which was originally scheduled to expire at the end of 2009. As a result, workers who are involuntarily terminated from employment between Sept....
The ABA has published the substantive program schedule and highlights for the 44th Annual Philip E. Heckerling Institute on Estate Planning to be held next week in Orlando, Florida. The ABA will post reports from the program on the its...
Continue reading "ABA Publishes 2010 Heckerling Substantive Program Schedule and Highlights"
On January 20, 2010, the IRS released the following message announcing a recent appointment within the agency: WASHINGTON -- The Internal Revenue Service today announced the selection of Michael Danilack as Deputy Commissioner (International) for the Large and Mid-Size Business Division. In his...
The Internal Revenue Service has free tax forms and publications on a wide variety of topics. For those needing IRS forms, Tax Tip 2010-14 are five easy methods for getting the information you need: 1. On the Internet You can access forms and publications on...
Continue reading "Tax Tip 2010-14: Five Ways to Obtain IRS Forms and Publications"
Taxpayers who need their past tax return information can obtain it from the IRS. Tax Tip 2010-13 lists nine things to know if you need copies of your federal tax return information: 1. There are two easy and convenient options for obtaining...
Continue reading "Tax Tip 2010-13: How to Obtain a Transcript of Your Past Tax Information "
Glenmede's President and Chief Investment Officer, Gordon Fowler, will conduct a teleconference to present an updated overview of the current market and economic conditions on:TUESDAY, JANUARY 26TH, at 11:00 AM EDTAlso participating on the call will be Jason Pride, Director...
Continue reading "SAVE THE DATE: January 26th -- Teleconference with Gordon Fowler"
The NYSBA Health Law Journal has published an article titled "A Conversation About End-0f-Life Decisionmaking," concerning a conversation between Thaddeus Pope (Widener Law), Alicia Ouellette (Albany Law), Timothy Quill (Rochester Medicine), Robert Swidler (Northeast Health), and Nancy Dubler (Albert Einstein...
Continue reading "NYSBA Health Law Journal: A Conversation About End-of-Life Decisionmaking"
Rebecca C. Morgan, Director, Center for Excellence in Elder Law, Stetson University College of Law), has published an article titled The New Importance of Advance Directives, 2 Estate Plan. & Community Prop. L.J. 1 (2009). An excerpt from the introduction...
Continue reading "Rebecca Morgan: The New Importance of Advance Directives"
The ABA Real Property, Trust and Estate Law Section is offering a teleconference and webcast titled "What Hath Congress Wrought? Dealing With Estate Tax Repeal, Carryover Basis and Other Potential Complications of Congressional Inaction," today from 1:00pm - 2:30pm EST....
The Wall Street Journal, in Anne Tergesen's "Roths: Your Questions, Our Answers," answers questions regarding Roth IRAs. The column answers questions regarding: (1) whether a person can convert an inherited IRA, a SEP IRA, or a 401(k) account into a...
Continue reading "WSJ Column: "Roths: Your Questions, Our Answers""
TIAA-CREF has provided advice entitled "New Eligibility Rules Open Roth Conversions to All Investors." The advice examines the following factors to decide who should convert their traditional IRA to a Roth IRA: (1) whether a taxpayer or her heirs "will...
Continue reading "TIAA-CREF Advice: "New Eligibility Rules Open Roth Conversions to All Investors" "
Harvey B. Wallace has published in the January/February edition of Probate & Property a column entitled "Retirement Benefits Planning--Update." According to Wills, Trusts & Estates Prof Blog, "the column focuses on Roth IRA conversions and covers the following topics: Roth...
Continue reading "Harvey B. Wallace II Column: "Retirement Benefits Planning--Update""
The IRS has posted on its website Form 8872 filing due dates for 2010. Unless excepted, tax-exempt political organizations must file periodic reports of contributions and expenditures with the IRS on Form 8872. The IRS also reminds political organizations who...
