In PLR 201108037, the IRS ruled where a charity owns an office building and uses part of the building as its offices and leases to unrelated parties the rest of the office building there would be no unrelated business income...
February 2011 Archives
In PLR 20110810, the IRS ruled that when the taxpayer reasonably relied on an accountant to allocate the GSTT exemption between the taxpayer and spouse on the Form 709 and fails to do so the taxpayer was permitted an additional...
Continue reading "PLR 201108010: IRS grants extension for GSTT exemption allocation"
Robert Frank wrote a new article The Downside of Control-Freak Philanthropy February 24, 2011 Wall Street Journal. Venture philanthropy has been heralded as a much-needed revolution in the business of giving. Gone are the days of rich people writing checks...
Continue reading "The Downside of Control-Freak Philanthropy "
Michael Jackson's Estate Earns $310 Million Since His Death, CBSNews, Feb. 18, 2011. When Michael Jackson died on June 25, 2009, he had over $400 million in debt. The estate has since recovered much of that debt and negotiated deals...
Continue reading "Michael Jackson's Estate Earns Over $310 Million Since His Death"
In today's economy, small business owners sometimes look to the oldest form of commerce - the exchange of goods and services, or bartering. The IRS wants to remind small business owners that the fair market value of property or services...
Continue reading "Tax Tip 2011-33: Four Facts About Bartering"
Taxpayers looking for free basic income tax preparation assistance may qualify for IRS sponsored community-based, volunteer tax return preparation programs. IRS Tax Tip 2011-32 lists 10 facts about these volunteer programs: The IRS sponsors both the Volunteer Income Tax Assistance...
Continue reading "Tax Tip 2011-32: Ten Facts about IRS Volunteer Tax Assistance"
Taxpayers should make sure they are aware of many important changes to the tax law before they complete their 2010 federal income tax return. IRS Tax Tip 2011-31 lists some important changes that you should keep in mind when you file your 2010 federal...
Continue reading "Tax Tip 2011-31: Important Tax Law Changes for 2010"
Starting with "What's New for 2010" IRS Publication 17, Your Federal Income Tax, takes you step by step through each part of your individual Federal Income tax return. This comprehensive booklet explains the tax law in a way that will...
Continue reading "Tax Tip 2011-30: Six Facts about IRS Publication 17"
The Child Tax Credit is an important tax credit that may be worth as much as $1,000 per qualifying child depending upon your income. IRS Tax Tip 2011-29 lists 10 important points about this credit and how it may benefit...
Continue reading "Tax Tip 2011-29: Ten Facts about the Child Tax Credit"
Department of Justice recently published on their website, "Letter from the Attorney General to Congress on Litigation Involving the Defense of Marriage Act." The letter announces that President Obama and his administration no longer find the Defense of Marriage Act...
Jeffrey Maine, professor of law at the University of Maine School of Law, and Xuan-Thao Nguyen, professor of law at Southern Methodist University Dedman School of Law, offer a look at the disparate tax treatment of similar intellectual property in...
Continue reading "Disparate Tax Treatment for Intellectual Property"
The Justice Department has indicted four Swiss bankers for facilitating tax evasion. The indictment alleges that the bankers opened undeclared accounts sheltering $3 billion in assets. The indictments come shortly after the IRS announced a second foreign account amnesty program...
The U.S. Treasury's Financial Crimes Enforcement Network has issued final rules regarding Foreign Bank and Financial Accounts Report Responsibilities. The rules explain how an account is classified as foreign, revises the definition of signature, explains employee responsibilities and advises filers...
The IRS has issued revised publication 971 which provides taxpayers with guidance regarding innocent spouse relief.Posted by Joseph Siegmann, Associate Editor, Wealth Strategies Journal....
Continue reading "IRS releases revised innocent spouse relief publication"
Revenue Ruling 2011-7 provides taxpayers with guidance regarding 403(b) plan terminations by providing four examples of potential plan terminations and then discusses whether each example qualifies as a plan termination under the regulations. Posted by Joseph Siegmann, Associate Editor, Wealth Strategies...
Continue reading "IRS provides guidance for 403(b) plan terminations "
In a speech before the closing session of Winning the Future Forum on Small Business in Cleveland, President Obama discusses recent tax cuts and potential tax cuts that would boost small business.Posted by Joseph Siegmann, Associate Editor, Wealth Strategies Journal....
