Writing for the The Jewish Federation of Greater Washington's website, Alan Breus has provided guidance for institutions that have received "non-cash assets" as part of a donation. Breus indicates that such gifts are a popular means by which doners secure income...
September 2010 Archives
Giarmarco, Mullins & Horton has reported that the Obama Administration is considering "giving taxpayers a choice of whether to apply the [2009 estate] tax [rates] to 2010 transactions." The report is based on statements made in a recent C-SPAN interview by Michael Mundaca, the...
The Trusts and Estates Practice Group of Giarmarco, Mullins & Horton has reported on the significance of the recently decided Supreme Court case Knight v. Commissioner; the firm offers the following summary: The Court held that costs paid to an...
The Trusts and Estates Practice Group of Giarmarco, Mullins & Horton, P.C. has released a IRA Conversion Checklist that can "help avoid oversights, especially when time is short." You can access the checklist here. Posted by Joshua Hock, Associate Editor,...
Continue reading "Giarmarco, Mullins & Horton: New Roth IRA Conversion Checklist"
Giarmarco, Mullins & Horton P.C. has reported on expected increases in the FICA tax rates for top earners as result of healthcare reform. The firm says: Under the Health Care Act, beginning January 1, 2013, for individuals earning more than $200,000 per year...
Fiduciary Trust International has published an article suggesting seven wealth transfer strategies a taxpayer should consider taking this year to minimize the taxpayer's exposure to the higher tax rates that are set to return in January. Among the strategies suggested...
The Plain Language Act of 2010 (H.R. 946) has passed both chambers of Congress. The Senate voted for the bill on September 27, and on September 29 the House adopted all of the Senate's amendments. The bill requires the IRS...
House Republicans criticized House Democrats after the announcement of House Majority Leader Steny Hoyer (D-MD) on September 29th that the House would adjourn without voting on the fate of the 2001 and 2003 tax cuts. Democrats countered the criticism claiming...
Continue reading "House Republican Disapprove of Adjourning Without Tax Vote"
In light of the recent announcement by the IRS to treat tax preparation as practice before the agency, Karen Hawkins, director of the IRS Office of Professional Responsibility, discouraged tax professionals from employing individuals who have been disciplined under circular...
Continue reading "OPR Clamps Down on 230 Violators Preparing Returns"
The Tax section of the District of Columbia Bar held a luncheon on September 29 where at least some practitioners believe the uncertainties surrounding the GSTT are more complicated than those surrounding the estate tax, both of which have sunset...
Continue reading "2010 More Troublesome for Generation Skipping Tax"
The New York Times has published an article on a new tax break for the self-employed. The article explains that legislation signed into law on Monday allows self-employed individuals to deduct the payment of health insurance premiums from their income...
Continue reading "NY Times: "A New Tax Break for the Self-Employed""
The Senate passed an amended version of the Plain Language Act of 2010 (H.R. 946). If the House votes to pass the amended bill, the IRS and other federal agencies will be required to use plain language in federal documents....
According to Tax Notes, the D.C. Circuit's decision in United States v. Deloitte strengthens the work product protection of taxpayer workpapers. See, Jeremiah Coder, Work Product Protection Stronger After Deloitte, Practitioners Say, 2010 TNT 188-4 (September 28, 2010). ...
Continue reading "US v. Deloitte Strengthens Work Product Protection"
The Congressional Budget Office (CBO) recently updated its report titled "The Economic Outlook and Fiscal Policy Choices." The updated report, which was submitted as testimony to the Senate Budget Committee, advised committee members that temporarily extending all or a portion...
Continue reading "CBO Updates Report on Implications of Extending Expiring Tax Cuts"
Daniel L. Gottfried, a tax partner at Rogin Nassau LLC, recently published an article titled "Proving Willfulness in FBARS - Checking 'No' Ain't Apropos." In the article, Gottfried examines the results of his survey of tax professionals regarding FBAR reporting...
Continue reading "Gottfried: Proving Willfulness in FBARS - Checking 'No' Ain't Apropos"
Daniel L. Gottfried, a tax partner at Rogin Nassau LLC, recently published an article titled "Proving Willfulness in FBARS - Checking 'No' Ain't Apropos." In the article, Gottfried examines the results of his survey of tax professionals regarding FBAR reporting...
Continue reading "Gottfried: Proving Willfulness in FBARS - Checking 'No' Ain't Apropos"
Here are some recently published articles on September 28, 2010 on estate tax from various sources. Please click the link below to read the entire articles: Clarification on the Responsible Estate Tax ActGrassley blasts Democrat inaction on the estate taxCBO's...
Continue reading "New Articles on Estate Tax from Various Sources"
Professor Gerry W. Beyer at Texas Tech University School of Law published a new article on Wills, Trust & Estates Prof Blog on September 27, 2010 addressed the lapse of generation-skipping transfer tax (GSTT). It offers the wealthy individuals a...
