McGuire Woods LLP and Fiduciary Education Center, LLC are hosting a conference regarding issues facing corporate fiduciaries. The conference will be held on Thursday, October 21, 2010 at the Mid-America Club in Chicago. The cost is $150 per attendee. More...
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In Private Letter Ruling 201034008 and 201034009, the IRS granted a decedent and his widow an extension to allocate their generation-skipping transfer tax (GSTT) exemption to transfers to two trusts. Also, in Private Letter Ruling 201034013, the IRS granted an individual an...
Ike Z. Devji has published an article entitled, "Asset Protection 101 for Physicians." The article addresses ways for doctors to protect their wealth from litigation and other possible pitfalls. Please click here to read the entire article. Posted by Shahzeb Gaziani,...
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Nancy Mann Jackson has published an article on bankrate.com entitled, "All About Your Employee Stock Ownership Plan." Jackson highlights a Georgetown University study that finds companies that offer stock ownership plans fare better in recessionary economic conditions than those that...
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Paul Sullivan has published an article in the New York Times discussing the tax benefits of giving a gift this year instead of having to incur the potential of a greater estate tax in the coming years. Please click here to...
Continue reading "Paul Sullivan: A Year to Give to Your Heirs, and Save on Taxes"
In a recent article for Forbes Magazine, Deborah Jacobs examined the implications of the estate tax lapse and the uncertain economy for the gift tax. She indicates that the following five tricks may reduce gift tax burdens in the current climate: Lending: Family members making interfamily loans...
Continue reading "Deborah Jacobs: Five Ways to Freeze Out Uncle Sam"
Janet Novak of Forbes Magazine recently published commentary for her blog, Taxing Matters. Her new piece examines the consequences of the estate tax lapse for "moderately well-to do families." Specifically, Novak suggests, that because the Bush tax cuts eliminated the full "step-up" in basis for capital assets for...
Continue reading "Janet Novak: Throw Momma From Her Private Jet--Not From the Train "
The TaxProf Blog has highlighted a recent report by the Treasury Inspector General for Tax Administration. The report concludes that while improvements have been made, additional actions from the Internal Revenue Service could ensure that Section 527 Political Organizations more fully comply with financial disclosure...
Continue reading "IRS Fails to Properly Monitor 25% of Section 527 Political Organizations, Says IG"
Carter Ruml recently posted an article entitled, "When Bad IRA Rollovers Happen to Good People." Ruml writes about the 60-day IRA Rollover period under section 408(d)(3). Specifically, he highlights recent revenue rulings and private letter rulings discussing the discretionary waivers granted by the...
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Louis A. Mezzullo, attorney, recently published a book entitled: An Estate Planner's Guide to Family Business Entities: Family Limited Partnerships, Limited Liability Companies, and More, Third Edition. For more information click here. Posted by Shahzeb Gaziani, Senior Associate...
The National Business Institute will be hosting the following 90-minute teleconference: Health Care Reform as it Affects Elder Law and Estate Planning For more information click here. Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies Journal....
The Wealth Strategies Journal has posted a new article entitled Part III: An Introduction to Lesser Known But Useful Trusts by Wendy Goffe of Graham & Dunn. This is the third in a six-part series by Ms. Goffe.Part III includes...
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The IRS is out to do something nice for us by ensuring we get quality help when we hire someone to prepare our tax returns. Unfortunately, parts of this laudable effort may be too much of a good thing....
Continue reading "WSJ: The IRS Targets Incompetent Tax Preparers "
In 75 F.R. 51877, the IRS requests public comment on Form 1041-ES which is used to report the estimated income tax for estates and trusts. Posted by Wesley J. Bailey, Senior Associate Editor, Wealth Strategies Journal. ...
The IRS recently kicked off three initiatives in an attempt to reduce tax evasion by uncovering undisclosed offshore accounts. According to Tax Notes, the initiatives have already proven successful as the IRS has sent John Doe summonses to several electronic payment processors including...
The Treasury has sent a letter responding to a constituent of Senate Majority Leader Harry Reid (D-NV). The constituent had written to Reid urging that the Treasury require the use of qualified appraisers for estate tax purposes. The Treasury responded that it will...