Continue reading "President Obama suggests more tax breaks for small businesses"
Tax Notes has published an article by John Bogdanski, Douglas K. Newell FacultyScholar and a professor of law at Lewis & Clark Law School. The article discusses the Second Circuit's ruling Estate of Stewart regarding section 2036(a). Generally, section 2036...
Deloitte is having an event on March 3, 2011 entitled:Real Estate Markets 2011: What Factors Will Influence Your Decisions?Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies Journal....
Credit Suisse Banker Said to Be Held in Offshore Inquiry written By LYNNLEY BROWNING (NYT) Christos Bagios, a senior private banker, was said to have been arrested in connection with a federal investigation into the bank's work with questionable offshore...
Continue reading "Credit Suisse Banker Said to Be Held in Offshore Inquiry"
The Wealth Counsel presents a free complementary webcast for estate planning professionals."To ILIT or Not to ILIT. That is the Question."Wednesday, February 23, 20111:00 - 2:00 p.m. ETRegister NowTopics Presented: Responsibilities and malpractice risk associated with accepting trust protector/trust advisor, investment...
Continue reading "SAVE THE DATE: To ILIT or Not to ILIT -- Free Webcast"
In a recent article, Kip Delliner CPA in Santa Monica, California, offers a primer on how to view the current coverage of tax policy. Delliner suggests that the beratement of the rich is overcharged and the current tax system hurts...
Continue reading "A Critical Eye for the Media's Tax Coverage"
A recent review by Bruce Bartlett, a former Treasury deputy assistant secretary for economic policy, looks at taxation changes under Ronald Reagan both as governor of California and as President of the United States. Bartlett notes tax increases during extreme...
Continue reading "A Look at Reagan's Tax Record: From California to D.C."
The IRS has announced a new program to disclose offshore accounts that have avoided being taxed. The Offshore Voluntary Disclosure Initiative is less generous than the previous offer from IRS. The new program imposes a 25 percent penalty. The new...
In a recent analysis, Martin A. Sullivan looks at the IRS Statistics of Income Division's report on taxes paid by resident's of Manhattan's Helmsley Building. The building was purchased by Leona Helmsley who resold it in 1998 fro $250 million. ...
Edward Gurary, an Ohio businessman living in Switzerland was charged with failing to report interest income on an account held with UBS. The charges stem from Gurary's alleged failure to file FBAR's from 2004-2008. During those years, the Department of...
Continue reading "Ohio Businessman Living in Switzerland Charged for Tax Evasion"
In a recent letter to the editor, Meg E. Dodge examines the impact of recent estate tax law changes on art collectors, auction houses and museums. The letter notes the death of Roy Neuberger, wealthy financier and art collector who...
Continue reading "Big Ticket Art and the Changing Estate Tax"
The Wealth Strategies Journal has published a new article entitled, "Trusts: Situs, Star Wars, and State Taxation," by Martin M. Shenkman.You may find the article by clicking here....
Continue reading "Trusts: Situs, Star Wars, and State Taxation"
The Wealth Strategies Journal has published a new article entitled, "Estate Analyst: Estate and Gift Taxes Reunited," by Robert Moshman, Esq.You may find the article by clicking here....
Continue reading "Estate Analyst: Estate and Gift Taxes Reunited"
Janet Novack's article published in Forbes and titled "Obama Budget Raises Taxes on Rich and Big Estates, Sends $250 Checks to Seniors," discusses 2012 budget proposals. In the new budget proposal, Obama went back to calling for letting Bush tax...
The New York Times published an article by Paul Sullivan titled "Some Remedies for the Pain When Couples Talk Money." In the article, Mr. Sullivan discusses how men and women view their investments in light of recession and before....
Continue reading "NYT: Some Remedies for the Pain When Couples Talk Money"
The Wall Street Journal published an article by Andy Kessler titled "Is Your Job an Endangered Species?" In the article, Mr. Kessler analyzes the latest statistics from The Bureau of Labor Statistics concerning the job growth. Mr. Kessler further analyzes...
The New York Times published an article titled "How Families Avoid Scandal, When Any Slip Can Go Viral." The article addresses privacy violations that affluent people are trying to protect. They are: isolated annoyances and the breaches that go viral....
