McGuireWoods LLP recently published an article entitled, "The Globalization of Philanthropy." The article discusses the use of international tax-exempt organizations as a tool to avoid taxation. Specifically, the use of charitable contributions for non-tax exempt purposes.Posted by Shahzeb Gaziani, Senior...
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McGuireWoods LLP recently published an article entitled, "Recent Legislation Cuts Payroll Taxes for Most Workers." The article discusses the recent payroll tax cut and the impact on employers.Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies Journal....
Continue reading "McGuireWoods: Recent Legislation Cuts Payroll Taxes for Most Workers"
McGuireWoods published an article entitled, "New IRS Voluntary Disclosure Program on the Horizon for U.S. Persons with Undisclosed Foreign Financial Accounts." The article discusses the IRS's new reduced-penalty voluntary disclosure program for U.S. owners of previously undisclosed foreign financial accounts. ...
The Earned Income Tax Credit is a financial boost for workers earning $48,362 or less a year. Four of five eligible taxpayers filed for and received their EITC last year. The IRS wants you to get what you earned also,...
Continue reading "Tax Tip 2011-20: EITC - Don't Overlook It"
In U.S. News and World Report, Barbara Weltman has published an article that explains to readers "what the new [estate tax] rules are and whether [they] need to take action now." To review Weltman's complete article, please see "What You Need to Know about the...
Continue reading "U.S. News: What You Need to Know about the Estate Tax"
Direct Deposit is the fastest, safest way to receive your tax refund. An e-filed tax return means a fast refund. Taxpayers who combine e-file and Direct Deposit can get their refunds in as few as 10 days. IRS Tax TIp...
Continue reading "Tax Tip 2011-19: Want Your Tax Refund Fast - Choose Direct Deposit"
In Chief Counsel Advice 201104040, the IRS has advised that a "taxpayer who completes construction and occupies a new home on land with a previous home that the taxpayer owned and used for the required time can qualify for the...
In PLR 201104012, the IRS ruled that when the taxpayer reasonably relies on an accounting firm and a law firm and the accounting firm fails to file the 709 form to allocate the GST exemption in year 1 and the...
In PLR 201104003, the IRS has ruled that for a trust created before September 25, 1985 (that has not had any contributions after that date) the conversion of the trust of the trust into a unitrust will not cause the...
Robert W. Wood of Wood & Porter in San Fransisco offers 10 tips to young tax practitioners including "how to manage the scope of tax return preparer liability, understand opinion standards, deal with tax shelters, and minimize penalties with disclosures."See...
Continue reading "Robert Wood: 10 Tips for Young Tax Lawyers"
The Congressional Research Service has issued a recent report looking at the history of the wealth transfer taxes including the estate, gift and GST taxes. The history includes the recent changes to the transfer taxes that will expire at the...
Continue reading "CRS Report on History of Estate and Gift Taxes"
The Economist published an article entitled, "More Millionaires than Australians." The article examines the differing opinions on what qualifies as rich and examines how much of wealth is concentrated by the rich.Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies...
Continue reading "The Economist: Where Wealth Is & Where It Came From"
For an individual holding an interest in a business or investment entity taxed as a partnership, a charitable transfer can create an attractive planning opportunity while providing welcome support to a favored charity. In this article, North Carolina-based CPA and...
Continue reading "Navigating the Charitable Transfer of a Partnership Interest: A Planner’s Guide"
Shai Oster And Kate O'Keeffe published an article in the Wall Street Journal, "Billionaire Speaks Up in Casino Drama." The article follows the public drama of Chinese tycoon Stanley Ho and his family. Specifically, the article discusses the recent public...
Continue reading "Shai Oster And Kate O'Keeffe: Billionaire Speaks Up in Casino Drama"
Did you know that your children may help you qualify for some tax benefits? IRS Tax Tip 2011-18 list ten points for parents consider when filing their tax returns this year. Dependents In most cases, a child can be claimed...
Continue reading "Tax Tip 2011-18: Ten Tax Benefits for Parents "
In a recent article that assess the impact of the newly reinstated estate tax, CNN reports thatwhile the debate about the controversial "death tax" has settled down for the moment, the real boost to the wealthy under the new rules...