Continue reading "IRS Posts Form 8872 Filing Deadlines for 2010"
In its most recent Exempt Organizations Newsletter, the IRS issued information regarding providing earthquake relief to Haiti. The newsletter directs individuals, businesses and charitable organizstions to consult "Disaster Relief Resources for Charities and Donors" for information on how to provide...
Continue reading "IRS Issues Statement on Providing Earthquake Relief to Haiti"
In a January 8, 2010 report, the Treasury Inspector General for Tax Administration (TIGTA) found that the federal government is at risk of losing future tax revenue if annual limits for the issuance of tax-exempt bonds under the American Recovery...
The American Bar Association Section of Taxation issued a letter to IRS Commissioner Douglas Shulman requesting guidance on partnership allocations permitted under the "fractions rule" as described in Internal Revenue Code section 514(c)(9)(E). The letter addresses specific issues that arise...
Continue reading "ABA Members Request Guidance on Partnership Allocations under the Fractions Rule"
Erika Nijenhuis of the New York State Bar Association Tax Section writes to the Treasury and the IRS recommending that both agencies issue guidance providing the types of tax relief that have been made available in connection with recent catastrophic...
In a letter to United States Senator Herb Kohl (D-Wis), Kim Wallace, Treasury Assistant Secretary for Legislative Affairs, writes that although the Treasury continues to monitor its tax credit rate-setting assumptions and methodology, the Treasury has limited ability on allowing...
Continue reading "Treasury Responds to Sen. Kohl's Inquiry on Tax Credit Bond Rates"
In a letter to IRS Commissioner Douglas Shulman, the Council on Foundations asked the IRS to declare the deadly January 12 earthquake in Haiti a "qualified disaster" pursuant to Internal Revenue Code section 139(c)(3), in order for private foundations to...
Continue reading "Council on Foundations Asks IRS to Declare Earthquake a Qualified Disaster"
In PLR 201002046, the IRS ruled that grants made by a private foundation to a publicly supported organization for the purpose of providing scholarship awards to individuals did not constitute taxable expenditures under the Internal Revenue Code. The scholarship recipients...
Continue reading "PLR 201002046: Grants Will Not Constitute Taxable Expenditures"
In PLR 201002042, the IRS ruled that a nonprofit cooperative described under Internal Revenue Code section 501(c)(12) that was organized for the purpose of installing and maintaining a telephone system, exchange, and lines for the mutual benefits of its members...
In PLR 201002040, the IRS ruled that a fraternal lodge did not qualify for tax-exempt status under Internal Revenue Code section 501(c)(10). The IRS held that the fraternal lodge was not operating for fraternal purposes, that it was not operated under...
Continue reading "PLR 201002040: IRS Denies Fraternal Lodge's Application for Tax-Exempt Status"
In PLR 201002043, the IRS ruled that a proposed exchange of real property between a title holding company exempt from federal income tax under Internal Revenue Code section 501(c)(2) and a social club exempt from tax under section 501(c)(7) would...
In PLR 201002045, the IRS ruled that scholarships provided by a private foundation to support individuals pursuing an education in a hospice-related field were not taxable expenditures by the foundation. Scholarship recipients were selected based on a number of eligibility...
Continue reading "PLR 201002045: Private Foundation's Scholarships Are Not Taxable Expenditures"
In PLR 201002041, the IRS ruled that an organization founded for spiritual counseling, healing, and deliverance services did not qualify as a tax-exempt organization under Internal Revenue Code section 501(c)(3) because the organization operated primarily for the founder's benefit. The...
In PLR 201002033, the IRS ruled that a nonprofit corporation authorized to issue qualified student loan bonds as described in Internal Revenue Code section 144(b) may be given additional time to make an election under Code section 146(f). Section 146(f) allows...
Continue reading "PLR 201002033: Extension Granted to File Carryforward Election"
The ABA's 44th Annual Philip E. Heckerling Institute on Estate Planning, hosted by the University of Miami School of Law Center for Continuing Legal Education, begins January 25, 2010, in Orlando, Florida, and continues through January 29, 2010. Considered to be...