Jim Hanks, an attorney at Venable LLP, and Mike Schiffer, a partner at Venable LLP, recently published a client memo regarding indemnification agreements under Maryland law. The authors discuss different avenues that directors and officers can take to protect themselves...
Brown Advisory has published its quarterly newsletter. Articles include the following: Holding Gain: Considering Imminent Shifts in Tax Policy Compound Interest: A Loaded Gun Portfolio Manager Interview: Elizabeth Levy & David Powell Investment Perspectives: Scary Movies Posted by...
Continue reading "Brown Advisory Quarterly Newsletter: August 2010"
The IRS Web site - IRS.gov makes it easy to get an answer to a tax question, anytime during the year. The site is available 24 hours a day 7 days a week. Whether you need a form or have...
Continue reading "IRS Summertime Tax Tip 2010-19: Five Reasons to Visit IRS.gov this Summer "
You may not be thinking about your tax return right now, but summer is a great time to start planning for next year and to make sure your records are organized. Maintaining good records now can make filing your return...
Continue reading "IRS Summertime Tax Tip 2010-18: Keeping Good Records Reduces Stress at Tax Time "
Are you getting married this summer? If you recently got married or are planning a wedding, the last thing on your mind is taxes. However, there are some important steps you need to take to avoid stress at tax time....
Continue reading "IRS Summertime Tax Tip 2010-17: Five Tax Tips for Recently Married Taxpayers "
In 75 F.R. 51882, the Department of Treasury seeks public comment on information collections pursuant to final regulations under section 2056A on the restrictions on the estate and gift tax marital deduction when the surviving spouse is not a U.S....
Continue reading "75 F.R. 51882: IRS Seeks Comments on Regs on Noncitizen Marital Deduction "
House Ways and Means Committee member Fortney Pete Stark introduced the Investing in Our Future Act of 2010 (H.R. 5783). The bill would impose an excise tax on currency transactions. Posted by Wesley J. Bailey, Senior Associate Editor, Wealth...
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In Janice D. Green v. United States, the U.S. District Court for the Northern District of Oklahoma held that a wife lacked standing to bring an estate tax refund suit because she failed to pay taxes for her late husband's...
Continue reading "Green v. U.S.: Beneficiary's Tax Refund Suit Dismissed for Lack of Jurisdiction"
In D. Charles Dickow v. United States, the U.S. District Court for the District of Massachusetts held that an estate's refund suit was untimely under section 6511(b)(2)(A) because the IRS lacked authority to grant a second extension of the time...
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In Proposed Regulation 138637-07, the IRS withdraws proposed regulations issued in 2007 and modifies the standard for tax returns. Posted by Wesley J. Bailey, Senior Associate Editor, Wealth Strategies Journal. ...
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The Congressional Budget Office recently published a report titled "The Budget and Economic Outlook: An Update." In the report, Congressional Budget Office Director Douglas Elmendorf said that extending the Bush tax cuts would provide an immediate boost to the economy...
Continue reading "CBO: Extension of Bush Tax Cuts Would Hinder Long-Term Economic Growth"
Thinking about making some energy saving improvements to your home this summer? Taking some energy saving steps now may lead to bigger tax savings next year. The Nonbusiness Energy Property Credit, a tax credit for making energy efficient improvements to...
Moses Singer LLP has made announcement highlighting a change in New York law that makes no-fault divorce an option for residents of the state. Prior to this development, New Yorkers needed to show proof of fault to make divorce proceedings...
The IRS denied a request to extend the time to make an alternate valuation election. In the case, the estate requested the extension 18 months after the deadline and claimed the CPA hired to file the estate tax return neglected...
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The IRS ruled on a proposed trust severance and determined that the severance would not trigger gain or loss to the trusts or beneficiaries and the asset holding periods would tack from the old trust. See IRS Rules on Tax...
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The IRS wrote a memorandum concluding that the authority to apply the equitable recoupment doctrine granted to the Tax Court in 2006 does not apply to the gift tax. As such, estates may deduct gift taxes paid or payable even...
Continue reading "Gift Tax Not Subject to Equitable Recoupment Doctrine"
Seth R. Kaplan, a partner in the trust and wealth transfer group of Bilzin Sumberg Baena Price & Axelrod, LLP, published an article on Forbes.com. The article discusses the potential impact that legislation may have on an estate planning tool known...