Professor Gerry W. Beyer at Texas Tech University School of Law published a new article on Wills, Trust & Estates Prof Blog on September 27, 2010 addressed the book recently published by Karen Jones (author, educator, and broadcast journalist) Death...
The Wealth Strategies Journal has posted a new article entitled Arguments for the Estate Tax, by Richard L. Harris CLU AEP of BPN Montaigne LLC.This article is a response to and critique of Professor Richard Epstein's article entitled "Let the...
Robert Frank has published an article in the Wall Street Journal entitled, "High-Tax States Still Grow Millionaires." Frank examines the question of whether there is tax-driven wealth flight from states that have higher taxes. Frank concludes that the claim of...
Continue reading "Robert Frank: High-Tax States Still Grow Millionaires"
Leigh-Alexandra Basha: Estate Planning for the Multinational Couple: It's a Small, But Complex World
Leigh-Alexandra Basha, a partner at Holland & Knight LLP, has recently published an article entitled, "Estate Planning for the Multinational Couple: It's a Small, But Complex World." The article deals with jurisdictional issues that arise for estate planners when accounting...
On September 24, the IRS announced the final version of the uncertain tax positions (UTP) schedule. The new schedule adopts a phased approach to help small businesses adapt to the new UTP policy, eliminates the maximum tax adjustment calculation, and drops the...
Continue reading "IRS Annouces Final UTP Schedule & Expands Policy of Restraint"
The Wealth Strategies Journal has posted a new article entitled Part VI: An Introduction to Lesser Known But Useful Trusts by Wendy Goffe of Graham & Dunn. This is the fifth in a six-part series by Ms. Goffe.Part VI includes...
Continue reading "Part VI: An Introduction to Lesser Known But Useful Trusts"
In a recent article on NPR, Phil Kerpen, vice president for policy at Americans for Prosperity, argues that Democrats and Republicans are wrong on the estate tax. Kerpen argues that while Republicans have been on the better side of the...
Continue reading "Kerpen: Democrats AND Republicans Wrong on Estate Tax"
The Tax Policy Center has released a report estimating the number of tax units for 2011 in each tax bracket. The full report can be found here.Posted by James G. Haskell, Senior Associate Editor, Wealth Strategies Journal....
Continue reading "Tax Policy Center Estimates 2011 Tax Units per Tax Bracket"
Senator Chuck Grassley (R-IA), ranking member of the Senate Finance Committee, urged the Senate to vote on the estate tax before it reverts to a maximum 55% rat with a $1 million exemption. In his September 27, 2010 comments on...
Professor David S.Goldberg, professor of law at the University of Maryland School of Law, wrote a recent report promoting an electronic value added tax (e-VAT) that is progressive and allows for automatic point-of-sale collection. The report compares the e-VAT to...
In Arthur Dalton Jr. et ux v. Commissioner, the Tax Court held that the IRS abused its discretion when it rejected a couple's office in compromise and upheld a levy action against them for unpaid trust fund recovery penalties based...
In 75 F.R. 58467, the IRS submits From 706, Form 926, Form 8821, and Form 8909 for review by the Office of Management and Budget. Posted by Wesley J. Bailey, Senior Associate Editor, Wealth Strategies Journal. ...
Continue reading "75 F.R. 58467: IRS Submits Several Forms for OMB Review"
In Private Letter Ruling 201038004, 201038005, and 201038006, the IRS ruled that an individual who serves as the trustee and beneficiary of an irrevocable trust is the owner of the income portion of a subtrust under sections 671 and 678 and determined...
Professor Gerry W. Beyer at Texas Tech University School of Law published a new article on Wills, Trust & Estates Prof Blog on September 23, 2010 addressed the Senate Minority Leader Sen. McConnell (R-KY) introduced S. 3773, Tax Hike Prevention...
Professor Gerry W. Beyer at Texas Tech University School of Law published a new article on Wills, Trust & Estates Prof Blog on September 23, 2010 discussed the symposium published by Professor Anne Alstott (Manley O. Hudson Professor of Law,...
Professor Gerry W. Beyer at Texas Tech University School of Law published a new article on Wills, Trust & Estates Prof Blog on September 23, 2010 addressing when estates are taxed, the government is really just taking capital away from...
Continue reading "The Estate Tax is a Tax on the Less-Wealthy"
The Forbes Magazine published an article by Janet Novack titled "The Best Tax Breaks Go To The Rich." The article analyzes the implications of various taxes on the wealthiest individuals. Because the top 400 earners derive the majority of...
Continue reading "Forbes: The Best Tax Breaks Go To the Rich"
Professor Gerry W. Beyer at Texas Tech University School of Law published a new article on Wills, Trust & Estates Prof Blog on September 23, 2010 addressing the process of Newcomb case, which concerns Tulane University's decision to close Newcomb...
Continue reading "Newcomb College Rehearing Started Tuesday"
James R. Hines, Jr., professor of law at the University of Michigan, has published an article entitled, "Taxing Inheritances, Taxing Estates." In the article he examines the economic impact of distinguishing transfer tax liability by numbers of children and the...