Continue reading "Protecting Reputation is Tougher in Viral World"
Deloitte published an Updated Guidance to Tax and Wealth Planning in 2011 - Addressing Opportunities Within New Tax Act as a guide to The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the Act). The Updated Guidance...
Continue reading "Updated Guidance to Tax and Wealth Planning in 2011"
In the article published in The Wall Street Journal and titled "How to Invest Like the World's Richest Man," Robert Frank discusses the overt investment strategies of the world's richest man who somewhat surprisingly happens to be Carlos Slim. Mr. Slim's obtained his...
Continue reading "WSJ: How to Invest Like the World's Richest Man"
Carla Fried published a new article Estate and Gift Rules: Some Clarity, for Now, N.Y. Times, Feb. 12, 2011. Although the new estate tax exemption received all the attention, a less-widely noticed tax change could affect more people. The lifetime...
Continue reading "Reasons to Give During Life Rather Than at Death"
The Wealth Strategies Journal has published a new article entitled "Projected Long-Term Volatility May Augur Well for a Trader's Mentality," a guest contribution from Forex Traders.You may find the article here....
Continue reading "Projected Long-Term Volatility May Augur Well for a Trader's Mentality"
The Treasury Department has released it's Green Book on Tax Portions of President Obama's 2012 Budget. Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies Journal....
Continue reading "General Explanations of the Administration's Fiscal Year 2011 Revenue Proposals"
Michael J. Graetz published an article entitled, "The Politics and Policy of the Estate Tax - Past, Present, and Future." The article examines the political history of the estate tax. It also examines the potential broader implications of repealing the...
The Boston Globe published an article entitled, "Tax scandals of the rich and famous," which examines various celebrity tax scandals. Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies Journal....
David Shayne, an attorney at Holland & Knight, published an article entitled, "Illinois Revises Its Powers of Attorney for Health Care and Property Law." The article discusses the new Power of Attorney Act passed in the Illinois General Assembly. Specifically...
Jennifer Saranow Schultz published an article in the New York Times entitled, "Help in Choosing an Estate Planning Firm." The article describes a recent report that examined different estate planning firms and the options they provide.Posted by Shahzeb Gaziani, Senior...
Continue reading "Jennifer Saranow Schultz: Help in Choosing an Estate Planning Firm"
Martin Vaughan published an article in the Wall Street Journal entitled, "Sen. Kyl: A Fighter for Lowering Estate Tax Rates." The article discusses the important role Senator Kyl played in estate tax negotiations and how his retirement will impact the...
Continue reading "Martin Vaughan: Sen. Kyl: A Fighter for Lowering Estate Tax Rates"
Jan M. Rosen posted an article in the New York Times entitled, "Those Disappearing Tax Breaks." The article discusses the different tax breaks that are expiring from President Obama's stimulus package. Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies...
Continue reading "Jan M. Rosen: Those Disappearing Tax Breaks"
Conrad De Aenlle published an article in the New York Times entitled, "The Push to Trim Corporate Tax Rates." The article discusses different methods congress may employ in reducing corporate tax rates. Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth...
Continue reading "Conrad De Aenlle: The Push to Trim Corporate Tax Rates"
John Schwartz posted an article in the New York Times entitled, "Could Your Senator Conquer the 1040?" The article discusses a proposal by former governor of Minnesota, Tim Pawlenty, to require lawmakers to prepare their own taxes.Posted by Shahzeb Gaziani,...
Continue reading "John Schwartz: Could Your Senator Conquer the 1040?"
Robert D. Hershey Jr. published an article in the New York Times entitled, "Health Care and Taxes: A Pause Before Impact." The article discusses the various taxes that were implemented to pay for the Health Care Law.Posted by Shahzeb Gaziani,...
Continue reading "Robert D. Hershey Jr.: Health Care and Taxes: A Pause Before Impact"
David M. Herszenhorn published an article in the New York Times entitled, "Seeking the Path to a Simpler Tax Code." The article discusses the importance of raising tax revenue. Moreover, it presents various options including a value-added tax.Written by Shahzeb...
Continue reading "David M. Herszenhorn: Seeking the Path to a Simpler Tax Code"
Tim Gray published an article in the New York Times entitled, "Tasting Three Flavors of Tax Software." The article examines the effectiveness of three tax softwares: Tax Act, TurboTax, and H&R Block at Home.Posted by Shahzeb Gaziani, Senior Associate Editor,...