H.R. 177 would repeal Subtitle B of the Internal Revenue Code of 1986 which relates to the estate, gift, and gst.Posted by Joseph Siegmann, Associate Editor, Wealth Strategies Journal....
Tax Notes has published an article reporting that Catherine Hughes, an IRS attorney, stated that guidance is coming for 2010 estate and basis allocation issues as well as several related issues.See Sam Young, "Guidance for Administration of 2010 Estates Nearing Release,...
Tax Notes has published an article by Bridget Crawford, professor of law and the associate dean for research and faculty development at Pace University School of Law. The article reviews the 10 most downloaded articles related to estate and gift...
The Wealth Strategies Journal has published a new article entitled, "The Outlook for Estate Planning Practitioners," by William A. Conway, Esq. of WealthCounsel, LLC.The article may be found here....
Continue reading "The Outlook for Estate Planning Practitioners"
Venable's Legislative and Government Affairs Practice Group published its January 2011 newsletter entitled, "Capitol View." The following are the articles in this issue:1. Boehner Elected Speaker, Promises More Transparent Leadership Style2. Energy and Commerce: A flurry of activity for Congress's...
Laura M. Holson published an article in the New York Times entitled, "For Funerals Too Far, Mourners Gather on the Web." The article discusses a new trend to stream funerals on the web.Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth...
Continue reading "Laura M. Holson: For Funerals Too Far, Mourners Gather on the Web"
The IRS Small Business and Self-Employed Tax Center at http://www.irs.gov/smallbiz offers extensive resources and online tools designed to help small businesses and self-employed persons. IRS Tax Tip 2011-17 explains why taxpayers may find the Center useful. The IRS Small Business...
Continue reading "Tax Tip 2011-17: Tax Help for Small Businesses and Self-Employed"
A new report issued by the Congressional Research Service found that farm assets accounted for 3.25% of the total value of taxable estates that filed returns in 2009. The same report found that business assets accounted for 13.86% of taxable...
Continue reading "CRS Report Details Farm and Small Business Assets on Estate Returns"
Steven M. Harris, a tax attorney in Miami, has published a recent article on mitigating the effects of a criminal conviction in an IRS-investigated case. Harris details the importance of minimizing issue preclusion and collateral estoppel during the criminal phase...
Continue reading "Limiting Effects of Criminal Tax Convictions on Subsequent Civil Proceedings"
Mama Jackson's Partner: MJ Estate is a Dictatorship!, TMZ, Jan. 20, 2011. Michael Jackson Estate suing Katherine Jackson's business partner, Howard Mann. Mann thinks that the lawsuit is unfounded and malicious. He also thinks that the estate is a "fraudulently...
Continue reading "Howard Mann Responds to Suit Filed by Jackson Estate"
If you are in business for yourself, or carry on a trade or business as a sole proprietor or an independent contractor, you generally would consider yourself self-employed and you would file IRS Schedule C, Profit or Loss From Business...
Continue reading "Tax Tip 2011-16: Tax Tips for Self-employed Individuals "
The Trust Advisor Blog has published an interview with "estate tax guru Jonathan Blattmachr [who] says wealth planning will change radically over the next 10 years."To read the complete interview and learn more about Mr. Blattmachr's insights, please see "Visionary...
Continue reading "The Trust Advisor: Visionary Predicts Future of Estate Planning"
Many working taxpayers are eligible for the Making Work Pay Tax Credit in 2010. The credit is based on earned income and is claimed on your 2010 tax return when you file your taxes in 2011. IRS Tax Tip 2011-15...
Continue reading "Tax Tip 2011-15: Five Important Facts about the Making Work Pay Credit "
In PLR 201103023, the IRS ruled that when the taxpayer hired an accountant to prepare the 709 GST tax return and the accountant failed file the return the taxpayer had acted reasonably and had relied on advice from qualified tax...
Continue reading "PLR 201103023: Extension of time to make GST election"
In PLR 201103016, the IRS ruled that when the taxpayer hired a CPA firm to prepare the 709 GST tax return and the CPA firm "failed to allocate Donor's available GST exemption" to the trust that the taxpayer had acted...
Continue reading "PLR 201103016: Extension of time to make GST election"
In PLR 201103004, the IRS ruled that when the taxpayer has relied on a qualified tax professional to prepare the 706 estate tax return and that tax professional failed to elect QDOT treatment for a trust on the 706 that...