Continue reading "James R. Hines, Jr.: Taxing Inheritances, Taxing Estates"
The National Business Institute will be hosting the following 90-minute teleconference: Income Tax Consequences and Trust Accounting Please click here for more information Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies Journal....
American Bar Association published an article titled "Bite the Bullet Point." The article addresses use of the PowerPoint in the presentations. The article lists questions which every attorney should ask himself or herself before making a presentation. It argues that while...
American Bar Association published an article titled "Wash. AG's Settlement with LegalZoom Bars Fee Comparisons Absent Disclosure." The article reports that Washington Attorney General reached a legal settlement with LegalZoom barring the company from comparing its costs to attorney fees unless...
American Bar Association published an article titled "Lawyer's Legal Fight with School is 'Cautionary Tale of the Internet Age.'" The article describes a legal fight in which a lawyer, Herbert Nass, is engaged in with the Horace Mann School, which suspended...
Continue reading "ABA: Lawyer's Legal Fight with School Is 'Cautionary Tale of the Internet Age'"
Citizens for Tax Justice recently published a report titled "Congress About to Give Away the Farm." The article criticizes two bills that seek to provide unlimited estate tax exclusions for farms and points out that the bills contain provisions that...
Democratic leaders still plan on addressing the expiring Bush tax cuts before midterm elections. According to Tax Analysts, Senator Baucus announced that he would likely introduce a version of the tax legislation by the end of the week. The legislation...
Continue reading "Baucus May Introduce a Tax Cuts Bill This Week"
The New York Times published an article titled: "Your Coming Tax Cut (or Not)." The Bush's tax cuts of 2001 and 2003 are set to expire at the end of 2010. The article analyzes the effect of the extensions of the...
The Wall Street Journal published an article titled "What Should We Do With the Estate Tax?" The article examines ramifications of the actions or inactions by the Congress. Please click here for the article. Posted by Mariya V. Link, Associate Editor, Wealth...
Continue reading "WSJ: What Should We Do With the Estate Tax?"
The Heritage Foundation, a conservative think tank, recently published a report titled "Obama Tax Hikes: The Economic and Fiscal Effects." The article praises the Bush tax cuts and urges Congress to take steps to reduce its spending rather than raising taxes...
Continue reading "Conservative Think Tank Urges Congress to Reduce Spending Rather Than Raise Taxes"
In Rayford L. Keller v. United States, the U.S. District Court for the Southern District of Texas held that an estate is entitled to more than $60 million in administrative expense deductions for loan interest, attorney fees, and other miscellaneous...
Cory Janssen, the founder of Investopedia, published an article explaining a little-known technique that will help protect you in a falling market. When the stock sinks to its lowest price level in a given time period, it means it has...
Continue reading "Take Advantage of the Dollar-Cost Averaging"
Brian S. Wesbury and Robert Stein, economists at First Trust Advisors in Wheaton, III. has published an article on their weekly column for Forbes magazine. They are predicting an average growth rate of 3% in the second half of 2010. A...
The BNA Tax management's Estates Gifts & Trusts Journal has published its Volume 34 Number 6 Issue. Articles include the following:Can Beneficiary Happiness and Trust Coexist? A Discussion of Intent and Application Don't Overlook the Benefits -- Tax and Otherwise...
Continue reading "BNA Tax Management's Estates Gifts & Trusts Journal: Volume 34 No. 6"
Ike Devji has written an article entitled, "Asset Protection For The Middle Class?" The article provides a list of common asset protection techniques that are recommended to clients. This article was reposted on the Ohio Trust & Estate Blog. ...
Continue reading "Ike Devji: Asset Protection For The Middle Class?"
The Trusts & Estates Magazine has published it's September 2010 Issue. Articles include the following:Note from the Editor Tax law updateGRAT ExpectationsFamily Capital Planning and Captive Risk ManagementDo Your Homework on Indexed Universal Life InsuranceAre IRAs and Charities the Perfect Match?Plan...
Continue reading "Trust & Estate Magazine: September 2010 Newsletter"
The Center for Tax Justice issued a new report comparing the Obama Tax Plan to Senate Republicans' Tax Plan showing state by state impacts.The report can be found at http://ctj.org/taxjusticedigest/archive/2010/09/new_data_from_ctj_shows_how_ob.phpPosted by James G. Haskell, Senior Associate Editor, Wealth Strategies Journal....
Continue reading "CTJ Compares Obama Tax Plan to Senate Republican Tax Plan"
Alan Einhorn of the American Institute of Certified Public Accountants has requested an exception from the requirement to file Form 1041-Afor trusts that claim IRC 642(c) charitable deductions, but only for flow-through contributions from partnership and S corporations.See AICPA Seeks...
