SSRN features an article regarding the policy implications of federal tax liens against property jointly held property. The article addresses the balance between the federal government's legitimate revenue interest and the non-delinquent owner's right to hold their property free from...
Continue reading "Tenancy-by-the-Entireties Interests and Federal Tax Liens"
The IRS could be facing some administrative headaches due to the lack of guidance provided for the Offshore Voluntary Disclosure Initiative, which is set to end on September 9. Without guidance from the IRS, taxpayers err on the side of...
Continue reading "Taxpayers Lack Guidance for Offshore Voluntary Disclsoure Initiative"
Dan Richards recently published an article that discusses how investors have lost confidence not only in their financial advisors, but also the financial system as a whole. He provides seven ways for advisors to rebuild confidence in their clients. These...
Continue reading "Advice on How Advisors Can Restore Investors' Confidence"
The Tax Court has held that a sale of annuities to a corporation did not trigger gain. In Estate of Lay v. Commissioner, Kenneth Lay, deceased former ENRON CEO, and his wife, Linda P. Lay, sold two annuity contracts to...
Continue reading "Former ENRON CEO 's Sale of Annuities to ENRON Not Includable in Income"
Forbes has published an article by Peter J Reilly titled "Whatcha Gonna Do When They Come for You? IRS CID Stepping Up its Act." The article discusses the Treasury's recent report that the IRS's Criminal Investigation (CI) division surpassed its...
Continue reading "IRS Criminal Investigation Division Surpasses 2010 Goals"
The Treasury has released its "Plan for Retrospective Analysis of Existing Rules" to identify rules that have become obsolete, unnecessary, or ineffective. The plan will provide members of the public with an opportunity to suggest specific regulations or other guidance...
Continue reading "Treasury Releases Plan for Retrospective Analysis of Existing Rules"
The IRS has issued five rulings regarding a proposed transfer of assets from a trust, which is exempt from the generation-skipping tax, to a substantially similar trust.Regarding the proposed transfer of assets, the IRS ruled that:(1) the Receiving Trust would...
The Medicare Challenge: How to Find the Best Coverage for Your ClientsBY JON TAYLORAs Americans continue to work longer, employees approaching age 65 are faced with the logistical challenge of preparing to receive Medicare and Social Security benefits. In this...
Continue reading "Five New Articles from the Agent's Sales Journal"
The Wealth Strategies Journal has posted a new article entitled, "Annuities and the Law of Unintended Consequences," by David F. Sterling, JD. This is the second article in a series by Mr. Sterling on annuities. His first article, "Annuities: The...
Continue reading "Annuities and the Law of Unintended Consequences"
Steve Wamhoff, a member of Citizens for Tax Justice, recently published an article titled "Rick Perry's "Flat Tax" and "Fair Tax" Both Mean Higher Taxes for Most Americans, Lower Taxes for the Rich." The article discusses how under Governor Perry's...
On August 24, the Tax Policy Center released estimates of the distribution of individual income, payroll, corporate income, estate, and overall federal taxes for 2011. The estimates use the current law as a baseline and are broken down by:...
Continue reading "Tax Policy Center Estimates 2011 Distribution of Federal Tax Rates"
The IRS has extended the deadline for the Offshore Voluntary Disclosure Initiative from August 31 to September 9 due to Hurricane Irene. This extension also applies to filing for the 90-day extension in IRS Q&A 25.1. However, the extension does...
Continue reading "IRS Extends Offshore Voluntary Disclosure Initiative Deadline to September 9"
The Fourth Court of Appeals of Texas has affirmed a trial court's decision to remove an executor from his duties and allow the beneficiaries to recover attorney fees for the cost of his removal. In In re Estate Of Vrana,...
Jay A. Soled, Of Counsel at Brown Moskowitz & Kallen, P.C., has published his book titled "The ABA Practical Guide to Estate Planning (2011)." Mr. Soled's book provides practical guidance on estate planning issues and the planning process. The book,...