Continue reading "Seth R. Kaplan: "Estate Planning: The Great GRAT Debate""
Investment News recently published an article titled "Where will the needle land on the estate tax?" The article discusses the uncertainty surrounding the estate tax and examines recent proposals being considered in Congress. Posted by Wesley J. Bailey, Senior...
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In Estate of Sarah M. Davenport v. United States, the United States District Court for the Eastern District of Michigan dismissed an estate's refund suit for lack of jurisdiction due to the estate's failure to file a refund claim after...
The Congressional Research Service recently updated its report titled "Major Tax Issues in the 111th Congress." The report examines the major tax issues under consideration during the 111th Congress. Posted by Wesley J. Bailey, Senior Associate Editor, Wealth...
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The Joint Committee on Taxation has published a report titled "Description of Revenue Provisions Contained in the President's Fiscal Year 2011 Budget Proposal." Posted by Wesley J. Bailey, Senior Associate Editor, Wealth Strategies Journal. ...
The American Bar Association Section of Real Property has published its August 2010 Trust & Estate Law eReport. The eReport includes the following articles: Federal Estate Tax Update and Planning Considerations for 2010 by Sharon Klein State Death Taxes in...
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Republicans from the House Ways and Means Committee issued a press release that criticizes Democrats for looming tax hikes that stem from the expiration of the Bush Tax Cuts. The release is one of a series of releases that detail the effects...
Continue reading "House Ways and Means Republicans Criticize Democrats' Tax Hike"
Congresswoman Linda T. Sanchez (D-CA), a member of the House Ways and Means Committee, introduced H.R. 5764, the Responsible Estate Tax Act. The bill seeks to reinstate both the estate and generation-skipping taxes. The bill adjusts the tax rates and...
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Revenue Ruling 2010-27 provides various prescribed rates for federal income tax purposes for September 2010 (the 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...
The Wealth Strategies Journal has posted a new article titled Second Circuit Reins in Section 2036 Mother Continuing to Share Property with Son Does Not Constitute "Enjoyment and Possession" by Espen Robak, CFA of Pluris Valuation Advisors.This is the latest...
Ashlea Ebeling published an article in the August 09, 2010 issue of Forbes Magazine. Ebeling discusses the use of a self-settled asset protection trust as a domestic asset protection option. Specifically, Ebeling analyzes under what circumstances a self-settled asset protection...
Benny Kass, a practicing attorney in Washington, DC and Maryland, has published an article on August 16, 2010 for the Boston Globe's website, boston.com. The article addresses two questions. The first question is whether parents can sell their home to their...
Continue reading "Benny Kass: "Keeping Real Estate in the Family""
Brian Wingfield has published an article on Forbes.com discussing potential tax increases on businesses and other entities. Specifically, Brian outlines a variety of options congress may consider including: addressing the S-corporation's tax treatment on earnings, estate tax, tax credit for research, the...
Continue reading "Brian Wingfield: "Tax Hikes Loom For Businesses""
Brian Wingfield has published an article on Forbes.com discussing potential tax increases on businesses and other entities. Specifically, Brian outlines a variety of options congress may consider including: addressing the S-corporation's tax treatment on earnings, estate tax, tax credit for research, the...
Continue reading "Brian Wingfield: "Tax Hikes Loom For Businesses""
In Carrison v. Smiddy, Case No. 09-P-1718, 2010 Mass. App. Unpub. LEXIS 863 (July 22, 2010), another decision issued pursuant to Rule 1:28, the Appeals Court affirmed a decision dismissing claims against the defendant trustee of a family trust for...
Continue reading "Carrison v. Smiddy (July 22, 2010) (conflicting settlor intent)"
David Blanchflower at Bloomberg has an op/ed today on the differing strategies used in the U.K. and the U.S. to combat weakening growth while maintaining reasonable levels of inflation. Mr. Blanchflower argues for extending the Bush tax-cuts in light of...
Continue reading " Bloomberg: Tax Cuts Are Only Way to Economic Growth"
The Wealth Strategies Journal has posted a new article entitled Part II: An Introduction to Lesser Known But Useful Trusts by Wendy Goffe of Graham & Dunn. This is the second in a six-part series by Ms. Goffe.Part II includes...