Continue reading "AICPA Requests Exemption from Reporting Requirement for Complex Trusts"
Daniel B. Evans, a tax software consultant to Leimberg & LeClair, Inc, wrote a couple of emails to Catherine V. Hughes of the Treasury asking for clarification on issues regarding the gift tax and whether 2010 rates should apply to...
Continue reading "Tax Software Programmer Seeks Gift Tax Guidance from IRS"
Karen M. Moore of the American College of Trust and Estate Counsel sent a letter to Michael Mundaca, Assistant Secretary of the Treasury for Tax Policy, with proposals for guidance with respect to the coordination of the Foreign Corporation Anti-Deferral...
Continue reading "Group Sends Proposal for Guidance on Foreign Corporation Anti-Deferral Rules"
The Social Science Research Network reports that Jane K. Winn and Angela Zhang published an article titled "China Golden Tax Project: A Technological Strategy for Reducing VAT Fraud." The article addresses a major fiscal reform project called "Golden Tax Project"...
Continue reading "China's Golden Tax Project: Using Technological Strategy for Reducing VAT Fraud"
The Heritage Foundation published an article by Curtis Dubay. The article discusses the effects of the impending expiration of the 2001 and 2003 tax relief packages. The author argues that America's senior citizens will be disproportionately affected because older people...
Continue reading "Obama Tax Hikes: Higher Dividend Taxes Hurt Seniors"
The Heritage Foundation published an article by Curtis Dubay. The article discusses reporting policies in the Patient Protection and Affordable Care Act (PPACA). It focuses on the new requirement that businesses must report more information on their activities to the...
Revenue Ruling 2010-24 provides various prescribed rates for federal income tax purposes for October 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 tax-exempt rate....
On August 9, 2010, the Treasury Inspector General for Tax Administration (TIGTA) has released Statistical Trends in Retirement Plans (Reference Number: 2010-10-097). Some of the TIGTA findings are: (1) a number of options available for workers to save for retirement...
An interactive tool that shows state-to-state migration data was launched by the Tax Foundation. The tool, which is based on the IRS tax return data and includes both financial and personal information, allows user see and compare the movement of...
Continue reading "Interactive Tool on State-to-State Migration Data "
Kristine S. Knaplund, professor of law at Pepperdine University School of Law, recently published an article entitled, "The New Uniform Probate Code's Surprising Gender Inequities." The article examines the issue of postmortem conception and whether the deceased will be presumed...
Continue reading "Kristine S. Knaplund: The New Uniform Probate Code's Surprising Gender Inequities"
WealthCounsel, LLC and the publishers of Trusts & Estates magazine announced the launch of the 4th Annual Industry Trends Survey. All practicing estate planning attorneys are eligible to participate in the web survey which is the industry's only source for...
Deloitte has released a special edition of its "Tax News & Views" newsletter. This publication highlights the passage of The Small Business Jobs Act (H.R. 5297) by the Senate. Deloitte offers extensive analysis of the bill, commenting on the legislation's...
Continue reading "Deloitte Discusses H.R. 5297, Recently Passed by US Senate"
Debra Cassens Weiss recently published in the ABA Journal an article about decision by Northwestern University's law school to deny a non-profit called Law School Transparency more detailed salary and job information. The information would have been used by the...
Continue reading "Forbes Will Rank Law Schools Based on Job Results, Northwestern Reveals"
Donald H. Kelley recently discussed the IRS website in Trusts and Estates. He encouraged users to explore the IRS website site map, which he said offers a more organized and readable presentation of the IRS's massive online resources. He also...
Continue reading "Trusts and Estates: Navigating the IRS Website"
Senator Finance Committee Chair Max Baucus (D-MT) will convene a hearing ("Tax Reform: Lessons from the Tax Reform Act of 1986") Thursday, September 23 at 10:00 a.m. to discuss lessons from the Tax Reform Act of 1986. The hearing will...
Continue reading "Senate Hearing Scheduled: "Tax Reform: Lessons from the Tax Reform Act of 1986""
The Texas Society of Certified Public Accountants sent a letter to Representative Jeb Hensarling (R-TX) calling for Congress to immediately repeal expanded 1099 reporting requirements. The group argues that the cost of compliance will significantly hurt economic growth and employment.The...
Continue reading "Texas CPA's Oppose New 1099 Reporting Requirements"
Abigail Disney, filmaker and philanthropist, recently wrote an article in USA Today entitled, "Mickey Mouse, the estate tax and me." In it she argues that her family's business would not have been able to succeed without the legal protections provided...
Continue reading "Abigail Disney: Mickey Mouse, the estate tax and me"
In a legal memorandum from Nancy L. Rose, Senior Counsel for Procedure & Administration, the IRS has concluded that it can seek backup withholding liabilities from employers who fail to obtain a W-9 even if the three-year period for retaining...
Continue reading "IRS Can Impose Liability For Failure to Obtain W-9s Even After Retention Period"
Paul Sullivan wrote an article for the New York Times entitled: "Choosing Insurance for the College Life (Grades Not Included)." The article addresses the risks and liabilities associated with today's college student and ways the risk can be mitigated though...
