The Senate has prepared an Amendment to H.R. 4154, the American Workers, State, and Business Relief Act of 2010. Posted by Neil I. Rumbak, Associate Editor, Wealth Strategies Journal....
February 2010 Archives
The Congressional Budget Office (the "CBO") has prepared a report to House Budget Committee ranking minority member Paul Ryan. In the report, the CBO maintains that if (i) the tax provisions of EGTRRA and JGTRRA, except for those related to...
In a letter to the IRS and to the Financial Crimes Enforcement Network, Department of Treasury, Jordan Weiss of Roll International Corporation has requested to expand the exemption, noted in Notice 2009-62, from filing a Report of Foreign Bank and...
Continue reading "Request for Clarification of Guidance Regarding FBAR Reporting "
According to Richard E. Neal, House Ways and Means Select Revenue Measures Subcommittee Chair, the House Ways and Means Select Revenue Measures Subcommittee will conduct in 2010 a study on transfer pricing. See Chuck O'Toole, "Select Revenue Measures Subcommittee to...
The IRS has released Notice 2010-23. Notice 2010-23 provides administrative relief in regard to Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts ("FBAR") filings for certain persons. First, a person having signature authority over, or a financial...
The IRS has issued Announcement 2010-16. Announcement 2010-16 suspends for persons who are neither U.S. citizens, U.S. residents, nor domestic entities (corporations, partnerships, trusts, and estates) the requirement to file a Report of Foreign Bank and Financial Accounts ("FBAR"). Posted...
The Financial Crimes Enforcement Network, U.S. Department of Treasury ("FinCEN") issued a Notice of Proposed Rulemaking that proposes to amend the regulations implementing the Bank Secrecy Act regarding foreign bank account reports ("FBARs"). According to FinCEN's press release, the proposed...
The Sloan Center on Aging & Work at Boston College has published an issue brief by Jacquelyn B. James, Elyssa Besen, Christina Matz-Costa & Marcie Pitt-Catsouphes titled "Engaged as We Age: The End of Retirement as We Know it?" From the introduction: "In...
Continue reading "Sloan Center: "Engaged as We Age: The End of Retirement as We Know It?""
The Wall Street Journal, in an article titled "A Tough Choice: You or Your Kids," reports that in the wake of the financial crisis many Americans face a difficult decision between providing for themselves during retirement or leaving an inheritance for...
For those expecting a tax refund this year, Tax Tip 2010-39 seven things you should know about checking the status of your refund once you have filed your federal tax return. 1. Online Access to Refund Information --- Where's My Refund? or...
In a February 24 report to Congress, IRS Commissioner Douglas Shulman stated that high-wealth individuals and their related businesses operating on a global basis should expect greater scrutiny in the years to come. In 2009, the IRS launched the Global...
In a letter dated February 23, members of Clergy VOICE requested that IRS Commissioner Shulman investigate possible tax abuses by the C Street Center in Washington, DC. The C Street Center is classified as a church for federal tax purposes and...
Continue reading "Clergy Members Seek IRS Probe on C Street Center"
Executive Director of the Americans United for Separation of Church and State Barry W. Lynn recently asked the IRS to investigate Liberty University in Lynchburg, Virginia for a possible violation of a 501(c)(3) organization intervening in a partisan political campaign....
Continue reading "IRS Asked to Investigate Liberty University for Partisan Campaign Intervention"
In PLR 201007062, the IRS ruled that a private foundation organized as a trust could have an additional five years to dispose of certain excess business holdings, namely radio stations. The IRS found that radio stations are hard to sell,...
In PLR 201007063, the IRS ruled that contracts entered into by a university's supporting organization with charitable remainder trusts would not result in unrelated business taxable income (UBTI) to the supporting organization when the supporting organization was a beneficiary of...
Continue reading "PLR 201007063: Supporting Organization's Contracts Will Not Result in UBTI"
In PLR 201007071, the IRS revoked the tax-exempt status of a social club as described in Internal Revenue Code section 501(c)(7), because the social club did not keep adequate records to show that the club was operating for the exclusive benefit...
In PLR 201007076, the IRS retroactively revoked the tax-exempt status of a trust after finding that the trust was not operated exclusively for tax-exempt purposes and that its net earnings inured to the private benefit of the trustee, founders, board...
Continue reading "PLR 201007076: IRS Retroactively Revokes Trust's Exempt Status"
In PLR 201007073, the IRS retroactively revoked the exempt status of an organization previously recognized as a 501(c)(3) organization because the organization failed to meet the reporting requirements under Internal Revenue Code sections 6001 and 6033. The organization had not...
In PLR 201007072, the IRS revoked the tax-exempt status of a 501(c)(3) organization because it was not operated exclusively for tax exempt purposes. Rather, the IRS found that the income of the organization inured to the personal benefits of the...
Erik Dryburgh, principal at Adler & Colvin, wrote a correspondence to the IRS in response to Notice 2010-19. The correspondence mentions that Notice 2010-19 does not address Section 2511(c)'s impact on charitable remainder trusts. It provides an example to prove...
Max Baucus, Senate Finance Committee Chair, commended the Senate for the passage of the Hiring Incentives to Restore Employment (HIRE) Act. Baucus said that the HIRE Act is a "targeted approach that will cut taxes for businesses, helping them grow...
Continue reading "Tax Notes Article: Baucus Commends Senate for Passage of Hire Act"
Phillip Karpel, of Olincy & Karpel, wrote a correspondence to the IRS in response to Notice 2010-19 and in response to Conrad Teitell's February 5, 2010 correspondence to the IRS. The correspondence stresses the discouragement that Notice 2010-19 will have...
Tax Notes has published an article by Jay Starkman, CPA. The article emphatically states that retroactive tax law is constitutional, and provides historical support and case precedent for this premise. See Jay Starkman, "Can an Estate Tax Be Retroactive?"...
Continue reading "Tax Notes Article by Jay Starkman: "Can an Estate Tax Be Retroactive?""
The Senate has approved the Hiring Incentives to Restore Employment (HIRE) Act, which is composed of $15.billion in tax incentives that are intended to encourage employment. The House of Representative's passage of the HIRE Act seems improbable. The act includes...
Continue reading "Tax Notes Article: Senate Approves Jobs Bill"
Tax Tip 2010-28 lists four facts will help parents determine whether their child's investment income will be taxed at the parents' rate or the child's rate: 1. Investment Income Children with investment income may have part or all of this income...
In PLR 201007068, the IRS revoked the tax-exempt status of an organization classified under Internal Revenue Code section 501(c)(3) because the organization failed to meet the reporting requirements of Code sections 6001 and 6033. These sections require that the books and records...