Continue reading "New Book: The ABA Practical Guide to Estate Planning"
In a New York Law Journal article, Abby Tolchinsky and Ellie Wertheim discuss how creative parenting agreements are needed for same-sex couples. The article discusses how even with the Marriage Equality Act passed in June 2011 in New York, the...
Continue reading "Parenting Agreements for Same-Sex Marriages"
The New York Times Online features an article discussing the use of iPhone and iPad applications in the recruiting process. The article centers around the app for Skadden, Arps, Slate, Meagher & Flom, which is primarily focused on recruiting summer...
Continue reading "Big Law Firms Recruiting with iPhone Apps"
The New York Times Online features a letter to the editor regarding Swiss cooperation with U.S. tax authorities to prevent tax evasion. The letter is in response to an editorial criticizing Switzerland and notes that Switzerland strives to be the...
Continue reading "Switzerland Makes Efforts to Prevent U.S. Tax Evasion"
The U.S. District Court for the Northern District of Texas granted summary judgment in favor of the U.S. government in the interpleader action of Strasburger & Price LLP v. Lane Gorman Trubitt PLLC et al. Following the payment of estate tax in 2007,...
Continue reading "District Court Holds IRS has Superior Claim to Estate Tax Funds Held in Escrow"
The University of Texas School of Law is sponsoring a 15-hour taxation CLE on December 7-8 and 6.5-hour estate planning CLE on December 9. The taxation conference will feature both federal income tax and Texas state tax presentations. The estate planning workshop will...
Continue reading "University of Texas to Sponsor Taxation Conference and Estate Planning Workshop"
The IRS has ruled that a court's reformation of a trust would not disqualify the trust's tax qualified status under section 664 nor constitute an act of self-dealing under section 4941. The trust, which was created as a net income...
Continue reading "PLR 201133004 on Reformation of a Trust to Correct An Error"
Gerry W. Beyer, a University of Texas law professor, features a post on his blog discussing the case of Jackson v. Director of Office of Medicaid. In the case, following a husband's admittance to a nursing home, his wife made substantial transfers to each...
Continue reading "Certain Transfers to Adult Children May Disqualify Parents from Medicaid Benefits"
In PLR 201133005, the IRS granted an individual an extension to allocate his available generation-skipping transfer tax exemption to a transfer to a trust and that this allocation would be retroactively effective to the transfer date. The gift tax value of...
AccountingToday.com has published an article discussing the AICPA's letter to the IRS requesting a filing extension for Forms 706 and 8939 for decedents dying in 2010 and 2011. The AICPA has requested that the time for filing be extended to...
Continue reading "AICPA Asks IRS for Filing Extension on Estate Tax Forms"
Forbes.com features an article discussing the IRS's 2011 Offshore Voluntary Disclosure Initiative (OVDI), which ends August 31, 2011. Individuals with previously undisclosed foreign accounts can declare those accounts now with no criminal penalty and reduced civil penalties. Additionally, dual citizens...
Continue reading "2011 IRS Offshore Voluntary Disclosure Initiative"
Forbes.com features an article discussing electing out of the estate tax for decedents that died in 2010. Although the estates of taxpayers who died in 2010 may elect out of the estate tax, the recipients of the assets will lose...
Continue reading "Electing Out of Estate Tax and the Basis Consequences"
Forbes has published an article by Deborah L. Jacobs titled "Stock Market Dive Yields Gift Tax Bargains." In her article Jacob's points out that the current stock market crisis presents an opportunity to make bargain sized gifts without triggering the...
Continue reading "Forbes Article by Deborah L. Jacobs: Stock Market Dive Yields Gift Tax Bargains"
The New York Times has published an article by Paul Sullivan titled "The Hidden Dangers in Safe Havens." The article discusses the risks of investing and holding on to large positions in gold and Treasury Bonds.Posted by Brian Spring, Associate...
Continue reading "The Hidden Dangers in Safe Havens: Investing in Gold and Treasury Bonds"
Forbes.com features an article discussing piercing the corporate veil of single member LLCs. The article primarily addresses two common faults that lead to piercing the veil. The first common problem is when the single member commingles personal and LLC funds allowing the...