Continue reading "Paul Sullivan: Choosing Insurance for the College Life (Grades Not Included)"
In Buzzell v. Internal Revenue Service, the Fourth Circuit in an unpublished per curiam opinion affirmed a district court's decision dismissing a suit against the IRS attempting to stop collection actions. The Fourth Circuit found no reversible error to change...
Kenneth J. Kies, Managing Director of the Federal Policy Group, wrote a letter correcting a reading of an August 2, 2010 letter written by 22 U.S. businesses and sent to Senate leaders. The letter objected to the use of revenue...
Continue reading "Kies: Our Letter Did Not Endorse Revenue-Raising Tax Provisions"
Kip Dellinger, CPA criticizes the tax preparer registration proposals for adding substantial costs and complications that will hurt the industry with little of the hoped for benefit. Dellinger offers a few suggestions to help the proposals including broadening the definition...
Continue reading "Tax Preparer Registration is All Costs and No Benefits"
Jeremiah Coder looks at the guidance issued by the IRS and suggests that perhaps it is time to shift more resources to general guidance and issue fewer private letter rulings. Such a shift would allow for greater guidance that would...
Continue reading "Should the IRS Issue More Guidance and Fewer PLRs?"
Martin Sullivan writes that tax cuts alone are incapable of stimulating the economy. Sullivan argues that without credible steps towards deficit reduction, any tax cut will not overcome the uncertainty surrounding large debt levels. As a consequence, the cuts will...
Continue reading "Debt Reduction Must Accompany Tax Cuts to Stimulate the Economy"
In a September 10th Report, the Treasury Inspector General for Tax Administration recommended that the IRS Office of Chief Counsel issue private letter rulings in a more timely manner and suggested that by offering more broadly applicable guidance the Counsel would...
Continue reading "TIGTA Suggests Chief Counsel Issue More Timely PLRs"
In 75 F.R. 56659, the IRS requests public comment on information collections under final and temporary regulations (T.D. 8696) on the definitions and the special rule in section 1377 concerning S corporations. Posted by Wesley J. Bailey, Senior Associate...
Continue reading "75 F.R. 56659: IRS Seeks Comments on S Corporation Regulations"
In 75 F.R. 56658, the IRS requests public comment on information collections under final regulations (T.D. 8779) on the qualified terminable interest property (QTIP) marital deduction. Posted by Wesley J. Bailey, Senior Associate Editor, Wealth Strategies Journal. ...
Continue reading "75 F.R. 56658: IRS Seeks Comments on Final QTIP Regulations"
In LR Development Co. LLC v. Commissioner, the Tax Court held that a company that bought the assets of an S corporation is not liable as a transferee for taxes assesed against the S corporation based on a finding that...
The U.S. Senate passed the Small Business Jobs Act of 2010 yesterday by a vote of 61 to 38. The legislation which includes $12 billion in tax relief designed to help small businesses is expected to quickly pass the House. Posted by...
The Washington Post reports on a new challenge from Bill Gates and Warren Buffet. In the wake of a recent trip to China, Gates and Buffet decided to return to China to extend the same philanthropic challenge they issued domestically...
Continue reading "Gates and Buffet Take Philanthropy Challenge to Chinese Billionaires"
Eli Mystal, editor of Above the Law, has discussed the announcement that "rankings behemoth" U.S. News and World Report has directed its attention towards law firms with the introduction of a new scheme to rank them. Responding to criticisms that this list would be of little importance in actual business decisions, Mystal...
Continue reading "Mystal: We Told You This Day Would Come; U.S. News to Rank Law Firms"
CCH has reported on a recent ruling by the U.S. Tax Court; the Court determined that because a corporate taxpayer failed to meet its burden of proof that it made any state unemployment insurance contributions, the taxpayer was not entitled to a credit against...
CCH has reported on recent legislative developments in the tax debate: the Senate has passed HR 5297 that offers small businesses $12 billion in tax breaks. The bill will now move to a largely pro forma conference between House and Senate leaders before...
Continue reading "Senate Advances Jobs Bill; McConnell Introduces Tax Hike Prevention Bill"
Lauren Young has published an opinion with Reuters. In it, she discusses the impact that could result from the expiration of the Bush tax cuts; she says that, with Congressional deadlock over tax legislation growing more likely, all taxpayers can probably expect to face higher tax rates next year. She identifies tactics to...
In comments on the Senate Floor, Senator Max Baucus (D-MT) praised the Small Business Jobs Act of 2010 for providing $12 billion in targeted tax relief. Senator Chuck Grassley (R-IA) countered that the relief was not sufficiently targeted toward job...
In comments on the floor of the Senate, Senator Chuck Grassley (R-IA) sought changes to the Alternative Minimum Tax (AMT). Grassley offered several fixes including permanent repeal or a permanent "patch".See Grassley Statement: Lack of AMT Patch Causes Taxpayer Uncertainty.Posted...