Continue reading "PLR 201007068: IRS Revokes Exempt Status for Failure to Keep Records"
In PLR 201007064, the IRS ruled that a private organization did not engage in self-dealing upon the transfer of assets to a separate private organization. The transfer of assets was due to a settlement agreement reached between certain members and...
Continue reading "PLR 201007064: Exempt Organization's Transfer of Assets Not Self-Dealing"
The Marquette University Law School's Annual Elder's Advisor CLE begins on March 26, 2010, in Milwaukee, Wisconsin. The title of the CLE is "The Push to Institutionalize Prevention: We Win, We Lose." Information about the event is below: The Push...
Continue reading "Marquette's Annual Elder's Advisor CLE Begins on March 26"
The Wall Street Journal, in an article titled "Obama's New Investment Tax: A sneaky Medicare levy on dividends and capital gains," argues that the White House's new health care proposal would result in one of the largest tax increases for...
Continue reading "WSJ Editorial: Obama's New Investment Tax"
The Joint Committee on Taxation issued "Estimated Revenue Effects of the Revenue Provisions Contained in Senate Amendment 3310, the 'Hiring Incentives to Restore Employment Act,' Under Consideration by the Senate." Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /*...
The Joint Committee on Taxation issued "Technical Explanation of the Revenue Provisions Contained in Senate Amendment 3310, the 'Hiring Incentives to Restore Employment Act,' under Consideration by the Senate." The technical explanation examines incentives for hiring and retaining unemployed workers,...
The IRS has issued a Notice of Determination of Necessity for Renewal of the Art Advisory Panel, in which it stated that "It is in the public interest to continue the existence of the Art Advisory Panel. The current charter...
Howard M. Zaritsky wrote to the Estate and Gift Tax Attorney-Advisor, Office of Tax Policy, U.S. Department of Treasury, a correspondence that appears to address Notice 2010-19. The correspondence states "a charitable remainder trust cannot be a grantor trust, so...
YourABA has published an article entitled "'Smart Soloing' Program Offers Lawyers Guide For Running Own Firm." The article recaps "Smart Soloing: Effective Strategies for Diverse Lawyers," a panel at the ABA Midyear Meeting. Panelists addressed the following topics in regards...
Continue reading "YourABA: "'Smart Soloing' Program Offers Lawyers Guide For Running Own Firm""
YourABA has published an article entitled "Your Roadmap to Becoming Partner." The article examines traits and behaviors that may assist an associate in the competition to make partner, as discussed during "Pointers for the New Partner," a panel at the...
Continue reading "YourABA: "Your Roadmap to Becoming Partner""
YourABA has published an article entitled "Get to Know Your Opponent: The fine Art of Negotiating." The article recaps Lee Hetherington's presentation at the ABA Midyear Meeting on effective negotiation. Hetherington, in his discussion, explained that understanding different personalities, of...
Continue reading "YourABA: "Get to Know Your Opponent: The Fine Art of Negotiating""
Steve Akers, Associate Fiduciary Counsel, Bessemer Trust, provides the following summary of Price v. Commissioner, T.C. Memo 2010-2 (January 4, 2010): Gifts of limited partnership interests by parents to their three children did not constitute present interest gifts that qualify...
Continue reading "Steve Akers' Summary of Price v. Commissioner, T.C. Memo 2010-2"
If you've changed your home or business address, make sure you update that information with the IRS to ensure you receive any refunds or correspondence from the IRS. Tax Tip 2010-37 lists five tips for taxpayers who have recently moved: 1....
Continue reading "Tax Tip 2010-37: Five Tips for Taxpayers Making a Move "
Claiming the First-Time Homebuyer Tax Credit on your 2009 tax return might mean a larger refund but it can seem complex. Are you confused about the documentation requirements? Recognizing that the settlement documents can vary from location to location, the IRS has released Special Edition...
If you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement, you may be eligible for a tax credit. The IRS has released Tax Tip 2010-36 which lists the following six points about the Retirement Savings Contributions Credit:...
Steve Akers has written an extensive outline of his observations of the 44th Annual Philip E. Hecklerling Institute on Estate Planning. The introduction to the outline, Heckerling Musings 2010, is below:"The 44th Annual Philip E. Heckerling Institute on Estate Planning...
Continue reading "Observations of the 44th Annual Philip E. Heckerling Institute on Estate Planning"
The IRS has released the following message detailing an opportunity for tax professionals to participate in a conference on fixing common errors in SEP Plans: Join Mikio Thomas from Employee Plans Customer Education and Outreach and Avaneesh Bhagat from Employee Plans Voluntary...
Continue reading "eNews for Tax Professionals: Conference Relating to Mistakes in SEP Plans"
The IRS has released a message reminding taxpayers about the February 28th deadline for claiming Haiti Relief Donations on their 2009 returns: WASHINGTON -- Taxpayers wishing to claim their Haiti relief donations on the tax return they are filling out...
Continue reading "Feb. 28 is Last Day for Special Tax Option for Haiti Relief Donations "
Revenue Ruling 2010-08 provides various prescribed rates for federal income tax purposes for March 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 201006012, the IRS examined whether a modification to a trust that was intended to qualify as a qualified personal residence trust is not subject to Section 2702. The IRS determined that if the modification of the trust is...
Continue reading "PLR 201006012: Modification to Trust Not Subject to Section 2702"
In PLR 201006012, the IRS examined a modification to a trust that was intended to qualify as a qualified personal residence trust is not subject to Section 2702. The IRS determined that if the modification of the trust is substantially...
Continue reading "PLR 201006012: Modification to Trust Not Subject to Section 2702"
In PLR 201006009, the IRS allowed a married couple an extension to allocate available generation skipping tax exemptions to a transfer to two trusts due to the facts that (1) the couple's attorney failed to advise the couple for the...
In PLR 201006008, the IRS allowed a married couple an extension to allocate available generation skipping tax exemptions to a transfer to two trusts due to the facts that (1) the couple's attorney failed to advise the couple for the...
In PLR 201006005, the IRS ruled that certain modifications to a trust, pursuant to a court-sanctioned settlement agreement, cause neither the trust nor distributions to the trust to be subject, pursuant to Section 2601, to the generation-skipping tax. Normal 0...
Lois Shepherd has posted an article titled "Autonomy and Responsibility at the End of Life," on SSRN. The abstract is below:"This essay identifies four situations in which limits to patient choices about life-sustaining treatment should be recognized, even when those...