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Glenn Curtis has published an article in Forbes.com addressing the importance of drafting a will. Curtis identifies specific benefits to drafting a will which include: the speedy administration of a decedent estate, ensuring certain loved ones are properly provided for, and...
Continue reading "Glenn Curtis: "Why You Should Draft A Will""
Tim Berry posted an article addressing the issue of asset protection under certain business entities. Specifically, Greene identifies LLCs and Limited Partnerships (LP) as possibly being suspect entities for asset protection. The article provides examples where creditors and litigants can still reach the personal...
Continue reading "Tim Berry: "Foregone Conclusions Are Gone""
Kelly Greene has published an article in the July 24, 2010 edition of the Wall Street Journal discussing concerns for parents leaving behind a retirement account as part of their child's inheritance. Greene identifies the problem of controlling the rate a...
Continue reading "Kelly Greene: "When Trusts Meet Retirement Accounts""
Senator Dianne Feinstein has introduced the Family Farm Estate Tax Deferral Act of 2010 (S. 3664) which would provide an exclusion for certain farmland from the estate tax on the condition that the property continues to be used for farming....
Continue reading "Sen. Feinstein Introduces Family Farm Estate Tax Deferral Act of 2010"
The Joint Economic Committee of the U.S. Congress has published its Weekly Economic Digest dated August 9, 2010. The current digest discusses the following: Private patrolls grow for seventh straight month Gradual manufacturing recovery Unemployment rate remains stable in JulyPosted...
The IRS has provided the following penalty information on its intranet. Penalties The mission of Servicewide Penalties is to provide coordination of policy and procedures concerning the administration of all IRS civil Penalty programs. Servicewide Penalties supports the mission...
In Estate of Margot Stewart v. Commissioner, the Second Circuit vacated the U.S. Tax Court decision that held a gift by a decedent was includable in her taxable estate because the decedent has retained the possession or enjoyment of the...
Tax Notes has published an article by Jeffrey N. Pennell, professor at Emory University School of Law, titled "Wealth Transfer Taxation: 'Transfer' Defined." The article discusses the estate, gift, and generation-skipping taxes and notes that the lack of a coherent...
The Tax Policy Center has released estimates of extending the Estate Tax to the 2009 levels. The results can be found at Normal 0 false false false MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0in...
Continue reading "Tax Policy Center's Analysis Extending Expired Estate Taxes"
The Tax Policy Center has released its estimates of what would happen if the expiring Bush Tax Cuts are extended to all but the high earners. The results can be found at Normal 0 false false false MicrosoftInternetExplorer4 /* Style...
Continue reading "Tax Policy Center's Analysis Extending Tax Cuts to All but the Top "
A U.S. district court in Massachusetts held that a man who disclaimed his interest from a Qualified Personal Residence Trust (QPRT) in favor of his sister was invalid because it was disclaimed within nine months of when the trust term...
Continue reading "Court Denies IRS Gift Tax Claim and Finds Property Disclaimer Invalid"
Providing excellent customer service is a cost-effective way for small firms and legal departments to set themselves apart from the competition and win clients. Robert Half Legal has released "Go the Extra Mile: Building a Service-Oriented Small Business" which offers free advice...
Continue reading "Robert Half Legal Offers Free Guide on Hiring Employees "
Judge Calabresi, Circuit Court Judge for the Second Circuit U.S. Court of Appeals, wrote an opinion, on behalf of the court, examining 26 U.S.C. § 2036(a)(1) and whether an implied agreement existed to retain enjoyment in a transfer of half of the property by gift. Specifically, the court analyzed...
Continue reading "IN RE ESTATE OF STEWART v. COMMISSIONER OF INTERNAL REVENUE"
Michele Knight, CPA and owner of Knight Accounting & Technology, has published an article in the Summit Daily News. The article highlights tax issues being considered by congress and the implications they may have on tax liability. Specifically, Knight points out issues related to...
Continue reading "Michele Knight: "Your Taxes: What's going on with taxes in Washington?""
Irving Blackman, retired founding partner of Blackman Kallick Bartelstein LLP and chariman emeritus of the New Century Bank, has published an article in CONTRACTORmag.com. The article addresses tax issues to consider when creating an estate plan for a client involved in a subsequent...