Continue reading "Tim Gray: Tasting Three Flavors of Tax Software"
Charles Delafuente published an article with the New York Times entitled, "Some Advice for Wary Spouses: Consider Filing a Separate Return." The article discusses how to protect a spouse by filing seperately in case of tax fraud by the other...
John Eligon recently wrote an article Malcolm X Trove Hidden During Feud, N.Y. Times, Feb. 8, 2011. The six daughters of Malcolm X and Betty Shabazz have been fighting over Shabazz's estate since she died in 1997. They've traded accusations...
Continue reading "Estate Battle has Prevented Public from Learning Details About Malcolm X"
In the article published on Market Watch and titled "Tax Relief Act: Four Retirement Moves to Make," Robert Powell discusses how The Tax Relief Unemployment Insurance Reauthorization and Job Creation Act of 2010 ("Tax Relief Act") signed by Obama into...
Continue reading "Tax Relief Act: Four Retirement moves to make"
In the article published in The Wall Street Journal and titled "Raising Taxes on the Rich. Cuz the Bible Tells Us So?", Robert Frank discusses unique, if not novel, argument of Minnesota Gov. Mark Dayton to raise taxes on the rich...
Continue reading "WSJ: Raising Taxes on the Rich. Cuz the Bible Tells Us So?"
In the article published in The Wall Street Journal and titled "More Super-Rich Investors Get U.S. Citizenship," Robert Frank discusses a new debate over allowing people to "buy" citizenship. Britain's Home Office is considering making easier for the wealthy to...
Continue reading "WSJ: More Super-Rich Investors Get U.S. Citizenship"
The Obama administration delivered its annual budget plan quickly stirring debate on the matter. Some Republicans criticized the budget for failing to meet the President's own deficit reduction goal by failing to reduce spending, imposing taxes and expanding tax expenditures. ...
Tax Notes has published an article interviewing John L. Buckley, a former Democratic tax counsel for the House Ways and Means Committee. In the article Mr. Buckley discusses his 37 years of experience on the Hill and whether the believes...
Continue reading "Tax Notes Exlcusive Article: Conversation with John L. Buckley"
Tax Notes has published an article reporting that while the IRS compliance visits only take a couple hours they are distracting and should not occur during tax season.See Nicole Duarte, "Return Preparers Group Object to IRS Compliance Visits in Tax Season,"...
Continue reading "Tax Preparers irked by tax season IRS compliance visits"
The Texas Society of Certified Public Accountants, in an open letter to the IRS, has requested that the IRS publish new interim guidelines regarding the trust and administration expenses apply to the 2% floor in section 67(e). The IRS had...
Donald H. Kelley recently published "Wealth Transfer Planning" (WTP) on February 9, 2011, version 5.3.3, is a sophisticated automated drafting system for estate planning documents, created by Jonathan G. Blattmachr and Michael L. Graham. It's a part of InterActive LegalSuite,...
David Cay Johnston's article about the new tax law appears in today's Wealth special section. Below in New York Times, his answers to questions submitted by readers. Normal 0 false false false EN-US ZH-CN X-NONE /* Style Definitions */ table.MsoNormalTable...
Donald H. Kelley recently published a new article on "Wealth Transfer Planning," (WTP), version 5.3.3, is a sophisticated automated drafting system for estate planning documents, created by Jonathan G. Blattmachr and Michael L. Graham. It's a part of InterActive LegalSuite,...
ABA-CLE presents Live WebinarEstate and Tax Planning for Same-Sex CouplesTuesday, February 22, 20111:00pm - 2:30pmThe following is the program description provided by ABA: Because of the existing patchwork of protection in this country, same-sex couples face many legal uncertainties. While...
Continue reading "SAVE THE DATE: Estate and Tax Planning for Same-Sex Couples"
ABA Section of Real Property, Trust and Estate Law presents a Teleconference and Live Audio Webcast Donee Selection and Practical Considerations Under Petter Formula Allocation ClausesTuesday, March 1, 2011 1:00pm - 2:30 pm EasternThe following is program information as provided by...
Deborah L. Jacobs published an article in the New York Times entitled, "Efforts to Avoid Probate Can Carry Their Own Risks." The article discusses the limitations of a living trust. Specifically the article provides issues to consider.Posted by Shahzeb Gaziani,...