Continue reading "PLR 201103004: Extension of time to make QDOT election"
In PLR 201103003, the IRS ruled that when the taxpayer hired an accountant to prepare the 706 estate tax return and the accountant filed the 706 "without regard to the alternate valuation election" that the taxpayer had complied with the...
Continue reading "PLR 201103003: Extension of time to elect alternative valuation for estate"
In Linton v. United States, No. 09-35681 (9th Cir. 2011), the Ninth Circuit held that the district court's summary judgment for the government denying the refund to the taxpayer for gift taxes paid was improper. Specifically, the Ninth Circuit held...
Continue reading "9th Circuit reverses summary judgment to government regarding gift tax "
Lynnley Browning published an article in the New York Times entitled, "Tax Leak Consequences Depend on Details." The article discusses the impact of the swiss tax data that wikileaks possess. Specifically the article speculates that if the data is released...
Continue reading "Lynnley Browning: Tax Leak Consequences Depend on Details"
The ABA is hosting a teleconference entitled:The Lattest News from Washington: Legislative and Tax Policy Discussion with Lindy Paull and Eric SolomonPosted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies Journal...
This may be seen as a boost to business for both estate planners and physicians, The Trust Advisor Blog in its article titled "Obamacare to Send Seniors to Estate Planners Before Visiting Their Doctor" reports that starting January 1, 2011, physicians...
Last week, in Mayo Foundation for Medical Education Research v. United States, the United States Supreme Court ruled unanimously that medical residents are employees, not students, for purposes of Federal Insurance Contributions Act (FICA) taxes. Educational organizations nationally - including...
Continue reading "Medical Residents Are Employees, Not Students, for Federal Tax Purposes"
American Bar Association has posted following daily Report of the 45th Annual Heckerling Institute on Estate Planning. Report 3, Tuesday January 26, 2011(The Lloyd Leva Plaine Distinguished Lecture): The Politics and Policy of the Estate Tax - Past, Present and FutureIn this presentation,...
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DELOITTE presents the following Financial Services Webcasts. See below for a brief description of the Webcasts provided by Deloitte and registration links.Special Edition Webcast: Insurance Friday, February 4, 2:00 PM EST To register click here.Private Equity, Hedge Funds & Mutual Funds Tuesday, January...
Continue reading "SAVE THE DATE: Financial Services Webcasts: January 24 - February 25"
Taxpayers who need certain prior year tax return information can obtain it from the IRS. IRS Tax Tip 2011-13 list nine important points for those who need federal tax return information from a previously filed tax return: There are three...
Continue reading "Tax Tip 2011-13: How to Get Your Prior Year Tax Information from the IRS "
Revenue Ruling 2011-4 provides various prescribed rates for federal income tax purposes for February 2011 (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....
In publication 2011-3 the IRS reminded small charities may be able to shift to filing the 990-N (e-Postcard) instead of either form 990 or 990-EZ and that the IRS provided guidance in Revenue Procedure 2011-15 permitting more small charities to...
Continue reading "IRS reminds small charities filing requirements may have gotten easier"
The Treasury's Financial Crimes Enforcment Network has issued its annual report for 2010. The report touts interagency successes amending foreign bank account reporting regulations and work with the IRS's Criminal Investigation division. The report also cites the Network's largest civil...
Continue reading "Treasury's Financial Crimes Enforcement Network Issues Annual Report"
Revenue Ruling 2011-4 provides various prescribed rates for federal income tax purposes for February 2011 (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. These...
Wells Fargo has hired JDM Public Strategies LLC to track developments in tax law reform. See "Lobby Lookout: Wells Fargo Tracking Tax Reform, Estate Tax," 2011 TNT 13-6 (January 19, 2011). Posted by James G. Haskell, Senior Associate Editor, Wealth...
Continue reading "Wells Fargo Hires Lobbyist to Track Tax Changes"
A Senate Finance Committee Democratic staff member has reiterated Committee Chair Max Baucus' (D-MT) interest in sweeping tax reform. The staffer who spoke at a January 18th meeting of the Worldwide Employee Benefits Network in Washington noted the high costs...