Tax Notes has published an article by Calvin H. Johnson, Andrews & Kurth Centennial Professor at the University of Texas Law School. This article suggests codifying the "general ideal that compensation for services is ordinary income, not capital gain," and...
Marya P. Robben and Bob Cohen have published "Estate Planning with Life Insurance Policies: Reduce Potential Liability Claims While Improving a Client's Estate Plan" in the January/February edition of Probate & Property. According to Wills, Trusts & Estates Prof Blog,...
MarketWatch, in an article titled "Changes to your retirement plan are coming: In wake of stock-market downturn, lawmakers eager to tweak 401(k) rules," reports that Congressional lawmakers are proposing a number of new retirement-plan rules and policies. Proposed changes include...
The New York Times, in Paul Sullivan's "A Bizarre Year for the Estate Tax Will Require Extra Planning," discusses the far-reaching estate and income tax implications of (1) the repeal of the estate tax and (2) new basis rules. Posted...
Continue reading "NY Times Article: A Bizarre Year for the Estate Tax Will Require Extra Planning "
The Federal Interagency on Aging-Related Statistics has released a report titled "Older Americans 2008: Key Indicators of Well Being." This report provides the latest data on the 38 key indicators selected by the Forum to portray aspects of the lives...
William R. Culp, Jr. and Christian L. Perrin have published "The Case for Caution: Fraudulent Conveyance Risks in Estate Planning" in Probate & Property Magazine. The article "explores the risks and potential consequences relating to fraudulent transfers that estate planning...
The New York Times, in Lynnley Browning's "Swiss Banker Blows Whistle on Tax Evasion," discusses a former Julius Baer banker's disclosure to tax authorities of Julius Baer's supposed tax avoidance activities. Posted by Neil I. Rumbak, Associate Editor, Wealth Strategies...
Continue reading "NY Times Article: Swiss Banker Blows Whistle on Tax Evasion "
The American Recovery and Reinvestment Act was passed in early 2009 and created the American Opportunity Credit. This educational tax credit - which expanded the existing Hope credit - helps parents and students pay for college and college-related expenses. Tax...
Continue reading "Tax Tip 2010-12: Tax Credit Helps Pay for Higher Education Expenses "
If you are receiving a federal tax refund from the Internal Revenue Service, you can choose to use that money to purchase U.S. savings bonds. Tax Tip 2010-11 lists six things you'll need to know about using your federal refund...
Continue reading "Tax Tip 2010-11: A New Option for Your Federal Tax Refund - Savings Bonds "
On January 19, 2009, the IRS released the following message about a special educational television program for Spanish-speaking taxpayers who need to know more about the U.S. tax system: WASHINGTON -- The Internal Revenue Service is joining national TV network Telemundo...
Alyssa DiRusso has published an article entitled "Testacy and Intestacy: The Dynamics of Wills and Demographic Status," which was published in Quinnipiac Probate Law Journal. The following is the abstract of the article: "In this Article, I seek to investigate...
Phillip Jenkinson and Alexander Hakopian have published an article entitled "Explaining France's New Mandat de Protection Future in Relation to Your French Property." The article addresses the mandat de protection future, a new French procedure that has several similar characteristics...
The 44th Annual Heckerling Institute on Estate Planning will take place on January 25-29 in Orlando, Florida. The schedule includes two additional panels on the consequences of the estate tax repeal and practical implications for planners.To Register, please visit https://lawapps.law.miami.edu/heckerling/register.aspxPosted...
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Jonathan G. Blattmachr of Milbank, Tweed, Hadley & McCloy, has posted a sample letter to clients on Interactive Legal regarding the repeal of the estate tax. The letter explains the effects of the repeal and advises clients to consider meeting...
On January 27, The ABA Section of Taxation will be hosting the following teleconference and live audio webcast CLE titled Current Developments in Individual, Corporate, Partnership and Estate & Gift Taxation. A description of the program follows below:"Please join Professors...