Continue reading "Piercing the Corporate Veil of Single Member LLCs"
Kelly Greene of the Wall Street Journal discusses how market volatility could be a boon for wealthy families looking to shelter assets from taxes while helping their children. Ms. Greene discusses three ways to take advantage of the current market...
Continue reading "The Effect of Market Volatility on Estate Planning"
Forbes.com features an article addressing Warren Buffett's tax planning strategies after Buffett made his latest income tax return public last week. The article focuses on his use of charitable deductions to save approximately $3.3M in federal income tax and $1.3M in state income tax per...
Continue reading "Warren Buffett Saves Billions Utilizing Charitable Deductions"
Reuters.com features an article advocating intra-family planning and discussing some specific opportunities for taxpayers to tax-efficiently transfer assets to their adult children. The article initially suggests taking advantage of the $5M lifetime exemption before it expires at the end of 2012....
Continue reading "Current Opportunities for Gifting to Children"
Bloomberg.com features an article addressing the portability of the unused portion of a decedent's federal estate tax exemption to a surviving spouse. This strategy is most advantagously used in leiu of a credit-shelter trust by taxpayers with estates of $7M or...
Continue reading "Estate Tax Exemptions Portable Until 2013"
Jerry Colonna, a certified professional life coach, recently conducted an interview with the online blog TechBerlin, where he discussed his upcoming workshop: Disappearing into the Fire. During the interview, Mr. Colonna discussed what a coach is, how coaching works, and also...
Steve Akers, Associate Fiduciary Counsel, Bessemer Trusts, provides the following summary of developments in estate planning over the last several months. Steve R. Akers, Fiduciary CounselAkers@bessemer.comAugust 17, 2011The IRS issued Notice 2011-66 and Revenue Procedure 2011-41 on August 5, 2011....
Continue reading "Steve Akers:Current Developments in Estate Planning"
In a Forbes article titled "Nice Girls Talk About Estate Planning," Deborah L. Jacobs discusses how women are not as savvy about estate planning as they should be. Ms. Jacobs contends that women need to take charge or at least be equal participants in the estate...
Continue reading "Women Can Be Reluctant to Discuss Estate Planning"
The Wills, Trusts & Estates Prof Blog has published an article by Gerry W. Beyer titled "New Hampshire Supreme Court Rules that Discretionary Trust Interest is Expectancy, Not Subject to Equitable Distribution on Divorce." In his article Beyer discusses the...
Tax Notes has published an article titled "IRS Rules on Income, Estate, Gift Tax Consequences of Judicial Trust Modification." The article discusses LTR 201132017, a private letter ruling where-in the IRS discussed the tax implications of a judicial modification of...
Tax Notes has published an article titled "IRS Publishes 2010, 2011 Interest Rates for Computing Special Use Value of Farm Property." These interest rates are a necessary part of the computation made under an estate's § 2032A election, where in the estate...
The Wealth Strategies Journal has published a new article, entitled "Ode to the Trust - 2nd Sonata," by Martin M. Shenkman, CPA, MBA, JD.In this article, Mr. Shenkman completes his discussion of trust management and various nuances that fiduciaries must...
In response to a letter from the Global Organization of People of Indian Origin, Heather Maloy, commissioner of the IRS Large Business and International Division, has addressed relief available to taxpayers under the 2011 offshore voluntary disclosure initiative and the...
Warren Buffet advocates for a tax hike on the wealthiest Americans. This article advocates for Buffet subjecting more of his personal wealth to taxation. See Warrent Buffet's Tax-the-Rich Op-Ed by Greg Pollowitz, Aug. 15, 2011 Posted by Adam Bair, Associate...
Daniel Indiviglio wrote an article in The Atlantic challenging the foundation of Warren Buffet's recently highly publicized argument that the super rich, like himself, should be taxed at a higher rate. The author counters that because when a corporation pays...
Continue reading "Author Challenges Buffet's Higher Tax Argument"
Hempstead & Co. has published "Estate of Gallagher is a Valuation Tutorial." The article emphasizes the importance of providing the court with a clear and convincing explanation of the assumptions and arguments you have employed in carrying out a business appraisal. It...