Continue reading "Retirement and Health Benefit Tax Breaks On the Table for Tax Reform"
Paul Sullivan, Exploring Trusts for the Disabled, N.Y. Times, Nov. 5, 2010. One type of planning vehicle that avoided contentious debate in all the recent discussions about taxes and estate planning techniques is the special-needs trust. These trusts are designed...
Continue reading "Paul Sullivan, Exploring Trusts for the Disabled"
In Uzyel v. Kadisha, 116 Cal. Rptr. 3d 244 (Cal. Ct. App. 2010), a California intermediate appellate court issued a decision comprehensively interpreting Probate Code § 16440 governing remedies for breach of trust. The court held that tracing is not...
The ABA is hosting a webinar entitled:Life Care Planning and Estate Planning: What Every Attorney Needs to Know About the DifferencesPosted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies Journal....
David Cay Johnston published an article in Tax Notes Today entitled, "Making Tax Simple." In the article, Johnston examines the reforms proposed by National Taxpayer Advocate Nina Olson.Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies Journal....
The BBC published an article entitled, "Wikileaks given data on Swiss bank accounts." The article discusses how wikileaks received bank account data on 2,000 prominent people from a former swiss banker.Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies Journal....
Continue reading "Wikileaks given data on Swiss bank accounts"
Deloitte is hosting a webcast entitled:Bush-era Tax Cuts Now Extended: What Are the Considerations for Individual PlanningPosted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies Journal....
There are two federal tax credits available to help you offset the costs of higher education for yourself or your dependents. These are the American Opportunity Credit and the Lifetime Learning Credit. To qualify for either credit, you must pay...
Continue reading "Tax 2011-12: Two Tax Credits to Help Pay Higher Education Costs "
Everyone can prepare and e-file their federal tax returns for free through the IRS Free File Program. Free File is offered through a public-private partnership between the Internal Revenue Service and brand-name tax software companies. Free File can help you...
Continue reading "Tax Tip 2011-11: Let Free File do the hard work for you "
IRS e-file is now the norm; not the exception. The number of e-filed Form 1040 tax returns is approaching 1 billion after 20 years of safe, secure service. In 2010, 99 million people - 70 percent of all individual taxpayers...
Continue reading "Tax Tip 2011-10: Prepare and File Your Taxes Electronically "
McGuire Woods has released the following message concerning a new law in the United Kingdom: There is a new UK Bribery Act which impacts any company conducting business in the UK - regardless of transaction size or method of payment...
Continue reading "New UK Bribery Act: Companies with any Business in UK are at Risk "
The Trust Advisor Blog has reported on emerging controversy surrounding the estate and will of Elizabeth Edwards, who passed away on December 10, 2010. Some speculate that, on her deathbed, Edwards may have expressed her wishes to disinherit her estranged...
Continue reading "The Trust Advisor: Should Elizabeth Edwards' Heirs Sue for Malpractice?"
The IRS has called for comments regarding 501(c)(3)s; the Patient Protection and Affordable Care Act; Regulated Investment Companies; and real estate income and expense of pass through entities. The call for comments can be found at http://www.federalregister.gov/articles/2011/01/14/2011-810/submission-for-omb-review-comment-request.Posted by James G....
The IRS has issued Publication 537: Installment Sales for use in preparing 2010 returns.Posted by James G. Haskell, Senior Associate Editor, Wealth Strategies Journal....
The Congressional Research Service has issued several new reports of interest to the tax community. The reports include a report on new rules for revenue legislation including "pay as you go" House budget rules; a report on the patenting of...
The IRS has issued a number of PLRs regarding an agreement among the great-grandchildren of a decedent finding no adverse tax consequences. The agreement among the great-grandchildren was the result of extensive litigation and negotiations and concerned distributions of a...
Continue reading "Series of PLR's Relating to Great-Grandchildren's Agreement to Divide Estate"
A client decided to change her will. She met with her lawyer, gave him handwritten notes of her intended dispositions, and he produced a draft. The client left the office without seeing the draft and died within the hour. The...
Continue reading "Draft Cannot be Probated Under Harmless Error Rule"
The National Business Institute is sponsoring a 90-minute teleconference entitled Single-Member LLCs in Asset Protection: How the Olmstead Decision has Changed the Practice on January 26. The program description is below: Get an incisive analysis of the recent Florida Supreme...