The New York Times, in Dave Itzkoff's "For the Heirs to Holmes, a Tangled Web," explains that the heirs of Arthur Conan Doyle have been battling over ownership issues in regards to Sherlock Holmes and Doyle's other characters. The article...
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On January 15, 2009, the IRS released Issue 2010-03 of eNews for Tax Professionals, which addressed the following subjects: 1. Release of New Homebuyer Credit Form; Taxpayers Reminded to Attach Settlement Statement and Other Key Documents 2. IRS Announces Streamlined...
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On January 15, 2010, the IRS released the following message about the first-time homebuyer credit form and new requirements related thereto: WASHINGTON -- The Internal Revenue Service today released the new form that eligible homebuyers need to claim the first-time homebuyer...
On January 15, 2010, the IRS released the following message about Free File options: WASHINGTON -- The Internal Revenue Service and its private-sector partners are making Free File available starting [Friday, January 15]. Most taxpayers can have free use of...
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On January 15, 2010, the IRS released the following message about electronic filing: WASHINGTON -- IRS e-file, the popular electronic tax return delivery service used by two-thirds of the nation's taxpayers, opens for business January 15 and marks 20 years...
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Tax information can be tough to understand in any language, but it can be even more difficult if it is not in your first language. Tax Tip 2010-10 lists eight ways Spanish-speaking taxpayers can seek help from the IRS: 1. Visit IRS.gov/espanol The...
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Tax Notes has published an IRS memorandum from Christopher Wagner, Commissioner, Small Business / Self-Employed Division and Heather C. Maloy, Commissioner, Large and Mid-Size Business Division. The memorandum, dated December 7, 2009, introduces four redesigned letters that are to be used in...
The Fourth Circuit Court of Appeals, in Erwin v. U.S. et al., affirmed the United States District Court for the Middle District of North Carolina's holding personally liable for payroll withholding taxes an individual who held a one-third interest in...
The TIAA-CREF Institute published a policy brief titled "Perspectives on Retirement System Reform for the 21st Century," The executive summary follows below:"This Policy Brief provides essays from five experts in retirement research and policy analysisoffering their perspectives on worthwhile reforms...
The Private Wealth Services Group at McGuireWoods has published an article titled "Life Insurance Trusts in 2010," by Ronald D. Aucutt, W. Birch Douglass III, and Kristen Frances Hager. The authors warn of unknown and unintended consequences of using standard...
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Susan Eckerly, Senior Vice President of the National Federation of Independent Business, issued a statement on January 13, 2010 regarding the Obama administration's possible seeking of an extension of current tax rates: "'Today's news that the Obama administration is...
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The United States Tax Court has issued Patricia A. Kelly v. Commissioner, a Summary Opinion by Special Trial Judge John F. Dean. The Tax Court sustained section 6662 accuracy-related penalties against an individual because she deducted a payment to her...
In "Caring for Fido After You're Gone: You Don't Have to Be Leona Helmsley to Provide for Your Pet," Forbes reports that forty-two states and Washington, D.C. have enacted pet trust laws. The article also provides various methods to plan...
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Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 American Bar Association Section of Real Property, Trust & Estate Law will be hosting the following webinar: Ensure the Pet's Continued Care: Advising Your Clients about Planning for Their Pet's...
The Urban Institute published a discussion paper titled "Retirement Security and the Stock Market Crash: What Are the Possible Outcomes?" by Barbara A. Butrica, Karen E. Smith, and Eric J. Toder. The abstract follows below:"This paper simulates the impact of...
TexasBarCLE presents the 16th Annual Advanced Estate Planning Strategies Course, which will take place April 8 and April 9, 2010 at the El Dorado Hotel in Santa Fe, New Mexico. The course will include the following discussions: 1) Transactional Considerations...
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Tax Notes has published a report by Steven Maguire, of Congressional Research Service, highlighting the move by many cash-strapped states to decouple from the federal estate tax system and impose an estate tax in 2010. See Steven Maguire, "Federal Estate Tax Repeal Reduces State...