Continue reading "Irving Blackman: "Estate planning for second, third marriages, etc.""
Isaiah Poole, who writes a blog for The Campaign for America's Future, has released a post criticizing a column by Robert J. Samuelson of the Washington Post. Samuelson suggests that the American tax burden may incentivize decisions not to have children, but Poole contends that this is faulty logic,...
Continue reading "Blogger Asks "First, 'Death Tax'; Now, 'Birth Tax'?""
The Asia Times has published an article discussing the the approaching expiration of the Bush tax cuts. Like many other journalists, reporters Hossein Askari and Noureddine Krichene predict that American tax questions will go unanswered by the current Congress. Their article also examines...
Continue reading "The Asia Times Examines the U.S. Tax Debate"
Congressman Richard E. Neal (D-MA) introduced the Automatic IRA Act of 2010. The bill is a companion to one introduced in the Senate (S. 3760) that would require automatic IRA accounts by employees with 10 or more employees. The bill...
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Professor Lawrence W. Waggoner added to the list of individuals encouraging the Treasury to limit the Generation Skipping Transfer Tax Exemption to two generations. Professor Waggoner contends that unless Congress acts, "the unwarranted loss of tax revenue will continue."Professor John...
Continue reading "Chorus Continues to Limit GSTT to Two Generations"
A federal court in Missouri has enjoined a Missouri attorney from advising clients on tax plans. The suit came in light of what the court found was a career of abusive tax advice that cost the U.S. between $100 and...
Continue reading "Missouri Attorney Enjoined from Tax Advice; Requires IRS Approval for Future Work"
A recent ruling (T.C. Memo. 2010-182) by the US Tax Court rebuked the IRS for unsubstantiated discount calculations that led to an increased tax assessment. The discount related to the decedent's interest in a corporation that owned and operated real...
Continue reading "Tax Court Rebukes IRS in Estate's Discount Claim"
By a vote of 247-161 Tuesday, the House of Representatives passed a measure that sends $26 billion in emergency aid to states. The bill, designed to prevent teacher and public service worker layoffs and to provide Medicaid funding, now goes...
Continue reading "Forbes: Small Business to Pay for Aid to States"
A recent article by Marie Sapirie of Tax Analysts outlines the Government's tactics in the suit against UBS for helping U.S. taxpayers shelter assets and income abroad. The article details how the IRS used a John Doe suit allowing the...
Continue reading "IRS Success Against UBS is a Type of Enforcement to Come"
In the world of investment product marketing, after-tax return is hardly ever mentioned. Because the goal of every investor is to increase his or her total net assets (a direct result of after-tax returns), tax planning should be an integral...
The Wealth Strategies Journal has posted a new article entitled Part I: An Introduction to Lesser Known But Useful Trusts by Wendy Goffe of Graham & Dunn. This is the first in a six-part series by Ms. Goffe.Part I includes...
Continue reading "Part I: An Introduction to Lesser Known But Useful Trusts"
Did you end up owing taxes this year? The vast majority of Americans get a tax refund from the IRS each spring, but those who receive a bill may not know that the IRS has a number of ways for...
Continue reading "IRS Summertime Tax Tip 2010-15: Nine Tips for Taxpayers Who Owe Money to the IRS "
Tax information can be difficult to understand in any language but it can be even more difficult if it is not in your first language. To assist Spanish speaking taxpayers, the IRS provides a wide range of free products and...
Senator Chuck Grassley (R-IA), ranking member of the Senate Finance Committee, urged Committee Chair Max Baucus (D-MT) to markup a tax relief bill in a Finance Committee Meeting rather than outside the committee with only Democrats. The bill is meant...
Continue reading "Senate Finance Republicans Want Committee to Write Tax Relief Bill"
A new bill (S. 3760) introduced by Senator Jeff Bingaman (D-NM) would require companies with ten or more employees to provide automatic IRAs to employees if the company does not offer a qualified retirement plan. The proposed bill includes tax...
Continue reading "Proposed Bill Requires IRAs for Companies Without Retirment Plans"
Paul Fisher has published his article titled "The Power of Tools of Estate Conflict Management: Recharging the Culture of Estate Conflicts." The article discusses the alternative methods and tools to address and manage conflicts that may arise during the estate...