Continue reading "CLE on Single-Member LLCs in Asset Protection"
American Bar Association has posted its initial daily Reports of the 45th Annual Heckerling Institute on Estate Planning. Introduction, Part I, Monday January 1To read the introductory remarks, click here. Report 1, Monday, January 10Fundamentals Program No. 1 of 3From Soup to Nuts...
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The first step to filing your federal income tax return is to determine which filing status to use. Your filing status is used to determine your filing requirements, standard deduction, eligibility for certain credits and deductions, and your correct tax....
Continue reading "Tax Tip 2011-09: Eight Facts About Filing Status "
Representative Phil Gingrey, M.D. (R-GA), introduced a bill that would extend tax relief permanently and end the estate tax. The bill (H.R. 123) is part of a seven bill package offered by Representative Gingrey to "fundamentally change the way we...
Continue reading "H.R. 123: Permanent Tax Relief, Repeal Estate Tax"
IRS Commissioner Douglas Shulman has said that the IRS is considering a second round of voluntary offshore disclosure amnesty. The first program which ended October 15, 2009 allowed companies to correct dubious offshore disclosures at reduced penatlies and a lower...
Continue reading "New Round of Offshore Voluntary Disclosure?"
The Jewish Federation of Greater Washington reports: The IRS has clarified that "required minimum distributions from an IRA taken by a taxpayer during 2010 cannot be rolled over to an IRA." This position prevents taxpayers who want to return RMDs...
The Jewish Federation of Greater Washington reports: In a letter to Senator Orin Hatch [R-UT], the IRS has issued guidance regarding how losses from fraudulent investment schemes are treated in charitable remainder trusts, IRAs and personal savings.To view the IRS...
Continue reading "Treatment of Losses from Fraudulent Investment Schemes"
The Jewish Federation of Greater Washington reports: Although a new $5 million estate tax break may be welcome news to many taxpayers, the provision is scheduled to expire at the end of 2012. Writing for Forbes, Deborah L. Jacobs discusses...
Continue reading "Heard on the Web: Planning For A Disappearing Estate Tax Break"
The Jewish Federation of Greater Washington reports: In a letter to House member Michael Capuano, [D-MA], the IRS has clarified the deductibility, valuation and substantiation of the charitable contribution of an easement under the federal Historic Preservation Tax Incentives Program.To...
Continue reading "IRS Clarifies Historic Preservation Tax Incentives Program"
McGuireWoods Private Wealth Services Group published a white paper entitled, "The 2010 Tax Act's Impact on Estate Planning and Administration: Making sense out of the Confusion." The paper analyzes the 2010 Tax Act's impact on estate planning and how to...
Donald P. DiCarlo, Jr. published an article entitled, "What Estate Planners Need To Know About The Step Transaction Doctrine." The article examines the court's analysis of the Step Transaction Doctrine to determine whether an estate planning transaction should be collapsed. ...
WealthCounsel and Trusts & Estates Magazine issued a press release announcing the release of their Fourth Annual Industry Trends Survey. They released a summary of their findings which provides an optimistic outlook for the wealth planning industry.Posted by Shahzeb Gaziani,...
Donald H. Kelley published an article entitled, "2011 Tax Law Changes: Revisions required for Estate Tax calculation programs." The article examines the different changes in the tax law and how it impacts estate planning. Specifically, it provides practioners with issues...
The National Business Institute is sponsoring a 90-minute teleconference on January 18 entitled Using Gifting Strategies in Medicaid Planning. The program description is below:Gifting remains one of the essential Medicaid planning tools, despite the recent and anticipated tax law changes....
Continue reading "CLE on Gifting Strategies in Medicaid Planning"
Paul Sullivan published a new article A Child's Legacy is More than Money, N.Y. Times, Nov. 4, 2010.Paul Sullivan, a New York Times personal finance author, recently wrote about what he wants to pass on to his daughter. He...
Ken Kurson published a new article Should You Have a Will?, Bankrate.com, Oct. 4, 2010. The primary purpose of a will is to guarantee that your assets are distributed according to your wishes. Even if you don't have money now,...
The 45th Annual Philip E. Heckerling Institute on Estate Planning is being held on January 10-14, 2011 at the Orlando World Center Marriott Resort and Convention Center in Orlando, Florida.The complete list of proceedings and speakers is available on the...