Continue reading "Deborah L. Jacobs: Efforts to Avoid Probate Can Carry Their Own Risks"
Jan M. Rosen published an article in the New York Times entited, "Tax Cut Deal Could Benefit Charities." The article discusses how the new tax law provides a $5 million exemption per person on the gift and estate taxes.Posted by...
Continue reading "Jan M. Rosen: Tax Cut Deal Could Benefit Charities"
David Cay Johnston published an article in the New York Times entitled, "Certainty on Tax, but Just for Two Years." The article discusses the limitations of estate planning because of the uncertainty of tax rates after 2012. One specific area...
Continue reading "David Cay Johnston: Certainty on Tax, but Just for Two Years"
The Swiss government has recently expressed concerns over new reporting requirements under the Foreign Account Tax Compliance Act. The report notes the unilateral imposition of the requirements and the extensive financial activity Switzerland has with the United States.See "Swiss Concerned...
Continue reading "Swiss Concered with Compliance Burden of FATCA"
The American College of Trust and Estate Counsel has addressed comments regarding Notice 2010-60 regarding the Foreign Account Tax Compliance Act. The comments emphasize the need for rules that are "administrable, understandable, and as consistent as possible with other obligations...
The Wall Street Journal published an article entitled, "Death Tax Ambush: Many states now have crushing burdens." The article discusses how a small legislative change now has created different estate tax standards based on each state. Specifically it discusses a...
Continue reading "Death Tax Ambush: Many states now have crushing burdens."
The Wealth Strategies Journal has published a new article entitled, "ILIT Trustees: Bridge Out Ahead...Lock in Your Navigation Systems Now," by Melvin A. Warshaw of Financial Architects Partners, LLC.You may find the article by clicking here....
Continue reading "ILIT Trustees: Bridge Out Ahead... Lock in Your Navigation System Now"
CNBC has published Mark Koba's article discussing the impact of the estate tax, which returned this year. Koba says: Taxpayers now face a rate of 35 percent with an individual exemption up to $5 million. That's certainly a jolt to the...
Continue reading "CNBC: New Estate Tax Rules Show Some Love for Now"
Before you file your 2010 tax return, you should make sure you have all the needed documents including all your Forms W-2. You should receive a Form W-2, Wage and Tax Statement, from each of your employers. Employers have until...
Continue reading "Tax Tip 2011-28: Here is What to do If You Are Missing a W-2"
In a recent press release, the IRS made the following announcement: The Internal Revenue Service announced today a special voluntary disclosure initiative designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from...
In Combs v. U.S., the district court ruled, among other things, that when the IRS levies an IOLTA account on the basis that the principals of the law firm are using the account as a personal bank account the law...
The IRS has released FAQs for the 2011 Voluntary Disclosure Program for offshore accounts. The FAQs provide significantly more guidance than the FAQs that were provided for the 2009 Voluntary Disclosure.Posted by Joseph Siegmann, Associate Editor, Wealth Strategies Journal. ...
Continue reading "IRS announces new voluntary disclosure program for offshore accounts"
San Antonio Estate Planners is hosting an event entitled:Docket Call in Probate Court: Estate Planning, Probate and Guardianship Seminar and Attorney Ad Litem Certification CoursePosted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies Journal....
Jeremy Olson published an article entitled, "Wrenching court case: Doctors vs. patient's wife." The article discusses the case of Al Barnes who is in a vegetative state. His doctors are trying to replace his wife with a substitute decision-maker.Posted by...
Continue reading "Jeremy Olson: Wrenching court case: Doctors vs. patient's wife"
Hani Sarji published an article entitled, "Lawyers And Advisers Can Emphasize Value Added With Deborah L. Jacobs' Client Education Brochures." The article discusses how Deborah L. Jacobs has created client education brochures for lawyers to utilize in marketing their services.Posted...
Peter Newcomb published an article entitled, "Hollywood's Top 40." The article provides this year's ranking of Hollywood's biggest earners.Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies Journal....
Lynnley Browning published an article with the New York Times entitled, "I.R.S. Offers a Tougher Amnesty Deal for Offshore Accounts." The article discusses how Americans with hidden offshore accounts can voluntarily turn themselves in for a lower penalty.Posted by Shahzeb...
Continue reading "Lynnley Browning: I.R.S. Offers a Tougher Amnesty Deal for Offshore Accounts"
Kathleen McBride published an article entitled, "Estate Tax Planning 101: 'Call to Action'." The article discusses the importance of estate tax planning for those who are not extremely wealthy. It also provides commonly overlooked tax matters that every person should...