Peter V. DeGregori, CPA of Vertical Advisors, LLP wrote a letter to the IRS urging the delay of an exam requirement for preparers under proposed regulations (REG-139343-08). The letter also opposed requiring non-signing preparers to register.Posted by James G. Haskell,...
Continue reading "CPA Urges Delay in Preparer Exam Requirement"
The Nichols Accounting Group, P.C. wrote a letter to the IRS endorsing the registration portion of proposed regulations REG-139343-08 but opposing the registration fee.Posted by James G. Haskell, Senior Associate Editor, Wealth Strategies Journal....
Continue reading "CPA Firm Endorses Tax Preparer Registration, Objects to Fee"
In Shanna Thornton et al. v. Crazy Horse Inc., the Federal Court for the District of Alaska refused to compel the disclosure of income tax returns sought by an employer in a Wage and Hours Act case.Posted by James G....
Continue reading "Employees Not Required to Disclose Income Tax Returns"
The Ninth Circuit Court of Appeals in Pacific Fisheries v. United States upheld an appeal from the Western District of Washington denying a Freedom of Information Act request. Pacific Fisheries sought the documents supporting deficient summonses the IRS issued in...
Continue reading "IRS Wins Freedom of Information Case in Ninth Circuit"
Thirty-one House Democrats signed a letter to Speaker of the House Nancy Pelosi (D-CA) urging the Speaker to extend tax cuts for all earners including those who make more than $250,000. President Obama and House Majority Leader Steny Hoyer (D-MD)...
U.S. Representative Harry E. Mitchell issued a press release calling for Congress to extend the Bush tax cuts. The press release includes a letter signed by Mitchell urging the House to extend all of the income tax cuts included in the...
Continue reading "Rep. Mitchell Calls to Extend Key Tax Cuts"
Senator Mitch McConnell introduced the Tax Hike Prevention Act of 2010 (S. 3773). If passed, the legislation would permanently extend the 2001 and 2003 tax cuts, raise the exemption for the alternative minimum tax, and lower the estate tax. ...
Continue reading "Sen. McConell Introduced the Tax Hike Prevention Act of 2010"
The Heckerling Institute on Estate Planning will be hosting the following program: 45th Annual Heckerling Institute on Estate Planning January 10 -14, 2011 The Heckerling Institute on Estate Planning is the nation's leading conference for estate planning professionals including attorneys,...
Christopher R. Hoyt, Professor of Law at University of Missouri - Kansas City School of Law, published an article entitled, "Rethinking Roth IRA Conversions in 2010." The article discusses the pros and cons for high-income earners wanting to convert their Roth 401(k)...
Continue reading "Christopher R. Hoyt: Rethinking Roth IRA Conversions in 2010"
Debra Cassens Weiss has published an article in the ABA Journal entitled, " 6-Month Suspension Urged for Lawyer Who Claimed to Channel Client's Dead Wife." The article provides details of a lawyer's claim to be have been possessed by client's...
Bridget M. Fuselier, Associate Professor of Law at Baylor Law School, published an article entitled, "Pre-embryos in Probate: Property, Person, or Something Else." The article addresses what a pre-embryo will be considered under the law and provides a step-by-step solution...
Continue reading "Bridget M. Fuselier: Pre-embryos in Probate: Property, Person or Something Else"
In the Washington Post, Shailagh Murray and Lori Montgomery have published an article that discusses the legislative agenda for the Congress as its members return from the August recess. The reporters confirm the widespread speculation that questions surrounding the expiration...
Continue reading "Washington Post: Fate of Tax Cuts is Key Issue as Congress Returns"
The Wealth Strategies Journal has posted a new article, "Bonus Depreciation and Section 179 Depreciation," by Ginger Skinner of the Skinner Law Group, LLC.You may find the article here....
Continue reading "Bonus Depreciation and Section 179 Depreciation"
The group Citizens for Tax Justice issued a report purporting to reviewing "myths and facts" about tax cuts.See Myths and Facts About Tax Cuts.Posted by James G. Haskell, Senior Associate Editor, Wealth Strategies Journal....
Continue reading "Citizens for Tax Justice Issues Report on Tax Cuts"
Senator Joe Lieberman (I-CT) in remarks to the Middlesex Chamber of Commerce in Connecticut endorsed extending the Bush tax cuts for another year and working to "prevent the estate tax from rising back to where it was."See Lieberman: Raising Taxes...
Continue reading "Lieberman In Favor of 1-year Bush Tax Cuts Extension"
In Estate of Cederloff v. United States, the U.S. District Court for the District of Maryland found the Estate failed to show that the IRS erroneously imposed a penalty. The Estate argued that the decedent's multiple residences, business and contemporaneous...
Continue reading "Court Denies Estate's Challenge to Penalty"
In Marshall Naify Revocable Trust et al. v. United States, the U.S. District Court for the Northern District of California denied deductions for state capital gains tax finding that "the value of the disputed claim was not ascertainable with reasonable...