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Tax information can be tough to understand in any language, but it can be even more difficult if it is not in your first language. The IRS offers a wide range of free and easy-to-use products and services for Spanish...
In the article titled Is Law School a Losing Game, written by David Segal and published by The New York Times, Mr. Segal discusses an ever prevalent dilemma of whether law degree is as valuable as national statistics lead us to believe....
The Chicago Tribune has published an article reporting that the income tax hike legislation currently being considered by Illinois law makers includes a provision that would reinstate an Illinois state estate tax exemption of $2,000,000.00. The income tax hike legislation does...
Roberton Williams recently published a new article on January 11, 2011 PAYGO in the House: What it Means and Won't Mean at Christian Science Monitor. In one of their first actions after taking control of the House of Representatives last...
Continue reading "PAYGO in the House: What it means - and won't mean"
The Real Property, Trusts and Estate Law Section of the American Bar Association will host a teleconference titled "Qualified Disclaimers - What Part of "No" Don't You Understand?". The teleconference will address the use of qualified disclaimers of assets. ...
Some tax rules affect every person who may have to file a federal income tax return - these rules include dependents and exemptions. IRS Tax Tip 2011-07 explains some helpful points about dependents and exemptions that will help you file...
Continue reading "Tax Tip 2011-07: Six Important Facts about Dependents and Exemptions "
The Wealth Strategies Journal has posted a new article entitled, "2010 Transfer Tax Changes," by George D. Karibjanian, Esq.You may find the article by clicking here....
The IRS has released a new publication, Selling Your Home, detailing the home sale exclusion and the first-time home buyer credit. The publication is intended to help 2010 filers.Posted by James G. Haskell, Senior Associate Editor, Wealth Strategies Journal....
In Estate of Tinken v. United States, the Supreme Court denied certiorari to the estate's challenge to its tax liability assessed by the IRS. The District Court found the grandfathering exemption of the GSTT, under which the estate was challenging...
Continue reading "Supreme Court Will Not Review GSTT, Partnership, Unreported Income Cases"
The New York Times has an interesting post captioned "Why So Many Rich People Don't Feel Very Rich," which probably applies to a lot of wealth planners as well as their clients. Posted by Lewis J. Saret, General Editor, Wealth Strategies...
Continue reading "NYT: Why So Many Rich People Don't Feel Very Rich"
The Congressional Research Service has released a series of new reports of tax interest. The reports include a history of the capital gains tax, an update of its previous report on expiring tax cuts, a comparison of traditional and Roth...
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Continue reading "Tax Tip 2011-06: Points to Keep in Mind When Choosing A Tax Preparer "
Writing for the The Trust Advisor Blog, trust expert Jerry Cooper has posted an article that reports on some of the new "gadgets" showcased at the 2011 Las Vegas Consumer Electronics Show. Cooper identified many products that he felt would...
Continue reading "Trust Advisor: Must-Have Gadgets for Trust Advisors"
IRS Tax Tip 2011-05 lists 10 reasons taxpayers may benefit from a visit to the IRS website at http://www.irs.gov. Access 24-hour service: If you find yourself working on your tax return over the weekend, there's no need to wait to...
Continue reading "Tax Tip 2011-05: Top 10 Reasons to Visit the IRS Website "
In PLR 201101001, the IRS ruled that an agreement, created after significant litigation, among a decedent's great grandchildren to distribute trust assets based on a "sophisticated algorithm taken to thirteen decimal places" would not cause trust distributions to be subject...
The Center on Budget and Policy Priorities published an article stating that the House Republican majority vote to change from "pay-as-you-go" requirement to a system where tax cuts do not have to be offset by corresponding budget cuts will encourage the...
Continue reading "House change in procedure encourages creating deficits"
The Senate Democratic Policy and Communications Committee published a report stating that the repeal of health care reform and the permanent extension of tax cuts for high income individuals, estate tax reduction, and a 20% gross income tax deduction for business...
In 76 F.R. 1105, the IRS has proposed revisions to the regulations under section 6049 that will alter the reporting requirements for interest on deposits "maintained at U.S. offices of certain financial institutions and paid to nonresident alien individuals."Posted...
The Internal Revenue Service has free tax forms and publications on a wide variety of topics. Due to the continued growth in electronic filing, the availability of free options to taxpayers and efforts to reduce costs; the IRS will no...