In a January 13 webcast, estate planners discussed the difficulty of advising clients in the current environment. The attorneys urged colleagues to review existing plans to ensure client goals are achieved. In addition, the participants discussed how the estate tax repeal affects bequest formulas. See Sam Young,...
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The United States Tax Court has issued a memorandum opinion, Julie Leigh Domeny v. Commissioner, by Judge Joel Gerber. The Tax Court held that a portion of a payment that an individual received from a former employer in a settlement...
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Tax Tip 2010-09 lists 10 advantages of a visit to the IRS website this tax season: 1. Unlimited access Get answers 24 hours a day seven days a week. If you find yourself working on your tax return over the weekend, there's no need...
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On January 11, 2010, the IRS made available the following press release about developments in its recent efforts to improve correspondence with taxpayers: WASHINGTON -- The Internal Revenue Service today unveiled its first redesigned notices that are part of an on-going effort to...
Got Kids? They may have an impact on your tax situation. Tax Tip 2010-08 lists the top 10 points that the IRS wants you to consider if you have children: 1. Dependents In most cases, a child can be claimed as a...
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The Joint Committee on Taxation has released "Present Law And Background Data Related to the Individual Income and Social Insurance Taxes as In Effect for 2010 and 2011" (JCX-1-10).The introduction follows below:"This document, prepared by the staff of the Joint...
Dow Jones Newswires, in an article captioned "US Rep. Rangel: Unsure If A Retroactive Estate Tax Will Be Passed," reports that Rep. Charles Rangel, Chairman of the House Ways and Means Committee, said he is unsure whether there will be...
The Hill Newspaper reports that IRS Commissioner Don Shulman does not file his own taxes because the tax code is too complex. The Commissioner says he uses a tax preparer. "I've used one for years. I find it convenient. I...
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In a letter published by Tax Analysts, attorney Conrad Teitell, of Cummings and Lockwood LLC, urges Senate Finance Committee Chair Max Baucus and ranking minority member Chuck Grassley to take action now to prevent the use of retroactive legislation later. Teitell observes that a...
Tax Notes has published an article by Naomi G. Goldberg, the Peter J. Cooper Public Policy Fellow at the Williams Institute, and Michael D. Steinberger, assistant professor of economics at Pomona College. The article examines the disparate treatment same-sex couples receive...
Bobbi J. Bierhals and Terri C. Kandalepas of McDermott Will & Emory, have written an article entitled: "Roth IRA Conversion Rule Changes." In their article, Bierhals and Kandalepas explain changes in the law that will allow all individuals to convert...
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In an article captioned "In Israel, a tangled battle over the papers of Franz Kafka," the Washington Post Times reports that Franz Kafka "wanted his papers burned after he wasted away from tuberculosis in 1924, but they're still being fought...
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Bloomberg, in an article captioned "Retiree Annuities May Be Promoted by Obama Aides," reports that the Obama administration is looking into ways to encourage workers to turn their savings into guaranteed streams of income. The article notes the administration's action...
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An informal survey posted on ABA's Estate Planner's and Administrator's Discussion blog asked readers to vote for their best guess on possible estate tax legislation in 2010: "A. None (current law; $1MM exemption, 55-60% rate in 2011).B. Retroactive 2009 ($3.5MM...
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Wills, Trusts & Estates Prof Blog reports that "Susan E Budak (consultant and author) and Susan N. Gary (professor of law, University of Oregon) have published their article Legal and Accounting Challenges of Underwater Endowment Funds, Prob. & Prop., Jan./Feb. 2010,...
The Wall Street Journal, in an article captioned "Democrats Weigh New Tax on Investment Income," reports that House and Senate negotiators are considering a Medicare payroll tax on investment income to help pay for health care legislation. The article explains...
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The Wall Street Journal, in Emily Maltby's "Amid Debate, Business Owners Struggle with Estate Tax Strategies," notes that "whatever the outcome of the federal estate-tax debate in Congress, many family-owned businesses likely will continue to use a variety of strategies...