Continue reading "Court Rejects Estate's Uncertain State Tax Deductions"
In an interview aired on C-SPAN, Assistant Treasury Secretary for Tax Policy Michael Mundaca suggested that the Obama Administration was considering an election to apply the 2009 estate tax to 2010 decedents. The election could allow estates valued under $3.5...
Continue reading "Obama Administration Suggests an Estate Tax Election for 2010"
In ECC 201036021, the IRS advised a surviving spouse who was not appointed the personal representative of his wife's estate that he lacked authority to appoint a representative on Form 2848 for years in which the couple filed joint returns....
Continue reading "ECC 201036021: IRS Determines Widower's Authority to Act on Behalf of Decedent"
In Private Letter Ruling 201036010 and 201036011, the IRS granted two individuals an extension to allocate their generation-skipping transfer tax exemption to transfers to trusts. Posted by Wesley J. Bailey, Senior Associate Editor, Wealth Strategies Journal....
In Private Letter Ruling 201036013, the IRS ruled that a qualified terminable interest property (QTIP) election made for a decedent's estate is null and void for federal estate and generation-skipping transfer (GST) tax purposes. Posted by Wesley J. Bailey, Senior...
Continue reading "PLR 201036013: IRS Ruled QTIP Election Is Void For Estate & EST Tax Purposes"
In Private Letter Ruling 201036008, the IRS ruled that the income of a trust formed by a city-created corporation to provide postemployment benefits to its eligible employees is excludable from gross income under section 115(1) because it's derived from the...
Wendy C. Gerzog, Professor of Law at the University of Baltimore School of Law, has published an article entitled, "The Price of an FLP Annual Exclusion." The article addresses the case of Price v. Commissioner. The Tax Court in Price...
Continue reading "Wendy C. Gerzog: The Price of an FLP Annual Exclusion"
The law firm of Morris, Nichols, Arsht & Tunnell, LLP has sent out a Delaware Trusts, Estates & Tax Law Update regarding the Delaware Chancery Court case of Stone v. Stant. The article addresses the importance of having an independent...
Jonathan G. Blattmachr has published an article entitled, "Looking Back and Looking Ahead: Preparing Your Practice for the Future: Do Not Get Behind the Change Curve." Blattmachr articulates the importance of law firms and other non-profit legal service providers preparing their practice...
Tara Siegel Bernard has published an article in the New York Times entitled, "In Using Software to Write a Will, a Lawyer Is Still Helpful." Bernard utilizes four different softwares to help her draft a will. Afterward, she has an...
Continue reading "Tara Siegel Bernard: In Using Software to Write a Will, a Lawyer Is Still Helpful"
Tom Herman has published an article in the Wall Street Journal entitled, "The Future of the Estate-Tax Law." Herman provides a prediction of what congress will do to modify the estate tax expiration. Specifically, he predicts that congress will not...
Continue reading "Tom Herman: The Future of the Estate-Tax Law"
In Theresa Beat v. United States, the U.S. District Court for the District of Kansas ruled there was insufficient evidence to establish a common law marriage and denied the executrix the marital tax deduction claimed on the estate tax return. ...
Wendy C. Gerzog, professor at the University of Baltimore School of Law, has published an article titled "The Price of an FLP Annual Exclusion." In the article, Gerzog examines the Tax Court's decision in Price v. Commissioner which considers whether...
Continue reading "Gerzog: The Price of an FLP Annual Exclusion"
The Wealth Strategies Journal has posted a new article entitled "A Kafkaesque Estate and Bracing for the 2011 Tax Uncuts" by Estate Analyst columnist, Robert Moshman.Please find the article by clicking here. ...
Continue reading "Estate Analyst: A Kafkaesque Estate and Bracing for the 2011 Tax Uncuts"
In yesterday's most highly emailed article on Forbes.com, Deobrah Jacobs writes about how high legal fees have led consumers to do their own estate plans and how lawyers should woo them back by offering basic, affordable services. The article quotes Wendy...
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Chad J. Pomeroy, attorney, published an article entitled, "Ending Surprise Liens on Real Property." The article addresses the issue of surprise liens which are not recorded in the real property filing system. Specifically, the article examines and refutes the underlying justifications for...
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Lee Lytton, professor of law at St. Mary's University School of Law, has published an article entitled, "Save the Land from Uncle Sam: Using Life Insurance Premium Financing in Estate Planning." Lytton provides an estate planning technique to pass on...
The Wealth Strategies Journal has posted a new article entitled Part V: An Introduction to Lesser Known But Useful Trusts by Wendy Goffe of Graham & Dunn. This is the fifth in a six-part series by Ms. Goffe.Part V includes...
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The Wealth Strategies Journal has just published the first in a new series, entitled "Practitioner Profiles." These periodic interviews will profile various practitioners in the fields of estate planning, asset protection and taxation. This week's profile is of Lisa M....