The New York Times recently posted an article titled "In a Crumbling Estate, Creativity and History Meet." The article discusses the difficulty many families encounter when they inherit property that comes with a lot of history and sentimental value as...
Continue reading "NYT: In a Crumbling Estate, Creativity and History Meet"
The Tax Policy Center, a joint venture of the Urban Institute and the Brookings Intuition, recently published an interesting article titled "Philanthropy and the Estate Tax." The article discusses the effect the estate tax lapse has on charitable contributions and...
Continue reading "Tax Policy Center: Philanthropy and the Estate Tax"
The Fiscal Times has published an article titled "The Estate Tax: Can George Steinbrenner Change the Debate." The article examines the estate tax lapse in 2010 and notes that Steinbrenner's death is bring more awareness to the windfall Congress handed...
Continue reading "Fiscal Times: The Estate Tax: Can George Steinbrenner Change the Debate?"
We recently posted on the New York Times article "America Builds an Aristocracy" which discusses the drawbacks of dynasty trusts and points out that the state's repeal of the Rule Against Perpetuities led to the widespread use of dynasty...
The Wall Street Journal recently published an article titled "Looking a Gift Horse in the Mouth." The article examines the implications of the estate tax lapse in 2010 and notes that the lapse may be a good thing for extremely...
A U.S. citizen living in Canada sent the IRS a letter in response to Announcement 2010-22 which requests comments on the Foreign Account Tax Compliance Act of 2009 (FATCA). In the letter, the individual outlines the implications of FATCA, such...
Continue reading "U.S. Citizen Living Abroad Comments on Impact of FATCA"
Dirk Suringa, partner at Covington & Burling, sent the IRS a letter in response to Announcement 2010-22 requesting that the IRS exclude from the reporting requirements imposed by section 6038D foreign financial assets held by an individual solely in their...
In response to our August 5, article "NYT: Outsourcing to India Draws Western Lawyers" Russell Smith wrote:"I'm one of those U.S. lawyers who outsourced themselves to India. I did not do it for lack of a job elsewhere. I'm a...
Continue reading "Letters to the Editor: Outsourcing to India Draws Western Lawyers"
The accounting offices of Presti and Naegele recently published an article "Back to the Basics: Common Gift Tax Return Mistakes". The post, which summarizes a longer article released by the AICPA, cautions against making the following errors:Donors report gifts subject...
Continue reading "Presti and Naegele Identify Common Gift Tax Return Mistakes"
McGuireWoods LLP has released an update about a recent case that addresses 401(k) plan fees and expenses. Tibble, et al., v. Edison Int'l., et al., U.S.D.C (C.D.Ca.) Case No. CV 07-5359 SVW (AGRx) focused on responsibilities of the Edison International...
Continue reading "Fiduciaries Held Liable for Selecting Retail Mutual Funds"
The Wall Street Journal is running a piece today on what Estate Planning attorneys already know, and that is that the IRS is out to get high net individuals. Edward M. Robbins, Jr., an attorney at Hochman Salkin Rettig Toscher...
Continue reading "WSJ: IRS Retools for Bigger International Role"
The IRS will stop providing information that helps banks issue short-term tax-refund loans, a move that advocates for the poor are hoping will put an end to the controversial high-interest loans.The loans, which critics have attacked for years as...
Rashad Wareh, of Kozusko Harris Vetter Wareh LLP, has published an article in the August issue of Trusts & Estates Magazine. The article addresses the new Dodd-Frank Wall Street Reform and Consumer Protection Act ("the Act") and the new regulatory...
Continue reading "Rashad Wareh: Financial Reform Knocks on the Family Office Door"
The IRS has sent out a press release detailing the realignment and renaming of the Large Business Division to the Large Business and International Division. The new organization will enhance the current International program, adding about 875 employees to the...
Continue reading "IRS Highlights Changes in Its Handling of International Tax Administration "
If you have not filed a prior year tax return and are due a refund, you should consider filing the return to claim that refund. If you are missing a refund for a previously filed tax return, you should contact...