Tax Notes has published an article by Mitchell M. Gans, professor of law at Hofstra University School of Law. Professor Gans examines the constitutionality of retroactively imposing an estate tax under the framework established by the Supreme Court in United States v. Carlton,...
The IRS has released Tax Tip 2010-07, which lists the following reasons to e-file your return:Last year, 2 out of 3 tax returns were filed electronically. Was yours? If not, here are three important reasons to e-file your return.1. It's...
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Professor Gerry W. Beyer, Governor Preston E. Smith Regents Professor of Law, Texas Tech University School of Law, has posted his article "Pet Trusts: Fido with a Fortune?" on Social Science Research Network ("SSRN"). The abstract of his article...
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In a letter published by Tax Analysts, Chuck Marr and Gillian Brunet respond to criticisms raised by Christopher Hesse in a letter appearing in Tax Analysts on January 4, 2010. Marr and Brunet reassert their contention that the expiration of the federal estate...
Continue reading "Letter to the Editor: Authors of CBPP Report Refute Critic's Claim"
The Wall Street Journal, in an article captioned "State Death Taxes Are the Latest Worry," reports that though the federal estate tax has expired, state estate taxes are still in effect and may present pitfalls to tax advisers. It goes...
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ACTEC Journal has published Through the Looking Glass: The Politics of Estate Tax Reform by Edward J. McCaffery. The abstract follows below: This brief article summarizes an argument that the estate tax reform or repeal debate has always been about...
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On January 12, 2010, the IRS released Issue 2010-02 of eNews for Tax Professionals, which related the following message: The IRS is hosting a Webinar on Jan. 13 to provide information to tax professionals about Due Diligence as it relates...
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Normal 0 In an article captioned "A Bizarre Year for the Estate Tax Will Require Extra Planning" the NY Times reports on the effects of the expiration of the Estate tax and other tax provisions in 2010. It goes...
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The initial January 13, 2010 showing of this CLE has been sold out, but ABA-ALI will replay the program with live questions and answers on Friday, January 15, 2010 at 12:00 p.m. to 1:30 p.m. EST and Friday, January 22,...
The New York Times reports that doctors prefer to wait to bring up end-of-life discussions when a patient is terminally ill: "Guidelines for doctors say the discussion should begin when a patient has a year or less to live. That...
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The IRS urges people to use care and caution when choosing a tax preparer. Remember, you are legally responsible for what's on your tax return even if it was prepared by an another individual or firm. Most tax return preparers...
Continue reading "Tax Tip 2010-06: Eight Tips to Help You Choose a Tax Preparer "
On January 8, 2010, the IRS released Issue 2010-01 of eNews for Tax Professionals, which addressed the following subjects: 1. IRS Releases Tax Return Preparer Study 2. IRS Releases Fact Sheets for the 2010 Tax Filing Season 3. Expanded 120-Day...
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On January 20, The Administration on Aging's National Legal Resource Center will be hosting the following Webinar:Helping Difficult ClientsThe free training Webinar is geared towards professionals who provide legal assistance to consumers, particularly older adults. The 90-minute session will focus...
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In PLR 201001003, the IRS granted an extension allowing an estate to allocate a decedent's GST exemption to a trust created 6 years prior to decedent's death, where he had hired a tax professional to make the allocation at the time of the trust's creation,...
The Americal Hospital Association (AHA) published a letter to Congress by Rick Pollack. In this letter, Pollack writes on behalf of member hospitals, health systems, and individual members in offering AHA's comments and suggestions on provisions contained in both the...
In PLR 201001007, the IRS ruled that a disclaimer of interests in two trusts will not be treated as a taxable gift where the disclaimer was made within nine months of the taxpayer reaching the age of majority. Although disclaimers typically must...