Continue reading "Estate of Gallagher Tax Court Case is a Valuation Tutorial"
Katherine D. Black (Associate Professor of Law, Utah Valley University), Mary K. Black (Student, Brigham Young University Law), and Julie M. Black (Student, Brigham Young University Law) published an article titled Community Property for Non-Community Property States, 24 Quinnipiac Prob. L.J....
Continue reading "Article on Community Property for Non-Community Property States"
Tax Notes has published an article titled "Comments Requested on Regs that Apply Grantor Trust Rules to Nonexempt Employees Trusts." Pursuant to the Paperwork Reduction Act of 1995, the IRS has requested public comment on proposed regulation REG-209826-96. Written comments must...
Paul Sullivan authored an article in The New York Times discussing how investors profit off of volatility, limit losses and make returns more consistent. Hedge funds and money managers have used volatility as a source of gains and to limit losses...
Continue reading "Volatility Strategies Can Result in Big Gains and Limit Losses"
Deborah Jacobs detailed the extensive legal and financial hurdles same sex couples face, many of them stemming from the 1996 Defense of Marriage Act. Same sex couples are legally forbidden from doing things their heterosexual counterparts take for granted such as...
Continue reading "Author Details Legal and Financial Hurdles Same Sex Couples Face"
The New York Times has posted readers' responses to an editorial on taxes titled "The Truth About Taxes." The editorial argues that there is no economically sensible or politically honest way to address the deficit without increasing revenues and reforming...
The New York Times has published a "To the Editor" letter, submitted by Warren E. Buffett, titled "Stop Coddling the Super Rich." In his letter, Mr. Buffett states that the mega-rich have been coddled long enough by a billionaire-friendly Congress...
Continue reading "Warren Buffett Urges Congress to Raise Tax Rates for the Mega-Rich"
In PLR 201132005, the IRS granted a trust an extension to elect to deduct charitable contributions in the tax year before the year in which they were made.Posted by Brian Spring, Associate Editor, Wealth Strategies Journal....
Continue reading "PLR 201132005: Trust Granted Extension to Make Charitable Contribution Election"
Joseph Karl Grant has published "The Advanced Directive Registry or Lockbox: A Model Proposal and call to Legislative Action" on SSRN. In the article, he suggests an online repository of individuals' advance directives to be accessed by health care providers...
Continue reading "Advance Directive Digital "Lockboxes" Proposal"
Jared T. Meier has published "Understanding the Statutory Tax Practitioner Privilege: What is Tax Shelter 'Promotion'?" In the U. Chicago Law Review. The article suggests that the courts "should read promotion broadly to mean furtherance or encouragement", and that the...
Continue reading "Tax Practitioner-Client Privilege and Tax Shelter "Promotion""
In an article titled "What Does the Debate Debt Debacle Mean to Your Life Insurance Coverage?" Deirdre Wheatley-Liss discusses how individuals should take actions now concerning their own insurance coverage in the wake of the Congressional debt debate. By speaking...
Continue reading "Life Insurance Coverage and the Debt Debate"
Margaret E. St. John (2011 J.D. Candidate, Quinnipiac University School of Law) recently published her note entitled The Connecticut Probate Court System Reform: A Step in the Right Direction, 24 Quinnipiac Prob. L.J. 290 (2011). The article discusses recent reforms...
Continue reading "Probate Court System Reform in Connecticut"
In the case of Estate of Anne Y Petter et al. v. Commissioner, the Ninth Circuit Court of Appeals enabled tax payers to more easily value gifts to fit within the taxpayers yearly gift tax exemption. In Estate of Petter,...
Tax Notes has published an article by Nancy B Firestone titled "Court of Federal Claims Denies Untimely Estate Tax Refund Claim." Firestone's article publishes the text of the recently decided Court of Federal Claims case Boensel v. United States. In...
According to an article published by Tax Notes, United for a Fair Economy has urged that tax fairness can be improved by ending high-income tax cuts and raising rates for those earning at least $1 million, strengthening the estate tax,...