Continue reading "Lois Shepherd: Autonomy and Responsibility at the End of Life"
In PLR 201006023, the IRS ruled that certain modifications to a trust, pursuant to a court-sanctioned settlement agreement, cause neither the trust nor distributions to the trust to be subject, pursuant to Section 2601, to the generation-skipping tax. Normal 0...
In PLR 201006032, the IRS revoked a prior letter ruling (PLR 200709065) that found a wholly-owned subsidiary of a nonprofit private foundation would be a functionally related business under Internal Revenue Code section 4942(j)(4). Posted by Jenny Robertson, Associate Editor,...
In PLR 201006033, the IRS ruled that scholarship awards made by a private foundation exempt from taxation would not be considered taxable expenditures under the Internal Revenue Code. The employer-related grant program was established to benefit the dependent children of...
Continue reading "PLR 201006033: Private Foundation's Scholarships Not Taxable Expenditures"
At the 46th annual Washington Nonprofit Legal and Tax Conference, former director of the IRS Exempt Organizations Division Marcus Owens offered advice on the IRS audit process, stating that the IRS has been "pretty aggressive" in its attempt to bypass...
Continue reading "Tax Notes Article: "IRS Aggressively Tries to Bypass Appeals""
According to two congressional staff members, Gordon Clay of the Joint Committee on Taxation and Theresa Pattara of the Senate Finance Committee Republicans, it is unclear what will happen to a number of charitable giving tax breaks and extenders that...
Continue reading "Tax Notes Article: Charitable Giving Incentives Outlook Unclear"
Revenue Ruling 2010-8 provides various prescribed rates for federal income tax purposes for March 2010, 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...
The IRS has released the following message: Notice 2010-22 provides for the allocation of the national limitation for qualified zone academy bonds among the States, the District of Columbia, and the possessions of the United States. Notice 2010-22 will be...
Continue reading "Notice 2010-22: Relating to academy bonds in the U.S."
Have you heard of capital gains and losses? If not, you may want to read up on them because they might have an impact on your tax return. Tax Tip 2010-35 lists ten facts about gains and losses and how they could...
Continue reading "Tax Tip 2010-35: 10 Facts About Capital Gains and Losses"
Phoebe Williams has posted an article titled "Age Discrimination in the Delivery of Health Care Services to Our Elders," Marq. Elder's Advisor, Vol. 11, 1. (2009), on SSRN. The abstract is below: "The problem of health care providers making age...
WealthCounsel has announced an expansion of its free library resources for estate planners. The website includes materials for both new and established estate planning practitioners. Sample resources include: 24/7 On Demand Webinars on the Estate Tax Dilemma Sample Asset Protection Trust...
Continue reading "WealthCounsel Offers Library of Free Resources"
Gambling winnings are fully taxable and must be reported on your tax return. Tax Tip 2010-34 lists seven facts about gambling winnings: 1. Gambling income includes - but is not limited to - winnings from lotteries, raffles, horse and...
Continue reading "Tax Tip 2010-34: Gambling Winnings Are Always Taxable Income "
An Austin, Texas resident set his house on fire today and then flew his personal plane into an IRS building with nearly 200 employees. The man was identified as Joseph Andrew Stack, 53. Two people were injured and one person...
Continue reading "Man Crashes Plane into IRS Building in Austin, Texas"
Tax Notes has published an article by Wendy C. Gerzog, Professor of Law at the University of Baltimore School of Law. The article analyzes Pierre V. Commissioner and discusses the relationship between check-the-box regulations and the gift tax.See Wendy C....
Continue reading "Tax Notes Article by Wendy C. Gerzog: "Check-the-Box Regs and Gift Tax Discounts""
In issue 2010-4 of "eNews for Small Business," the IRS directs day care business owners to an information page on its website: The Child Care Tax Center contains links to child care related topics in one convenient location. Posted...
Continue reading "eNews for Small Business: Help for day care businesses "
In issue 2010-4 of "eNews for Small Business," the IRS offers the following advice: To avoid delays do not send Form 1045, Application for Tentative Refund, or 1139, Corporation Application for Tentative Refund, in the same envelope as the original...
Continue reading "eNews for Small Business: Avoid delays by submitting forms properly"
In issue 2010-4 of "eNews for Small Business," the IRS directs readers attention to special tax treatment for start-up business costs: There is a special tax treatment for expenses you incur before you actually begin business operations. The IRS then...
Continue reading "eNews for Small Business: Tax treatment for start-up business costs"
The Alternative Minimum Tax attempts to ensure that anyone who benefits from certain tax advantages pays at least a minimum amount of tax. Tax Tip 2010-33 lists seven facts about the AMT and changes to this special tax for 2009:...
Continue reading "Tax Tip 2010-33: Seven Facts to Help You Understand the Alternative Minimum Tax "
The Tax Policy Center has issued tables that provide, according to Tax Analysts, "estimates of the impact on federal tax distribution of Obama administration budget proposals affecting individual and corporate taxation, including extending the earned income tax credit expansion, child...
The Tax Policy Center has issued tables that provide, according to Tax Analysts, "estimates of the impact on federal tax distribution of Obama administration budget proposals affecting individual and corporate taxation, including extending the earned income tax credit expansion, child...
Tax Policy Center Issues Estimates on Income and Estate Tax Cuts with Alternative Minimum Tax Relief
The Tax Policy Center has issued tables that provide the estimates on federal tax distributions for 2010 of income and estate tax cuts for 2001 through 2008 with the alternative minimum tax patch.See also Tax Policy Center Releases Estimates on...
The Department of Justice issued a press release, in which it announced a guilty plea from a Virginia doctor to conspiracy involving an undeclared Swiss bank account. The press release explained that the doctor pleaded guilty to conspiracy to...
In a Q&A article titled "Congress May Restore IRA Provision," the Wall Street Journal reports that legislation passed in the House would reinstate a provision allowing individuals over the age of 70 1/2 to directly transfer up to $100,000 from...
The United States Tax Court has issued Estate of Oscar Goldberg, Deceased et al. v. Commissioner, a Memorandum Opinion by Judge Mary Ann Cohen. The Tax Court held that (1) a decedent and his wife owned property as tenants by...
Paul Caron has posted an article titled "Ten Estate Planning Advantages of Limited Liability Companies," 70 Tax Notes 998 (1996), on SSRN. The abstract is below: "In the eight years since the Service blessed the Wyoming limited liability company (LLC) statute, there...
Continue reading "Paul Caron: Ten Estate Planning Advantages of Limited Liability Companies"
A letter from Conrad Teitel, an attorney with Cummings & Lockwood LLC, urges Senator Max Baucus and Senator Chuck Grassley to work with Congress to repeal the modified carryover basis rules in place for 2010 retroactively to January 1, 2010. ...