Continue reading "Kathleen McBride: Estate Tax Planning 101: 'Call to Action'"
In Michael P. Schwab v. Commissioner, the Tax Court held that a couple must include distributions from a life insurance policy based on the fair market value as of the date of distribution from an employee benefit plan. In determining...
If you purchased a home in 2010, you may be eligible to claim the First-Time Homebuyer Credit, whether you are a first-time homebuyer or a long-time resident purchasing a new home. The purchaser must have been at least 18 years...
In a recent post, the TaxProf Blog announced the publication of an essay by Professor Richard Pierce (GWU Law School) and Joshua Weiss. The abstract for the paper is available below: In this essay, Pierce and Weiss report the results of a study...
The Social Security benefits you received in 2010 may be taxable. You should receive a Form SSA1099 which will show the total amount of your benefits; Form SSA1099 will also provide guidance for assessing whether or not your Social Security...
Continue reading "Tax Tip 2011-26: Are Your Social Security Benefits Taxable? "
Generally, most income you receive is considered taxable but there are situations when certain types of income are partially taxed or not taxed at all. To help taxpayers understand the differences between taxable and non-taxable income, IRS Tax Tip 2011-25...
Continue reading "Tax Tip 2011-25: Taxable or Non-Taxable Income? "
Taxpayers with disabilities and parents of children with disabilities may qualify for a number of IRS tax credits and benefits. IRS Tax Tip 2011-24 lists seven tax credits and other benefits which are available if you or someone else listed...
Continue reading "Tax Tip 2011-24: Tax Benefits for Disabled Taxpayers"
Washington Post reporter Kevin McCormally writes that millions of taxpayers can expect a delay in receiving their tax refunds from the Internal Revenue Service. In his article, he explains that "because of last-minute maneuvering on Capitol Hill, the [IRS] won't...
Continue reading "Washington Post: IRS Not Ready to Process Returns Until Mid-February "
American Bar Association has posted following daily Report of the 45th Annual Heckerling Institute on Estate Planning. Report 4Round and Round We Go ... Will This Uncertainty Ever End? Planning in Light of Legislative and Regulatory DevelopmentsPresented by Steve R. Akers, Ronald D....
Continue reading "45th Annual Heckerling Institute on Estate Planning"
Representative Rob Woodall introduced H.R. 25 which would abolish the IRS, repeal the income, estate and gift, and other taxes. It would replace the repealed taxes with a national sales tax.Posted by Joseph Siegmann, Associate Editor, Wealth Strategies Journal....
Continue reading "H.R. 25: Abolish IRS, repeal income tax and institute a national sales tax"
Steve Akers, Associate Fiduciary Counsel, Bessemer Trust, provides the following summary of observations of the 45th Annual Philip E. Heckerling Institute on Estate Planning:Much of the discussion at the Institute focused on planning issues in light of the passage of...
Matt Chaban posted an article entitled, "810 Fifth and Taxes: Felix Rohatyn Gives Co-op, $11.25 M. to Family Trust." The article examines Felix G. Rohatyn, the Lazard banker, recently transferred of his full-floor co-op at 810 Park Avenue into a...
IRS's Statistics of Income Division published "Estate Tax Statistics" for decendants dying in 2007.Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies Journal....
OpenCRS has published a CRS report entitled, "The Bush Tax Cuts and the Economy." The report examines the impact the extension of the Bush Tax Cuts will have on short-term and long-term economic growth.Posted by Shahzeb Gaziani, Senior Associate Editor,...
Continue reading "OpenCRS: The Bush Tax Cuts and the Economy"
OpenCRS has published a CRS report entitled, "Reform of U.S. International Taxation: Alternatives." The report examines the challenges of territorial taxation that favors overseas business investment over domestic investment.Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies Journal....
Continue reading "OpenCRS: Reform of U.S. International Taxation: Alternatives"
John A. Miller and Jeffrey A. Maine published an article entitled, "The Fundamental of Wealth Transfer Tax Planning: 2011 and Beyond." The article examines the operations of federal wealth trasnfer taxes and describes the basic tax planning techniques for wealth...