Continue reading "United For A Fair Economy Calls For High-Income Tax Increases, Strong Estate Tax."
Tax Law Round Up has published an article by Steve Schneider titled "IRS Reminds Taxpayers of Aug. 31 Deadline for FBAR Voluntary Disclosure." In his article, Schneider discusses the current penalty framework in the voluntary disclosure program, which is a 25% ...
At Tax Notes, Jennifer Bird-Pollan positively reviews Federal Taxes on Gratuitous Transfers: Law and Planning, by Joseph M. Dodge, Wendy C. Gerzog, and Bridget J. Crawford (Aspen 2011). She especially praises the inclusion of problems and planning strategies throughout the...
Continue reading "Review of New Casebook on Gratuitous Transfers"
In an ABA Journal article titled "Rocket Lawyer Raises $18.5M," Debra Cassens Weiss discusses how the online legal document service Rocket Lawyer has raised $18.5 million from a group of investors that includes Google Ventures. The article also discusses how...
Continue reading "Online Legal Document Service Rocket Lawyer Raises $18.5 million dollars"
Roll Call reports on a letter from several donors to political non-profits questioning the IRS's decision to cease audits of several donors to political non-profits. Donations to these 501(c)(4) organizations are not tax-deductible, and they may be subject to the...
Ross Levin, Founding Principal and President of Accredited Investors Inc., authored an article in The Journal of Financial Planning which describes his three guiding principals for successful financial planning. His first belief, "I'm Never the Smartest Person in the Room," warns...
Continue reading "Expert Financial Planner Details his Core Wealth Management Beliefs"
According to recent a recent article published on Bloomberg.com, HSBC Private Wealth Solutions, a unit of London-based HSBC Holdings Plc (HSBA)'s private bank, topped Bloomberg Markets' recent ranking of family offices. In addition to HSBC, which oversees $102 billion for...
Continue reading "HSBC Tops Family Office List as Money Firms Manage Rises 17%"
The New York Times has published an article by Paul Sullivan titled "Managing an Investment Portfolio for Risks, Not Only Returns." The article discusses risks in individual's investments that can be controlled. The article focuses on three areas of risk...
Continue reading "Managing an Investment Portfolio for Risks, Not Only Returns"
The IRS released on Wednesday final regulations on the use of actuarial tables in valuing annuities, interests for life or terms of years, and remainder or reversionary interests under IRC 7520(c)(3). The new regulations replace the temporary regulations release two...
Victoria J. Haneman's upcoming article covers malpractice in the estate planning field, and she suggests using a constructive trust when a professional makes an error. There seems to be little case law employing constructive trusts to remedy estate planner errors. ...
In an unpublished opinion, the United States Court of Appeals for the Fifth Circuit reversed a district court's grant of summary judgment to the IRS involving two estate gift tax refund suits. In Tatum v. United States, the Fifth Circuit...
Continue reading "Tatum v. United States: Fifth Circuit Reverses Summary Judgment in Gift Tax Suit"
The New York Times has published an article titled "Resisting the Urge to Run Away From Home." The article discusses why investors should invest globally and avoid investing in just their home country.Posted by Brian Spring, Associate Editor, Wealth Strategies...
Forbes has posted an article by Deborah L. Jacobs titled "Smart Moves for Battered IRAs." In her article, Jacobs points out that the stock markets dive in reaction to the U.S. debt deal creates an opportunity to make Roth conversions at...
Continue reading "Forbes Article by Deborah L. Jacobs: Smart Moves for Battered IRAs"
Tax Notes has published an article titled "DOJ Announces Guilty Plea of New Jersey Doctor for Failing to File FBARS." The article summarizes the guilty plea entered into by New Jersey doctor Michael Reiss. From 2000 - 2010 Reiss was...
In an August 8, 2011, letter to the Treasury Department, attorney Marcus Owens of Caplin and Drysdale, writing on behalf of four clients, asked whether there were political considerations behind a recent IRS decision to halt five gift tax examinations...