In a letter to the Chief of IRS Appeals Office Diane Ryan, attorney Marcus Owens of Caplin & Drysdale criticized the Appeals Office for denying a request to seek Technical Advice regarding whether debt management programs conducted by credit counseling...
In a recent report to Congress, the Government Accountability Office (GOA) stated that the IRS needs to improve the implementation and enforcement of the tax provisions contained in the American Reinvestment and Recovery Act of 2009. According to the GOA,...
The Mayo Foundation for Medical Education and Research, the Mayo Clinic, and the Regents of the University of Minnesota petitioned the United States Supreme Court to consider whether medical residents should be categorically excluded from the definition of "student" under...
Continue reading "Medical Facilities Petition Supreme Court on FICA Taxation of Residents"
Senate Majority Leader Harry Reid (D-Nev) has introduced his own jobs creation bill, moving forward only some of the provisions provided in the bipartisan job legislation proposed by Senate Finance Committee Chair Max Baucus (D-Mont) and Chuck Grassley (R-Iowa). Reid's...
Continue reading "Senate Majority Leader Harry Read Introduces Jobs Creation Package"
The IRS has released the following message: Revenue Procedure 2010-18 provides the depreciation deduction limitations for owners of passenger automobiles first placed in service, and amounts to be included in income by lessees of passenger automobiles first leased, during calendar...
Some taxpayers may have needed to take an early distribution from their retirement plan last year. The IRS wants individuals who took an early distribution to know that there can be a tax impact to tapping your retirement fund. Tax Tip...
If you received Social Security benefits in 2009, you need to know whether or not these benefits are taxable. Tax Tip 2010-31 lists seven facts about Social Security benefits so you can determine whether or not they are taxable to you:...
Continue reading "Tax Tip 2010-31: Seven Facts About Social Security Benefits "
The Fiduciary Advisory Services Group of McGuireWoods LLP recently made available the following release, which provides information on a number of fiduciary cases throughout the country. Posted by Joshua Hock, Associate Editor, Wealth Strategies Journal...
Continue reading "Recent Fiduciary Cases of Interest to Corporate Fiduciaries"
Family Business Magazine and Stetson University's Family Enterprise Center are joining together to present a new joint, "Transitions: The Changing Environment for Family Companies," to be held April 15-16 at the Celebration Hotel in Celebration, Florida. The conference will be...
Continue reading "New Family Business Magazine and Stetson University Joint Conference"
The ABA is reducing the dues that solo practitioners and government lawyers will pay on bills sent beginning in May. Solos will have their dues reduced by 50 percent, while government lawyers will save 25 percent. Currently, only around seven percent...
Continue reading "ABA Cuts Dues for Solos and Government Lawyers"
The Wall Street Journal, in Laura Saunders's article entitled "Why No Estate Tax Could Be a Killer," discusses how the repeal of Section 1014 and applicability of Section 1022 in 2010 will raise taxes for some U.S. taxpayers. Posted by...
Continue reading "WSJ Article: "Why No Estate Tax Could Be a Killer""
While the buzz among the rich and old may be that this is a good year to die (because there is no estate tax), eternal tax freedom in the hereafter may prove elusive for 2010 decedents. Under current law, it...
Continue reading "Problems With Retroactively Enacting the Estate Tax"
The Wall Street Journal, in an article titled "Escape from Taxation," reports that New Jersey has experienced a dramatic out-migration of wealthy households in response to increases to the state's income taxes. A study commission by the New Jersey Chamber...
The Olympian reports that Washington state Rep. Maralyn Chase introduced a bill on Friday that would double the state's estate tax. HB 3184 would double the rate on estates valued at less than $1 million from 10 to 20 percent. ...
Continue reading "Proposal: Double Estate Tax to Help Pay for Student Aid"
The Hill reports that Senate Majority Leader Harry Reid's (D-NV) move to a scrap a $85 billion jobs bill proposed by Baucus-Grassley in favor of a scaled-back bill has thrown a deal to move an new estate tax bill into...
Continue reading "Estate Tax Bill in Doubt After Reid Dumps Bipartisan Jobs Bill"
President Obama signed a $1.9 trillion increase in the Federal borrowing limit into law today. The legislation includes statutory pay/go regulations that require all new spending to be offset by increased revenue or spending cuts. The bill includes a number exemptions from...
On February 12, 2010, the Internal Revenue Service released the following message for tax professionals: The U.S. Department of the Treasury and the Internal Revenue Service recently announced the allocation of a second round of authority to Indian tribal governments...
Continue reading "IRS Gives Authority to Indian Triable Governments to Issue Tribal Economic Bonds"
On February 12, 2010, the Internal Revenue Service released the following message for tax professionals: The IRS is providing more information regarding documentation requirements on the First-Time Homebuyer Credit. The IRS encourages buyers seeking the homebuyer credit to sign the...
College can be very expensive. Tax Tip 2010-30 offers students and parents the following five ways to offset education costs: 1. The American Opportunity Credit This credit can help parents and students pay part of the cost of the first four...
Continue reading "Tax Tip 2010-30: Five Ways to Offset Education Costs "
Taxpayers who received unemployment benefits in 2009 are entitled to a special tax break when they file their 2009 federal tax returns. This tax break is part of the American Recovery and Reinvestment Act of 2009. Tax Tip 2010-29 lists five...
Continue reading "Tax Tip 2010-29: Five Important Facts About Your Unemployment Benefits "
Tax Notes has published an article by Robert W. Wood, attorney with Wood & Porter. This article examines the "relations-back" election, which retroactively allows for a qualified settlement fund.Posted by Neil I. Rumbak, Associate Editor, Wealth Strategies Journal. ...
Getting ready to file your tax return? Make sure you have all your documents before you start. You should receive a Form W-2, Wage and Tax Statement from each of your employers. Employers have until February 1, 2010 to send...
Continue reading "Tax Tip 2010-28: Four Steps to Follow If You Are Missing a W-2"
McGuireWoods LLP has published a news update entitled "Anti-Money Laundering Compliance: Treasury Department Expands Information Sharing Program." The news update notes that the Financial Crimes Enforcement Network ("FinCEN"), a bureau of the U.S. Treasury, has issued new regulations that allow...
The February Issue of Conrad Teitell's Taxwise Giving examines the reporting requirements for certain gifts made in 2010. Although the estate tax is repealed, the gift tax remains in effect throughout 2010. In many instances, advanced planning techniques that do not generate...