Continue reading "Tax Tip 2010-04: Ways to Obtain IRS Forms and Publications"
Business Insider has compiled a list of Facebook's wealthiest shareholders and reported that the company's "$50 billion valuation means lots of Facebook employees, ex-employees, investors and other stakeholders are, on paper, wealthy enough that their children and their children's children will...
Continue reading "Business Insider Profiles Facebook Billionaires"
The Washington Post has published an article reporting that Elizabeth Edwards' will left everything to her children and omitted John Edwards. A copy of her will is available here.Posted by Joseph Siegmann, Associate Editor, Wealth Strategies Journal. ...
Tax Analysts reports that Americans Standing for Simplification of the Estate Tax (ASSET) has hired Arent Fox LLP. ASSET is looking for support from small businesses. Phil English, former House Ways and Means Committee member is among Arent Fox's lobbyists.See...
Rep. Dave Camp (R-MI) was elected as House Ways and Means Committee Chair. Camp said that job creation and economic growth will be his highest priorities. Camp focused on tax reform and replacing last year's health reform bill as his...
House Republicans voted January 5 to adopt new cut-as-you-go procedural rules. The new rules replace the old pay-as-you-go rules. Under the old system, any tax cut or budget expenditure had to be offset by tax increases or expenditure cuts elsewhere,...
Continue reading "Cut-As-You-Go Rules Replace Paygo and Catches Criticism"
In her annual report to Congress, National Taxpayer Advocate Nina E. Olson said that tax reform is the number one priority for tax administration. Olson describes the compliance burden on taxpayers and notes that one of the greatest challenges to...
Continue reading "National Taxpayer Advocate: Tax Reform is Top Priority"
Michael D. Bonasera published a piece on the Ohio Trust and Estate Blog entitled, "Opinions Differ Widely On Effect Of New Estate Tax Law." The article discusses the various opinions on how beneficial or harmful the new legislation is on...
Continue reading "Michael D. Bonasera: Opinions Differ Widely On Effect Of New Estate Tax Law"
Janet Novack published an article entitled, "Rewrite Your Will? Not Just Yet." The article discusses reasons why one should not rewrite their will despite the new updates provided by the law. Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies...
Continue reading "Janet Novack: Rewrite Your Will? Not Just Yet"
Susan Minahan and Brad Kalscheur published an article entitled, "Wealth planning under the 2010 Tax Relief Act: Temporary estate and gift tax planning opportunities." The article discusses what the rate will be of the estate tax for the next two...
Allan Brettman published an article entitled, "Knight shifts 2 million Nike shares to trust fund." The article discusses the Grantor Retained Annuity Trust utilized by Mr. Knight as a common technique to transfer stocks without paying the gift or estate...
Continue reading "Allan Brettman: Knight shifts 2 million Nike shares to trust fund"
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 TAX TIP 2011-01, January 03, 2011: Top 10 Tax Time Tips"
Scott Martin, Obamacare to Send Seniors to Estate Planners Before Visiting Their Doctor, The Trust Advisor Blog, Jan. 1, 2011. Starting on January 1, physicians can now bill Medicare for time they spend discussing end-of-life healthcare preferences with their patients....
Continue reading "Obamacare May Increase Business for Estate Planners"
Deborah L. Jacobs, New Estate Tax Law Could Hurt Charity, Forbes, Dec. 28, 2010. The economic crisis has caused many people to reduce current charitable giving, and the new tax law will probably cause many people to reduce future bequests...
To file your 2010 individual tax return, you'll have to decide which form to use...unless you e-file. This year, choosing which form to file will be even more important since the IRS will no longer be mailing paper tax packages....
Continue reading "Tax Tip 2011-03: Choose the Simplest Tax Form for Your Situation "
Ryan J. Donmoyer has published an article titled "Tycoon's Death Ducks Tax a Century After Family Case" in Bloomberg Businessweek. In the article, Donmoyer reports that "textile tycoon Roger Milliken avoided the taxman upon his death almost a century after his grandfather lost...
Continue reading "Bloomberg Businessweek: Tycoon's Death Ducks Tax a Century After Family Case"
The Wealth Strategies Journal has posted a new article entitled "Estate Analyst: The Year of the Ginormous Loophole" by Robert Moshman, Esq.You may find the article by clicking here....