Arden Dale, 'Audits from Hell' Target Rich, W.S.J., Nov. 13, 2010.The Internal Revenue Service set up a unit named the Global High Wealth Industry Group to conduct audits on wealthy taxpayers and their complicated financial arrangements. The unit began conducting...
Continue reading "IRS Tortures Wealthy Taxpayers with 'Audits from Hell'"
The Senate Judiciary Committee has passed a bill that would, among other things, ban the patenting of tax strategies. Section 23 of the bill, S.23, provides that"or deferring tax liability, whether known or unknown at the time of the invention...
Continue reading "Senate Judiciary Committee passes bill banning the patenting of tax strategies"
The Senate passed a measure repealing the new 1099 reporting requirements that were included in the health care bill. The Senate voted 81-17 and now awaits action from the House of Representatives where Congressman Daniel E. Lungren (R-CA) has introduced...
Continue reading "1099 Reporting Requirements Repealed by Senate"
A recent patent law reform bill (S. 23) introduced by Patrick Leahy (D-VT) would prohibit patents for tax planning strategies. The measure was quickly supported by "15 national organizations representing consumer, taxpayer, charitable, financial planning, and tax advisor groups."See "Coalition...
Continue reading "Patent Reform Bill Would Prohibit Tax Strategy Patents"
The Office of Professional Responsibility at the IRS recently announced that individuals who have been disbarred or suspended for Circular 230 violations will not be automatically prohibited from registering for a preparer tax identification number. OPR explained that individuals previously...
The new IRS oversight program governing tax preparers will not be fully operational until 2014 according to a new report issued by the Treasury Inspector General for Tax Administration. The new oversight includes paid preparer registration, testing and continuing education...
Continue reading "IRS Tax Preparer Oversight Won't be Fully Functional Until 2014"
The New York Law Journal has published a speical report on Trusts and Estates. The report includes the following articles: Exercising the Power to Adjust Between Principal and IncomeHolland & Knight partners Brian P. Corrigan and Charles F. Gibbs write: We submit...
Continue reading "New York Law Journal Special Report: Trusts and Estates "
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: Cargill to Spin...
Continue reading "Family Business Newsletter: February 1, 2011"
If you changed your name as a result of a recent marriage or divorce you'll want to take the necessary steps to ensure the name on your tax return matches the name registered with the Social Security Administration. A mismatch...
Continue reading "Tax Tip 2011-23: Five Tips if You Changed Your Name Due to Marriage or Divorce"
Joseph J. Thorndike published an article in the Wall Street Journal entitled, "Soaking the Wealthy: An American Tradition." The article discusses the historical tax rate in the United States and the penchant to favor progressive taxation.Posted by Shahzeb Gaziani, Senior...
Continue reading "Joseph J. Thorndike: Soaking the Wealthy: An American Tradition"
Gerard Baker published an article in the Wall Street Journal entitled, "Larry Summers vs. the Tiger Mom." The article discusses an interesting panel that featured Larry Summers and Amy Chua. Amy Chua is famous for writing a book extolling controversial...
Continue reading "Gerard Baker: Larry Summers vs. the Tiger Mom "
You can buy Series I U.S. Savings Bonds with a portion or all of your federal tax refund for yourself or anyone. Series I bonds are low-risk bonds that grow in value for up to 30 years. While you own...
Continue reading "Tax Tip 2011-22: Use Your Federal Tax Refund to Buy Savings Bonds "
If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid in 2010 for medical care - including dental - for yourself, your spouse, and your dependents. IRS Tax Tip 2011-21 lists six...
Continue reading "Tax Tip 2011-21: Medical and Dental Expenses"
A recent bill (H.R. 390: Family Farm Preservation and Conservation Estate Tax Act) reintroduced by Congressman Mike Thompson (D-CA) seeks to defer estate taxes for family farms as long as the property is still farmed or left as open space.Posted...
Continue reading "H.R. 390 Defers Estate Tax for Family Farms"
Several ABA sections including the Real Property, Trust and Estate and Taxation sections submitted comments on draft Form 8939, "Allocation of Increase in Basis for Property Acquired From a Decedent." The comments seek further guidance to accurately complete the form. ...
In Estate of Axel O. Adler v. Commissioner, the Tax Court held that the decedent's estate should not include fractional interest discounts in valuing the gross estate because the decedent controlled the entire property by retaining a life interest and...
Continue reading "No Fractional lnterest Discounts in Calculating Property Value"