Continue reading "February Issue of Taxwise Giving Explores Gift Tax Reporting Requirements"
H.R. 4605, introduced to the House by Representative Steve Israel (D-NY), would amend Internal Revenue Code section 6033 by requiring section 501(c)(6) organizations to disclose their contributors for the organization's taxable year. Each 501(c)(6) organization would have to include the...
The IRS has requested comments on Form 4768, "Application for Extension of Time to File a Return and/or Pay U.S. Estate (and Generation-Skipping Transfer) Taxes." All responses should be received by April 5, 2010. Written comments should be mailed to:...
Continue reading "IRS Seeks Feedback on Estate Return Filing Extension Application"
Rajni Jain and Vrinda Gupta have posted an article on SSRN titled "Pension Risk Under Extreme Scenarios - Capturing Tail Risk in Pension Schemes." The abstract is below: "In this paper, we aim to capture the tail risk - risk...
The Hill, in an article titled "Senate Works on Estate Tax Deal to Grease the Skids For a Jobs Bill," reports that Senate leaders may use the estate tax as a bargaining chip to advance a new jobs bill. According...
Continue reading "The Hill: Senate Works on Estate Tax Deal to Grease the Skids For a Jobs Bill"
If you purchased a home in 2009 or early 2010, you may be eligible to claim the First-Time Homebuyer Credit, whether you are a first-time homebuyer or a long-time resident purchasing a new home. Tax Tip 2010-27 lists seven points about claiming...
Conrad Teitell, counsel to the American Counsel on Gift Annuities, wrote a correspondence to the IRS in response to Notice 2010-19. The correspondence requests that the IRS and Treasury issue a Notice explaining that IRC Section 2511(c) is inapplicable to...
The New York Times, in an article titled "Tips to Avoid Financial Strain With Aging Parents," reports that an estimated 38 million Americans provide support for an elderly relative. The article offers suggestions for children of aging parents to help...
Continue reading "NY Times: Tips to Avoid Financial Strain With Aging Parents"
David Herzig has posted an article titled "Am I the Only One Paying Taxes: The Largest Tax Loophole of the Rich - Exchange Funds," 2010 Mich. St. L. Rev.__, on SSRN. The abstract follows below: "President Obama is faced with...
In PLR 201005060, the IRS revoked the tax-exempt status of a credit counseling organization. The IRS found that the organization was operated for the private benefit of a related organization and that the credit counseling organization had the substantial nonexempt purpose...
Continue reading "PLR 201005060: Credit Counseling Organization's Exempt Status Revoked"
In PLR 201005054, the IRS ruled that set-asides for a redeveloptment project made by a private operating foundation exempt from taxation under Internal Revenue Code sections 4942(j)(3) and 4940(d)(1) were qualifying distributions and satisfied the suitability test under Code section...
In TAM 201005061, the IRS ruled that a trade association organized in the interest of a specific sport and exempt from taxation under Internal Revenue Code section 501(c)(6) would not lose its exempt status due to a public sale of...
Continue reading "TAM 201005061: Income From Sale of Discount Certificates Subject to UBIT"
In Announcement 2010-5, the IRS corrected an erroneous internal cross-reference contained in Rev. Proc. 2010-1. Rev. Proc. 2010-1 applies to exempt organizations and contains procedures for issuing ruling letters, determination letters, and information letters. See also 2010 TNT 25-9, February 8, 2010....
Continue reading "IRS Corrects Erroneous Internal Cross-Reference in Rev. Proc. 2010-1"
The IRS has recently requested comments on Form 8038-B, the informational return for Build America Bonds and Recovery Zone Economic Development Bonds. Both bonds were enacted under the American Recovery and Reinvestment Act of 2009. Comments must be received by...
Continue reading "IRS Seeks Comments on Bond Informational Return"
The IRS has recently requested comments on Form 1024, the application for recognition of tax-exempt status under Internal Revenue Code section 501(a). Comments must be received by April 5, 2010. See 2010 TNT 24-65, February 4, 2010. Posted by Jenny...
Continue reading "IRS Seeks Comments on Application for Tax-Exempt Status"
The IRS has recently requested comments on Form 8038-TC, "Information Return for Tax Credit Bonds." Comments must be recceived by April 5, 2010. Form 8038-TC is to be used as an informational return by issuers of qualified tax-exempt credit bonds,...
Continue reading "IRS Seeks Comments on Information Return for Tax Credit Bonds"
The National Association of Bond Lawyers (NABL) recently advocated for the extension of certain temporary changes to Internal Revenue Code section 265 made by the American Recovery and Reinvestment Act (ARRA). The ARRA changes benefited smaller issuers of government bonds...
IRS Seeks Comments on Procedures for Issuing Determination Letters on Exempt Status of Organizations
The IRS has recently solicited comments on Rev. Proc. 2007-52, which provides guidance to nonprofit organizations seeking tax-exempt status under Internal Revenue Code section 501(c). Comments are due by April 5, 2010. See 2010 TNT 24-33, February 4, 2010. Posted...
The IRS has recently solicited comments on final regulations that require tax practitioners and advisors to provide adequate information to taxpayers regarding the limits of tax shelter advice. Comments are due by April 5, 2010. See also 2010 TNT 24-29....
Continue reading "IRS Seeks Comments on Regulations Enhancing Ethical Standards of Practice"
The IRS has recently solicited comments on Publication 1075, "Tax Information Security Guidelines for Federal, State, and Local Agencies." Comments are due by April 5, 2010. See also 2010 TNT 24-22. Posted by Jenny Robertson, Associate Editor, Wealth Strategies Journal....
Continue reading "IRS Seeks Comments on Guidelines for Federal, State, and Local Agencies"
The Tax Court has ruled that an estate does not owe additional taxes because the creation of a limited partnership by the decedent and the attendant transfer of 40,000 acres of land was a bona fide sale for adequate and...
The IRS has released its annual publication of The Truth about Frivolous Tax Arguments, which extensively discusses some of the 'frivolous arguments' some individuals make to reduce (or eliminate) their tax burden and the legal responses and penalties related thereto: .... Anyone who...
Continue reading "IRS Releases Report on Frivolous Tax Arguments"
The Internal Revenue Service recently announced the year-long suspension from practice (before the agency) of a Houston tax professional who violated Circular 230 by providing false or misleading information to the Treasury Department and the IRS: WASHINGTON -- A Certified Public Accountant has been suspended for twelve...
Continue reading "IRS Suspends Tax Practitioner for Preparing False Tax Returns "
If you bought a new vehicle in 2009, you may be entitled to a special tax deduction for the sales and excise taxes on your purchase. Tax Tip 2010-26 lists eight important facts about this deduction: 1. State and local sales and...