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The University of Iowa Law School will be hosting the following lecture: Why the Grantor Trust Rules Should be Repealed Mark L. Ascher, the Joseph D. Jamail Centennial Chair in Law, Univerisity of Texas Please click here for...
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Richard Epstein, professor of law at New York University and Senior Fellow at the Hoover Institution, published an article in Forbes magazine entitled, "Let The Estate Tax Die a Merciful Death." The article is in response to a Wall Street...
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The United States Court of Appeals for the Federal Circuit ruled that securities purchased on margin by a Cornell University tax-exempt trust qualified as debt-financed property subjecting the income to the unrelated business income tax (UBIT). The decision affirms decisions...
A recent tax court opinion (In re Estate of Caer) limited the tax credit for taxes paid an estate could take to that specified in Internal Revenue Code Section 2013 (b) and (c). The court also denied an untimely QTIP...
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A recent case from the Easter District of Virginia (United States v. J. Bryan Williams) gives hope to taxpayers facing possible FBAR penalties. The Court denied the government civil penalties for failure to report foreign interest income. The Court's decision...
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The Court of Appeals for the Seventh District of Texas, wrote an opinion regarding lost wills in the case of In re Estate of Catlin, 311 S.W.3d 697 (Tex. App. - Amarillo 2010, pet. denied). Specifically, the court found that...
Wayne E. Nix, assistant professor of accountancy at Jackson State University, Lee G. Knight, professor of accountancy at Wake Forest University, and Ray A. Knight, managing director of Capstone Planning Alliance, LLC, have published an article in the Journal of Accountancy entitled, "New...
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Robert Frank has published an article in the Wall Street Journal entitled, "How to Shield Assets Like the Rich." Frank examines the controversy surrounding the ownership of the major league baseball team, the Los Angeles Dodgers, that is currently being litigated...
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Cheryl Costa has published an article in the Boston Globe entitled, "No Estate Tax Due in 2010 But Beware of Cap Gains." The article addresses how executors should be aware of more than the expiring estate tax. Specifically, executors should pay...
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In Private Letter Ruling 201035001 and 201035008, the IRS granted an individual an extension to allocate a generation-skipping transfer tax exemption to transfers to several trusts. Posted by Wesley J. Bailey, Senior Associate Editor, Wealth Strategies Journal. ...
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The New York Times has published an article titled "Obama to Propose Tax Write-Off for Business." The article discusses President Obama's proposal to jump-start the economy by allowing businesses to take tax deductions for the full value of new equipment purchased through...
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The ABA Section of Real Property, Trust and Estate Law will host a program addressing estate tax issues for legal professionals. It will feature the following experts: Susan K. Dromsky, Esq. of Brach Eichler LLC in Roseland, NJRyan M. Harding...
Elderlawanswers.com recently published an article discussing the importance of speaking to professionals as a marketing tool. Specifically, they advice discussing with financial planners, accountants, and others who work with seniors as a way to market elder law services. The article...
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Robert Rubin, former secretary of the US Treasury and co-chairman of the Council on Foreign Relations, and Julian Robertson, chairman of Tiger Management LLC, published an article for the Wall Street Journal entitled: Bring Back the Estate Tax Now. Rubin...
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The Wealth Strategies Journal has published a new article entitled "Business Succession Planning With the Four Levels of Ownership and Control" by Gregory Monday of Foley & Lardner LLP....
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The Aspen Family Business Group has released its latest monthly newsletter. This issue provides guidance on how to properly navigate Buy Sell Agreements "documents the terms and conditions for a sale of business interests under given triggering events" like death...
The Franklin News Post of Rock Mountain, Virginia has published an article that addresses the estate tax debate and its effect on small businesses and family farms. The article suggests that the 55% rate scheduled to return at the beginning...
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In a recent newsletter, CCH, a tax services conglomerate, highlighted a decision by the Tax Court that the California-based Foundation of Human Understanding is not a religious organization "because its associational activities were incidental to its primary functions of writing,...
The Wealth Strategies Journal has posted a new article entitled Part IV: An Introduction to Lesser Known But Useful Trusts by Wendy Goffe of Graham & Dunn. This is the fourth in a six-part series by Ms. Goffe.Part IV includes...
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The American Bar Association Section of Real Property, Trust & Estate Law will be hosting a 90-minute teleconference & audio webcast on September 14, 2010 entitled: Pulling Back the Curtain: Dealing with Oft-overlooked State Death Taxes Click here...
Citybizlist.com reports that two candidates for the United States Senate in Maryland have signed a pledge to repeal the estate tax. Specifically, the article notes that candidates Dr. Eric Wargotz and Jim Rutledge have signed the pledge. Please click...
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Mark Klimek published an article in the Wall Street Journal. Klimek discusses why it may be important to consider certain estate planning strategies even when the future needs are uncertain. Please click here to read the article. Posted...
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