Continue reading "IRS Summertime Tax Tip 2010-13: Does the IRS Owe You Money?"
The New York Times has published an article by Lynnley Browning reporting internal changes at the IRS designed to more effectively address contentious tax cases involving multinational corporations. The agency will rejuvenate an older unit devoted to scrutinizing large corporations...
Continue reading "NYT: IRS Steps Up Effort to Combat Tax Evasion"
The Jewish Federation of Greater Washington posted a letter from one of Senate Majority Leader Harry Reid's constituents which the Senator forwarded to the Treasury. The letter urges Congress to make the same requirements of appraisers for estate tax purposes...
Continue reading "Appraiser Certification Forwarded by Harry Reid"
Heather Timmons has an article in The New York Times discussing the increase of Western lawyers who have moved overseas in response to the surge in legal outsourcing; India now has over 140 outsourcing firms, up from only 40 in...
Continue reading "NYT: Outsourcing to India Draws Western Lawyers"
Macroeconomic Advisers LLC reported their analysis of the impact of allowing all of the Bush Tax Cuts to Expire compared with extending the cuts indefinitely and extending the cuts to all but high-income individuals. The report, in light of the...
Continue reading "Macroeconomic Advisers LLC: Keep Tax Cuts, Except for the Rich"
Citizens for Tax Justice released a report criticizing the Economic Freedom Act (H.R. 5029) for cutting tax bills for the top 1 percent of earners by $150,000 while adding almost $7 trillion to the national debt over the next decade. ...
Continue reading "Citizens for Tax Justice: Economic Freedom Act Only Helps Rich"
A federal district court judge in the Eastern District of Louisiana dismissed claims of malpractice, fraud and conspiracy to commit fraud against an attorney and his firm for work with abusive tax shelters in the case Conwill v. Greenberg Traurig,...
Continue reading "Judge Dismisses Tax Shelter Malpractice, Allows RICO Claim"
Robert Half Legal offers a report on how law firms can adapt their firm to the changing legal environment. The report includes findings from leading legal groups, firms and executives from major corporations.Posted by James G. Haskell, Associate Editor, Wealth...
Continue reading "How to Adapt Your Firm to Changing Legal Marketplace"
McGuire Woods has published a legal update titled "Inheritance Tax: India, Pakistan, Italy & France." In the update, McGuire Woods advises individuals domiciled in India, Pakistan, France and Italy to contact a tax professional to take advantage of the operation...
Continue reading "McGuire Woods: Inheritance Tax: India, Pakistan, Italy & France"
The Center for American Progress Action Fund recently published a report titled "Republicans' $10 Trillion Giveaway". The report calls into question the Republican's plan to cut taxes and states that the plan would overwhelmingly benefit the same wealth Americans who...
Continue reading "Center for American Progress Action Fund Blasts GOP Tax Cut Plan"
Senator Mark Udall recently introduced the American Family Farm and Ranchland Protection Act of 2010 (S. 3640). If passed the bill would increase the limitations on the amount excluded from the gross estate with respect to land subject to a...
Senator Harry Reid recently sent a letter to the Department of Treasury regarding valuations used for estate tax purposes. Along with his letter, Sen. Reid included a letter from one of his constituents requesting that estate appraisers be required to...
Gregory Alexander, professor at Cornell University Law School, recently sent a letter to the Department of the Treasury regarding the generation-skipping tax. In the letter, Alexander urges the Treasury Department to support pending legislation that would impose a two-generation time...
Continue reading "Alexander: Two-Generation Limit on the Generation-Skipping Tax"
IRS Summertime Tax Tip 2010-12 offers thorough guidance for undertaking the process to amend a tax return -- may be necessary if, for example, you forgot to include some income or to take a deduction: In some cases, you do...
Continue reading " IRS Summertime Tax Tip 2010-12: Do You Need to Amend Your Return?"
The latest issue of the Family Business Newsletter, which serves as a guide for family owned companies, provides news updates on the most recent developments in companies that are intertwined with a family history. In this edition: Tuttle family will...
Continue reading "Family Business Newsletter: August 3, 2010"
Claire Bradley of Forbes Magazine has published an article which notes the financial risk of college debt for students and parents. She observes that the $20,000 in debt the average undergraduate leaves school with can often balloon to an amount...