Gerry W. Beyer, Governor Preston E. Smith Regents Professor of Law at Texas Tech University School of Law, and Kimberly Sias, J.D. Candidate at Texas Tech University School of Law, have published an article entitled "What Estate Planners Need to...
Edward A. Morse has posted an article titled "Important Developments in Federal Income Taxation," on SSRN. The abstract follows below: "This outline covers significant developments involving federal income taxation along with a few other related topics that the author finds interesting,...
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The New York Times, in Edward Wyatt's "Behind Film's Drama, a Tale Like a Country Song," reports that songwriter Stephen Bruton's will is being contested by his friend, a music producer, and his wife, from whom Bruton filed for divorce. ...
Continue reading "NY Times Article: "Behind Film's Drama, a Tale Like a Country Song" "
Dow Jones Newswires, in an article titled "IRS Silent So Far On New US Tax Rules For Inherited Wealth," reports that the IRS has taken a "wait-and-see approach" towards issuing new guidance concerning inheritance taxes as it awaits congressional action....
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Nancy A. McLaughlin, Robert W. Swenson Professor of Law at the University of Utah S.J. Quinney College of Law, and W. William Weeks, Adjunct Professor of Law at Indiana University Maurer School of Law, have published an article in the...
This article, written by Kevin Moore, Barry Johnson, and Lisa Schreiber, is from the 2009 IRS Research Conference, "The Income-Wealth Paradox: Connections Between Realized Income and Wealth Among America's Aging Top Wealth-Holders." An excerpt from the introduction is below: "This paper is...
The IRS has released Notice 2010-19 to clarify some taxpayers' incorrect interpretation of section 2511(c) as excluding from the gift tax transfers to a trust treated as wholly owned by the donor or the donor's spouse. See "IRS Issues Guidance...
Continue reading "Notice 2010-19 Clarifies Treatment of Transfers in Trust"
On January 28, 2010, the Congressional Research Service released a report discussing several of the popular tax advantaged ways to save for college. The report focuses on several qualified tuition programs, including the popular section 529 programs. See Linda Levine, "CRS Report...
Continue reading "CRS Reports on Various Tax Favored Higher Education Savings Programs"
Treasury Secretary Timothy Geithner appeared before the Senate Finance Committee on February 2 to answer questions about President Obama's tax agenda. Geithner reported that the administration favors a retroactive reinstatement of the 2009 estate and gift tax law and favors making...
Continue reading "Geithner Defends Administration's Tax Policies"
Alison L. Slater, J.D. candidate, Quinnipiac University School of Law, has published a note entitled "Inconceivable Consequences: Why the Recent UPC Amendments Were Correct to Reject a 'Consent in a Record' Requirement," in the Quinnipiac Probate Law Journal. According to...
According to the Wills, Trusts, & Estates Prof Blog, "The January 2010 edition of The Estate Analyst is comprised of an article by Robert L. Moshman (attorney and writer) entitled Predictably Unpredictable; Estate Planning for 2010. The introduction to the...
Continue reading "Robert L. Moshman: "Predictably Unpredictable; Estate Planning for 2010""
MarketWatch, in an article titled "Three Estate-Planning Changes Coming Your Way," reports on three proposals in the Obama administration's 2011 budget that will significantly impact estate-planning techniques. The article explains the potential changes to tax basis reporting, valuation discounts, and...
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Nina A. Kohn and Edward D. Spurgeon have posted an article titled "Elder Law Teaching and Scholarship: An Empirical Analysis of an Evolving Field" 59 J.Leg.Ed.414 (2010), on SSRN. The abstract follows below: As the American population ages, the emerging...
While most income you receive is generally considered taxable, there are some situations when certain types of income are partially taxed or not taxed at all. Tax Tip 2010-25 helps taxpayers distinguish between taxable and non-taxable income by offering these common examples...
The IRS has released Revenue Procedure 2010-17 which provides guidance to individuals who fail to meet the eligibility requirements of section 911(d)(1) of the Internal Revenue Code because adverse conditions in a foreign country preclude the individuals from meeting those...
Continue reading "Revenue Procedure 2010-17: Guidance on Section 911(d)(1) "
Alyssa A. DiRusso, Associate Professor, Samford University Cumberland School of Law, has published an article entitled "The Dynamics of Wills and Demographic Status," in the Quinnipiac Probate Law Journal. The following is an abstract of the article:"In this Article, I...
On Thursday, February 4, 2010, the IRS released the following message about opportunities for interested professionals to submit their applications to become the next members of the Electronic Tax Administration Advisory Committee: WASHINGTON -- The Internal Revenue Service today announced it...
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The IRS has released Notice 2010-20, which provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates specified under § 412(b)(5)(B)(ii)(II) of the Internal Revenue Code. It also provides guidance on the corporate...
Joshua C. Tate has published an article titled "Immortal Fame: Publicity Rights, Taxation, and the Power of Testation," 44 Ga. L. Rev. 1 (2009). The abstract follows below: Publicity rights, or the rights to the use of one's image and likeness,...
Forbes, in an article titled "Where Not to Die in 2010," reports that while the Federal estate tax has been repealed for 2010, state estate and inheritance taxes are still in effect. The article notes that 19 states have some form...
Taxpayers with disabilities may qualify for a number of IRS tax credits and benefits. Parents of children with disabilities may also qualify. Tax Tip 2010-24 lists seven tax credits and other benefits that are available if you or someone else...
Continue reading "Tax Tip 2010-24: Seven Tax Tips for Taxpayers with Disabilities"
The IRS has released the 2009 IRS Research Bulletin which features selected papers from an IRS Research Conference, held at the Georgetown University School of Law in Washington, DC, on July 8-9, 2009. The conference highlighted research on tax behavior on corporations, tax...
Continue reading "Tax Stats: 2009 IRS Research Bulletin Now Available "
The IRS has made available the data for tax year 2007 from Schedules M-3, Net Income (Loss) Reconciliation for Corporations. Data is presented by size of corporation total assets and industrial sector: Tables 1 and 2 present data on corporations that file...
Continue reading "Tax Stats: Schedule M-3 Data for Tax Year 2007 "
Martin W. O'Toole, partner at Harter Secrest & Emery LLP, has published an article entitled "Trusts & Estates," in the Syracuse Law Review. According to Wills, Trusts & Estates Prof Blog, "this article is part of a 2007-2008 Survey of...
The New York Times, in Nicholas Kulish's "Bank Data May Unveil German Tax Evaders, Finance Official Says," reports that the German government has warned Germans with unreported Swiss accounts that they would face punishment if their names appeared on a...