In PLR 201001020, the IRS ruled that awards made through a private foundation's scholarship program qualify as awards made under an employer-related grant-making program under Internal Revenue Code section 4945(g)(1) and as such are not subject to an excise tax...
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The Journal of Accountancy has complied a list of tax provisions that expired on December 31, 2009. Expired provisions include:Expired Taxes §§ 2001-2209 estate tax. §§ 2601-2663 generation-skipiing tax. Expired Tax Credits § 30B alternative motor vehicle credit for hybrids...
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In PLR 201001014, the IRS extended the deadline to make an alternate valuation election under section 2032 for an estate executor who relied on a tax professional who failed to advise the executor to make the election, but had filed the Supplemental Form 706 within one year after the...
In PLR 201001022, the IRS ruled that a private foundation prevented by a court order from distributing any of its assets, thus being prevented from making qualified distributions as required by Internal Revenue Code section 4942(g), was allowed to make...
On December 16, 2009, The Federal Financial Institutions Examination Council proposed supervisory guidance to the Federal financial regulatory agencies on managing compliance and reputation risks presented by reverse mortgage products. The proposed guidance discusses the general features of, certain legal...
The IRS has issued multiple rulings determining the tax status of organizations applying for exemption from Federal income tax. PLR 201001023: Religious Group That Provides Burial Expenses to Member Is Denied Exempt Status In PLR 201001023, the IRS ruled that...
In Rev. Proc. 2010-9, the IRS provided procedures for the issuance of rulings and determination letters on the exempt status of organizations under Internal Revenue Code sections 501 and 521, effective January 11, 2010. The IRS generally issues such rulings...
The following just in from the ABA Tax Section:In light of the changes that have taken place in the estate and gift tax world, the Estate and Gift Tax Committee and Fiduciary Income Tax Committee have added a new program...
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To members of RPTE Section of the ABA The Insurance and Financial Planning Committee of the RPTE Section is organizing a task force to explore Disability Insurance issues, with an emphasis on developing goals and framework for possible state legislation...
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To file your 2009 individual tax return, you'll have to decide which form to use...unless you e-file. If you file electronically, the software automatically selects the simplest and best form for you. Whether you use e-file or prepare on paper,...
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On January 6, 2010, the IRS released IRS GuidWire, Issue RP 2010-13, which relayed the following message: Revenue Procedure 2010-13 requires taxpayers to report to the Internal Revenue Service their groupings and regroupings of activities and the addition of specific...
On January 6, 2009, the IRS released Issue 2010-01 of eNews for Small Business, which addressed the following topics: 1. Estimated taxes2. New online small business tax workshop3. Filing 2009 tax returns4. National Taxpayer Advocate's 2009 Annual Report5. Recent IRS announcements ...
When you prepare to file your tax return, there are two things that will factor into your tax situation: dependents and exemptions. Tax Tip 2010-04 lists five important facts the IRS wants you to know about dependents and exemptions before you file...
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Tax Notes has published an article by Nicola F. Toubia of Fuentes Toubia PLLC. The article publishes comments drafted to the IRS by Toubia in response to proposed regulations on qualification requirements of Type III supporting organizations "operated in connection...
Tax Notes has published an article by Simon Brown, Tax Analyst. The article discusses the 2009 Annual Report to Congress by National Taxpayer Advocate Nina Olson, in which Olson suggests that the Internal Revenue Service must conduct "more targeted research and increase...
Everyone who files a federal tax return must determine which filing status applies to them. It's important you choose your correct filing status as it determines your standard deduction, the amount of tax you owe and ultimately, any refund owed...
Continue reading "Tax Tip 2010-03: Eight Facts About Filing Status"
If you were married or divorced recently, there are a couple of things you'll want to do to ensure the name on your tax return matches the name registered with the Social Security Administration. In Tax Tip 2010-02, the IRS provides...
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In the words of Senate Finance Committee Chairman Max Baucus, the one year repeal of the Estate and GST tax will wreck havoc and "massive confusion." In order to provide guidance on the impact of the repeal, Steve R. Akers,...