Continue reading "Forbes: The Dangers Of Paying For Your Kid's College"
Mike Moran, who writes for the Biznology blog, has published an article detailing what he expects to be four major changes that "the smartest" professionals in the marketing industry are trying to accommodate; they are:More technology: Moran notes that with...
Continue reading "Four Big Changes in the Marketing Industry"
Liz Davidson of Forbes Magazine has published an article that looks into the research on and guidance for raising fiscally responsible children. She reports that a child's ability to delay gratification is the one of the best predictors of financial...
Continue reading "Forbes: How To Raise Financially Responsible Children"
Paul Sullivan, author of the Wealth Matters column for the New York Times, has observed in his most recent article that with continued scrutiny by the IRS, the wealthy have begun to reconsider the establishment of the once popular family limited partnerships. ...
Continue reading "NYT: Partnerships May Aid Your Estate, but IRS Is Watching"
The Fiduciary Advisory Services Group at McguireWoods has published an article titled "Hawaii Enacts Domestic Asset Protection Trust Legislation and Reinstates Separate State Estate Tax, by Charles D. Fox IV, Ronald D. Aucutt, Dennis I. Belcher, and W. Birch Douglass III. The article...
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The Congressional Research Service (CRS) has issued a report on the Organization for Economic Cooperation and Development's (OECD) efforts to eliminate international tax havens. The report describes a shift by the OECD from improving transparency to creating international tax standards.See...
Continue reading "CRS Summarizes Efforts to Eliminate Tax Havens"
A federal district court judge in New Jersey refused to dismiss a case against an attorney for legal malpractice in a tax shelter case allowing litigation to continue. The judge did conclude that the defendant owed no duty to the...
Continue reading "Tax Shelter Legal Malpractice Case Will Continue"
The U.S. Tax Court has ruled that Illinois state law leaves beneficiaries liable for the tax bill of their benefactor to the extent of the bequest. Beyond a zero-sum game, the Tax Court held that the amount of the bequest...
In ECC 201030029, the IRS responded to a taxpayer's concern that a gift to a trust was not properly reported and advised he individual to file an amended gift tax return for the year in question with the additional information...
Continue reading "ECC 201030029: IRS Advises Taxpayer to File Amended Gift Tax Return"
In ECC 201030029, the IRS responded to a taxpayer's concern that a gift to a trust was not properly reported and advised he individual to file an amended gift tax return for the year in question with the additional information...
Continue reading "ECC 201030029: IRS Advises Taxpayer to File Amended Gift Tax Return"
In Private Letter Ruling 201030020, the IRS ruled that a national banking association may serve simultaneously as both a qualified intermediary and a trustee of a qualified trust for one of its customers without being considered a disqualified person under...
In Private Letter Ruling 201030015, the IRS ruled that the judicial reformation of a trust will not violate section 664, that the trust qualifies as a charitable remainder unitrust under section 664(d)(2) from the date it was created, and that...
In Private Letter Ruling 201030016, the IRS ruled that income from a trust created by a school board to provide health benefits for eligible retired employees is excludable from gross income under section 115. Posted by Wesley J. Bailey,...
The Wealth Strategies Journal has posted a new article entitled "Succession Planning With a Bite," by Gary M. Giallonardo, President and Founder of Industrial Visions Company.Please find the article here....
In the Ask Dow Jones section, the Wall Street Journal responds to questions regarding the procedure and the timeframe for revising the estate tax. The answer shows that there is still a lot of uncertainty surrounding estate tax reform and notes that...
Bloomberg recently published an article titled "Democrats Relish Battle Over High-Income Tax Cuts" by Albert Hunt. In the article, Hunt discusses the upcoming battle over extending the Bush tax cuts and points out that, while Republicans usually win when it...
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Who knew the death of "Different Strokes" child actor Gary Coleman would illustrate so perfectly some of the many things that can go wrong with estate planning?The case had all the elements for a drama: A will that hadn't been...
Continue reading "Estate Planning Gone Awry: The Gary Coleman Story"
The New York Times has a blog entry today on the war over the bush era tax cuts. Fareed Zacharia is one proponent of allowing the cuts to lapse. He argues that it is non-nonsensical for Republicans to demand that...