Continue reading "Attorney Questions IRS Decision to Halt Gift Tax Exams"
In a Forbes article titled "The No-Pain, No-Gain Economy," Rick Ferri discusses how pain typically isn't associated with economic growth, but pain will be at the center of the United States' economic growth for a long time. Posted by William...
In a Forbes article titled "What the Stock Market Plunge Means for a Deficit Agreement," Howard Gleckman discusses how President Obama and Congress should agree on a broad deficit reduction plan. The article also discusses how the recent combination of plunging stocks and...
Continue reading "What the Stock Market Plunge Means for a Deficit Agreement"
Dear Reader - The ABA is compiling its annual list of the 100 best legal blogs. If you like the Wealth Strategies Journal, we would greatly appreciate any support you may be willing to show by completing the following short...
Continue reading "ABA Seeks Nominations for Annual List of 100 Best Blawgs"
In a Forbes article titled "James Brown's Estate and Wishes in Limbo," Andy Mayoras discusses how the estate of James Brown is still being litigated. He discusses how the case was almost resolved in 2009; however, two former trustees appealed...
The IRS has issued Rev. Proc. 2011-41, which provides a safe harbor related to the interpretation and application of section 1022. Rev. Proc. 2011-41 provides that property acquired from a decedent is typically property that is transferred from the decedent's estate...
The IRS has issued guidance, Notice 2011-66, on how the executor of the estate of a decedent who died in 2010 may opt out of the estate tax and have the carryover basis rules apply by filing Form 8939 by...
The New York Times has published an article titled "Wealth Matters; Owning a Ranch Offers Returns Beyond the Financial." The article discusses ranches, which have been routinely included in wealthy investor's portfolios, and how agricultural land has offered steady returns.Posted by Brian...
Continue reading ""Wealth Matters; Owning a Ranch Offers Returns Beyond the Financial"
Insurance News Net has published an article by Bill Singer titled "The Lawyer, the Stockbroker, the Ex-Wife, and the Widow." In his article Singer discusses a FINRA arbitration claim between the estate of Newman Trowbridge, Capital One Investments, and representative Rick Schenk. ...
The Huffington Post has published an article titled "American Millionaires: 1,400 paid no U.S. Income Tax in 2009" by Alexander Eichler. In his article Eichler discusses IRS Publication 1304, which is a compilation of statistics from 2009's individual tax returns. ...
The New York State Bar sponsored a resolution calling for legal education reforms which recently received approval from the American Bar Association during the ABA's annual meeting in Toronto. The resolution encourages enhanced clinical work opportunities during legal education, as well as practical training experiences...
Continue reading "New York State Bar Resolution Calls for "Practice Ready Lawyers""
The New York Times has published an article by Paul Sullivan titled "Managing an Investment Portfolio for Risks, Not Only Returns." The article discusses common mistakes that expose portfolios to unintended risks.Posted by Brian Spring, Associate Editor, Wealth Strategies Journal....
Continue reading "Managing an Investment Portfolio for Risks, Not Only Returns"
Bridget J. Crawford, Pace University Professor of Law and Associate Dean for Research and Faculty Development, recently published an article titled "Palumbo and the Estate Tax Charitable Deduction, 131 Tax Notes 423 (2011)." The article discusses the United States District Court for...
The IRS has ruled that a community trust may operate a charitable corporation as a component of the trust. The corporation was founded by the trust and both the corporation and trust have been filing separate Forms 990. The trust...
Continue reading "Charitable Trust and Wholly-Owned Corporation May File a Single Form 990"
The IRS has published a reminder that the deadline is August 31 to participate in the 2011 Offshore Voluntary Disclosure Initiative. This program follows up on the successful 2009 program in which holders of unreported offshore accounts could disclose them...
Continue reading "Aug. 31 Is the Due Date for This Year's Offshore Voluntary Disclosure Program"
Scott Martin's The Trust Advisor Blog discusses how trust banks, thrift institutions, and other entities may face tougher government supervision now that the Office of the Comptroller of the Currency has absorbed the Office of Thrift Supervision. He features opinions...