Continue reading "Estate Analyst: The Year of the Ginormous Loophole"
The IRS has released fact sheets regarding tax law changes, free IRS tax help and the IRS's presence on social media applications. The fact sheets include:FS-2011-01: 2010 Changes Offer Expanded Tax BenefitsFS-2011-02: Tax Changes for Small BusinessesFS-2011-03: Most Workers Need...
Continue reading "IRS Releases Fact Sheets on Tax Law Changes; Social Media Applications"
In the case of United States v. James A. Simon, the U.S. District Court for the Northern District of Indiana found sufficient evidence to uphold Simon's conviction for fraud, filing false federal income tax returns, and failure to file foreign...
The IRS recently announced that this year's deadline to file a tax return would be April 18th instead of April 15th; the IRS stated in a press release: Taxpayers will have until Monday, April 18 to file their 2010 tax returns and pay any tax...
You must file a federal income tax return if your income is above a certain level; which varies depending on your filing status, age and the type of income you receive. Check the Individuals section of the IRS website or...
Continue reading "Tax Tip 2011-02: Do I Have to File a Tax Return? "
Distinguished attorneys Jerome Hesch and Alan Gassman will host a webinar that addresses planning and restructuring for high net wealth clients in the wake of recent estate tax changes. The webinar, titled 2011 Estate Tax Law Changes, will take place January 6, 2011, from...
It's that time of the year again, the income tax filing season has begun and important tax documents should be arriving in the mail. Even though your return is not due until April, getting an early start will make filing...
Jane G. Gravell, Senior Specialist in Economic Policy for the Congressional Research Service, issued a December 23 report reviewing the changes to the estate tax.See "CRS Reviews Estate Tax," 2011 TNT 2-46 (December 23, 2010).Posted by James G. Haskell, Senior...
The IRS through an email said that a taxpayer who timely files Form 706 but fails to make an alternate valuation election may get an extension by taking corrective action as described in section 301.9100-2(c). The email can be found...
In PLR 201052002 the IRS ruled that an agreement by the decedent's great grandchildren will not trigger generation skipping transfer taxes, will not constitute a gift, and will not force realization of gain from the exchange of trust assets.Posted by...
The IRS has published its Tax Tip for January 2011 with ten pieces of advice for taxpayers.Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies Journal....
Graham Bowley published an article in the New York Times entitled, "The New Speed of Money, Reshaping Markets." The article examines how technology has affected stock trading and the regulatory issues that arise because of it.Posted by Shahzeb Gaziani, Senior...
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Larry R. Goldstein and Robert Gordon Chambers published an article entitled, "Tax Legislation Affects Employee Benefits, Social Security Taxes and Individual Retirement Accounts." The article discusses the impact of the The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act...
Kevin Noble Maillard (Assistant Professor of Law, Syracuse University College of Law ) recently published his article entitled The Color of Testamentary Freedom, 62 SMU L. Rev. 1783 (2009). The abstract available on SSRN is below:Wills that prioritize the interests of...
Jeanne Fleming and Leonard Schwarz, Who Gets Dad's Money?, Forbes, Nov. 8, 2010.Jeanne Fleming and Leonard Schwarz write about the intersection of money, personal relationships, and ethics. One of their readers inherited money from her father. Her brother inherited the...
Jack Brister of the Society of Trust and Estate Practitioners commented on Notice 2010-60 regarding withholding and reporting provisions of the Foreign Account Tax Compliance Act. The comment included requests for guidance on family trusts and pension plans.Posted by James...
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In Judith F. Lang v. Commissioner, the Tax Court held that the taxpayer was entitled to deductions for medical expenses and real estate taxes that were paid by the taxpayer's mother. The Court held that the payments constituted a gift...
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In a recent Tax Analysts article by Meg Shreve, Shreve details how most believed 2010 would be a promising year for tax reform. The large deficits combined with the expiring Bush tax cuts were largely believed to be guarantees that...
Continue reading "2010's Perfect Storm for Tax Reform Shifted to 2012"
Reviewing 2010, Tax Analysts has named IRS Large Business and International Division Commissioner Heather Maloy as its person of the year. Maloy was cited for her leadership of "an evolving organization that is greatly expanding its interaction with taxpayers."Others in...