Forbes, in Ashlea Ebeling's article entitled "States Race To Clean Up Congress' Estate Tax Mess," reports that state legislators in several states are addressing state law issues that could arise due to the repeal of the federal estate tax. Posted...
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Lorman Education Services will be hosting the following webinar on February 22 at 1:00pm EST:Responding to the Estate Tax RepealThis teleconference will present a practical action oriented analysis of the estate and GST tax in 2010 focusing on the repeal...
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The IRS will host a webinar designed specifically to address the filing requirements of governmental entities. The webinar is open to any interested individuals, and we encourage representatives of government entities to also view this free presentation that will take...
Continue reading "Free Webinar on Form 1099-MISC Reporting "
The ABA Journal, in an article titled "Foley & Lardner Software Gives Clients Real-Time Look at Costs," reports that Foley & Lardner uses software that allows attorneys to enter and track their time spent on any given matter. Clients are then able to...
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The ABA Journal, in an article titled "Is Your Offsite Data Safe? Microsoft GC Pushes New Security Law," reports that Brad Smith, Microsoft general counsel, is pushing for new laws to increase the security of digital data stored on remote servers. Some...
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The ABA Journal, in an article titled "Going Mobile," reports on the growing number of smartphone features and applications that may make them more attractive to praciting attorneys. The article notes that while many of these new capabilities make life easier they...
As you get ready to prepare your 2009 tax return, you should have all the details about tax law changes that may impact your tax return. Tax Tip 2010-23 lists five important changes that may show up on your 2009 return: 1. The American Recovery...
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The ABA Journal, in an article titled "Blogger Impressed with Free Legal Research iPhone App," reports on a new iPhone application that allows users to conduct free legal research from their phones. The article notes that users can search cases and statutes from all federal and state...
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The Earned Income Tax Credit, commonly referred to as EITC, can be a financial boost for working people adversely impacted by hard economic times. However, one in four eligible taxpayers could miss out on the credit because they don't check...
Ralph C. Brashier, Cecil C. Humphreys Professor of Law at the University of Memphis Cecil C. Humphreys School of Law, has published an article entitled "Policy, Perspective, and the Proxy Will," in the South Carolina Law Review. The following is...
Continue reading "Ralph C. Brashier: "Policy, Perspective, and the Proxy Will" "
Scott Martin has posted "With No Estate Tax This Year, Do Estate Planners Still Have a Job?," on The Trust Advisor Blog. The posting reports that even though the federal estate tax currently is repealed, the general opinion within the...
The Western District of Texas recently dismissed a petition to quash an IRS summons issued to a religious organization for lack of subject matter jurisdiction. The IRS summons related to the tax liabilities of two individuals, James and Lisa Pennington,...
Tax Notes has published an article discussing President Obama's 2011 budget proposal, which would bring back a cap on itemized deductions. The cap would limiit all itemized deductions to 28 percent, the same rate that was in place at the...
The ABA Journal, in an article titled "Grade Anxiety." reports that number of online attorney rating sites has increased dramatically in the past few years.. The article highlights two new rating sites, Avvo and the Association of Corporate Counsel's Value Index. ...
The ABA Journal, in an article titled "Exclusive: Inside the New Westlaw, Lexis & Bloomberg Platforms," reports that the recent entrance of Google and Bloomberg into the legal research market has created legitimate competition to LexisNexis and Westlaw. The article...
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On February 4, 2010 (1 pm ET / 12 pm CT / 11 am MT / 10 am PT), Logan Education Services will offer a Primer on International Estate Planning--a 90 Minute Live Teleconference that is designed to help you...
Continue reading "A Primer on International Estate Planning: Opportunity to Register"
The ABA Journal, in an article titled "Lexis Turns Up Heat on Legal Research Competition Today: Unveils Partnership with Microsoft," reports that LexisNexis has partnered with Microsoft to allow users to perform legal research directly while working in Microsoft Word,...
Merric Law Firm, LLC, in Denver, Colorado, will be hosting a webinar on February 23, 2010, titled "Powers of Appointment," at 1:00 PM EST. To register for the webinar, please visit http://www.swiftpage6.com/CampResource/2Y0VX7DLHV8S6IKC/BIO/text.pdf. Registration must be complete at or before 12:00...
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The American Bar Association Section of Real Property, Trust & Estate Law will be hosting a teleconference and live audio webcast on February 18, 2010, titled "The Devil In The Details: Gift Tax Return Preparation," at 1:00 PM EST. The...
John H. Martin, Visiting Professor of Law at Ohio Northern University Claud W. Pettit College of Law, has published an article entitled "Reconfiguring Estate Settlement," in the Minnesota Law Review. The following is a summary of the article:"Probate, the judicial...
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The IRS has published Notice 2010-19 : The notice applies to taxpayers making gifts in trust during 2010. Under section 2511(c), a transfer of property to a non-wholly-owned grantor trust is a transfer by gift of the entire interest in the...
Continue reading "IRS Notice 2010-19: Guidance for Taxpayers Making Gifts in Trusts "
The $250 Economic Recovery Payments that were issued in 2009 by the Social Security Administration, Department of Veterans Affairs and Railroad Retirement Board must be included when claiming the Making Work Pay Tax Credit on 2009 tax returns. Many people...
Ira Mark Bloom has posted on SSRN an article titled "The GST Tax Tail is Killing the Rule Against Perpetuities." The abstract follows below: "This Article examines the affect the generation-skipping transfer (GST) tax system has on the Rule against...
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John Prebble has posted on SSRN an article titled "Estate Planning Checklist." The abstract follows below: "A complete and detailed examination of the client's financial affairs is necessary for estate planning to be effective. The matters to be borne in...
In PLR 201004006, the IRS ruled that a taxable gift will not be made where a minor taxpayer disclaims, within 9 months of reaching age 18, her contingent right to receive the corpus of a trust on the trust's termination. The Service cited...
Continue reading "PLR 201004006: IRS Rules Disclaimer is not Taxable Gift"
In TAM 201004022, the IRS ruled that a decedent's estate is not entitled to a Section 2055 charitable deduction because the charitable trust that received the property did not have an enforceable right against the estate and the property did...
The Fifth Circuit has affirmed a Tax Court Decision denying an estate the use of section 2057's qualified family-owned business interest deduction. Section 2057 entitles a decedent whose estate is more than 50 percent comprised of an interest in a family business, a deduction of...
Courtney Wheeler, 2010 J.D. candidate at Texas Tech University, has published a comment entitled "Public Policy or Political Correctness: Addressing the Dilemma of Applying Public Policy to Inheritance Issues," in the Estate Planning & Community Property Law Journal. The following...
Christopher T. Elmore, 2010 J.D. candidate at Texas Tech University, has published a comment entitled "Public Policy or Political Correctness: Addressing the Dilemma of Applying Public Policy to Inheritance Issues," in the Estate Planning & Community Property Law Journal. According...
James Tawney, 2010 J.D. candidate at Texas Tech University, has published a comment entitled "Public Policy or Political Correctness: Addressing the Dilemma of Applying Public Policy to Inheritance Issues," in the Estate Planning & Community Property Law Journal. According to...
On January 27 at the 2010 Heckerling Institute on Estate Planning, presenters Lawrence Brody, Mary Ann Mancini, Charles Ratner and Randy Zipse led a panel on life insurance and the economic downturn. The session explained what types of insurance products...
Continue reading "Heckerling Institute Fundamental Series: Life Insurance and the Economic Downturn"
On January 29 at the 2010 Heckerling Institute on Estate Planning, Alan Rothschild, Jr. presented a session that provided an overview of the estate planning practice from past to present, and looking into the future. In looking to the future,...
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On January 29 at the 2010 Heckerling Institute on Estate Planning, David Handler presented a session on asset transfers using financed net gifts. Throughout the presentation, Handler compared the net gift to a sale to a grantor trust, pointing out...
On January 29 at the 2010 Heckerling Institute on Estate Planning, Randall Roth presented a session on fiduciaries and the attorneys who represent them. Roth highlighted several issues concerning the represenation of fiduciaries, including how to prove important facts in...
Continue reading "Heckerling Institute: Representing Fiduciaries"
On January 28 at the 2010 Heckerling Institute on Estate Planning, presenters Glen Yale and Michael Simon led a session on how practitioners should engage in estate planning with dysfunctional families. The presentation began with identifying family dysfunction, with the...
Continue reading "Heckerling Institute: Planning with Dysfunctional Families"
On January 28 at the 2010 Heckerling Institute on Estate Planning, Donald Jansen presented a session dissecting the provisions containing a Crummey power and providing an in-depth analysis of such sections. Jansen explained to the attendees why he uses certain...
Continue reading "Heckerling Institute: Anatomy of a Crummey Power"
On January 28 at the 2010 Heckerling Institute on Estate Planning, presenters John Bergner, Milford Hatcher, Jr. and Richard Robinson led a session on unwinding bad transactions. The panelists largely focused on how to make the best out of unexpected...
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On January 28 at the 2010 Heckerling Institute on Estate Planning, Mark Parthemer presented a session on enhancing GRATs, grantor trust sales, and family loans with financial engineering. The session included a discussion of diversification in relation to GRATs, which...
On January 28 at the 2010 Heckerling Institute on Estate Planning, M. Read Moore and Joy Miyasaki presented a session on estate planning for QTIP trust assets. The presenters engaged in a dialogue with the attendees concerning two marital trust...
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On January 28 at the 2010 Heckerling Institute on Estate Planning, presenters Ann Burns, David Handler and Douglas Siegler led a panel presentation discussing various fact situations involving qualified disclaimers. The panelists noted at the outset that the concept of...
Continue reading "Heckerling Institute: Qualified Disclaimers"
On January 28 at the 2010 Heckerling Institute on Estate Planning, Natalie Choate presented an in-depth workshop on drafting retirement benefits. Choate's presentation included a checklist for drafting beneficiary designation forms, beneficiary designation forms, a trust drafting checklist, and trust...
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On January 28 at the 2010 Heckerling Institute on Estate Planning, Duncan Osborne presented a session discussing the Financial Action Task Force (FATF) and the practical impact of its efforts. After beginning with a general explanation of the problem of...
Continue reading "Heckerling Institute: Financial Action Task Force and the Lawyer Guidance"
On January 28 at the 2010 Heckerling Institute on Estate Planning, professor Jeffrey Schoenblum presented a session on forum shopping opportunities for the estate planner. Schoenblum stated that estate planning lawyers have a duty to consider the application of different...
Continue reading "Heckerling Institute: Forum Shopping and the Duties of the Estate Planner"
On January 28 at the 2010 Heckerling Institute on Estate Planning, Donald Jansen presented a session examining Crummey trusts, 41 years after the Ninth Circuit decided Crummey v. Commissioner, 387 F.2d 82 (1968). Jansen discussed how Crummey powers affect gift,...
Continue reading "Heckerling Institute: Crummey Trusts, 41 Years Later"
On January 28 at the 2010 Heckerling Institute on Estate Planning, panelists Steve Akers and Carol Harrington and moderator Bruce Stone presented a discussion on the current state of the estate tax. Questions addressed by the panelists included duties of...
Continue reading "Heckerling Institute: Estate Tax Inactivity: Now What Do We Do?"
On January 27 at the 2010 Heckerling Institute on Estate Planning, Douglas Chalgian presented a session on the practice of elder law. The session focused on three overriding themes: (1) the divide between "Elder Law" and "Estate Planning" is largely...
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On January 27 at the 2010 Heckerling Institute on Estate Planning, Jerry McCoy and Christopher Hoyt presented a session covering the current issues in charitable planning. The presenters discussed the need to have charitable gifts verified by the charity in...
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On January 27 at the 2010 Heckerling Institute on Estate Planning, presenters Richard Robinson, Andrea Chomakos and Steven Gorin led a panel discussion on what estate planners need to know about operating a closely-held business. Beginning with the rules concerning...
Continue reading "Heckerling Institute: Operating a Closely-Held Business"
On January 27 at the 2010 Heckerling Institute on Estate Planning, Louis Mezzullo and Ann Burns presented a session on how to integrate an estate plan with business succession planning. The session began with the analysis of a hypothetical that...
On January 26 at the 2010 Heckerling Institute on Estate Planning, presenters Steve Akers, Ronald Aucutt and Carlyn McCaffrey led a panel discussion on charting a path through the changing landscape of tax laws and regulations. The session opened with a...
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Heckerling Institute: Using Derivatives in Wealth Transfer Planning in Uncertain Economic Conditions
On January 27 at the 2010 Heckerling Institute on Estate Planning, presenters Donna Barwick, Cary Leahey and Daniel Markstein III led a panel discussion on the use of derivatives in wealth transfer planning in uncertain economic conditions. The session began...
On January 27 at the 2010 Heckerling Institute on Estate Planning, Joshua Rubenstein and Charles Rubin presented a session on using taxes to settle trust and estate litigation. The session examined proceedings that can be brought to reduce taxes and...
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On January 27 at the 2010 Heckerling Institute on Estate Planning, John Rogers and Cynda Ottaway presented a session on current ethics issues for the estate planning attorney in relation to emerging and commonly used technology. The session analyzed a...
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