Continue reading "How the OCC Will Regulate Trust Banks and Thrifts"
The IRS has announced (IR-2011-83) the issuance of guidance on the treatment of basis for some estates of decedents who died in 2010. A notice and a revenue procedure are intended to help executors who opt out of the estate...
Continue reading "IRS Announces Guidance on Basis of Estates of Decedents Who Died in 2010"
The IRS has issued guidance (Rev. Proc. 2011-41) that provides optional safe harbor procedures for property acquired from estates of decedents who died in 2010. Form 8939 is the form to be used to both elect out of the...
Continue reading "IRS Provides Safe Harbor Procedures For Property Acquired From 2010 Estates"
A California appeals court held that a woman who purchased an endowment life insurance contract that repaid her premium and dividends during her lifetime and did not pay a death benefit is not entitled to Medicaid because the contract is not...
In a Bloomberg article titled "Estate Executors Must Decide 2010 Tax by November 15," Richard Rubin and Alexis Leondis discuss how the IRS is giving executors of estates of people who passed away in 2010 until November 15, 2011, to...
Continue reading "IRS Provides Guidance to Executors on Skipping 2010 Estate Tax"
In Estate of Petter v. Commissioner, Anne Y. Petter transferred membership units in a family-owned LLC partly as a gift and partly by sale to two trusts and coupled the transfers with simultaneous gifts of LLC units to two charitable...
November 15, 2011 is the deadline for estates of those who died in 2010 to elect out of the retroactively reinstated 2010 estate tax, according to Friday's Notice 2011-66. The IRS says it will release the required Form 8939, tentatively...
Continue reading "IRS Sets Nov. 15 Deadline for Electing Out of 2010 Estate Tax"
The State Bar of Wisconsin website features an article on estate planning for Packers season tickets. The team's policy permits devise of tickets to family members and close blood relatives. The article also discusses planning, problems that may arise in...
Continue reading "Transfer of Green Bay Packers Season Tickets at Death"
Deloitte hosts tomorrow, Tuesday, August 9th at 2:00 PM EST, the following webinar:Partnership Tax Compliance: Raising the Bar on Performance and Cost EffectivenessThe webinar will cover streamlining and automating the tax compliance function and the technologies involved.Posted by David Perry,...
The Wealth Strategies Journal has posted a new article entitled, "Recent Developments in Asset Protection Law - July 2011" by Jay Adkisson.Posted by Matthew Engler, Managing Associate Editor....
Continue reading "Recent Developments in Asset Protection Law - July 2011"
The Wealth Strategies Journal has posted a new article entitled, "Two Years After Madoff: An Argument for Foundation Audits" by William C. Jenczyk, CPA, and Laura Barooshian, CPA, MST.Posted by Matthew Engler, Managing Associate Editor....
Continue reading "Two Years After Madoff: An Argument for Foundation Audits"
The New York Times has published an article by Tara Siegal Bernard titled "Tax Changes for Gay Married New Yorkers." The article discusses how same-sex unions will be subject to new state tax rules regardless of whether the couples were...
Continue reading "Tax Changes for New York Same-Sex Couples"
According to a Wall Street Journal Article, supermodel Linda Evangelista is asking French billionaire Francois Henri-Pinault, father of Evangelista's four-year-old son, Augustin James, for $46,000 a month in child support. Mrs. Evangelista argues that $46,000 is the minimum required to provide...
Continue reading "How Does a Four-Year-Old Spend $46,000 a Month?"
J. Kevin Ciavarra, Partner at PricewaterhouseCoopers LLP, has submitted comments on draft Form 8938, "Statement of Specified Foreign Financial Assets," seeking guidance that clarifies the application of the form to indirect individual investors and domestic entities under section 6038D(f). See "PWC...
Continue reading "PWC Comments on Draft FATCA Reporting Form"
Robert E. Greeley, a resident of San Francisco, pleaded guilty on August 3, 2011, to charges of filing a false federal income tax return. Greeley appeared before U.S. District Court Judge Charles R. Breyer in San Francisco and accepted responsibility...
Continue reading "UBS Client Pleads Guilty to Filing False Tax Return"
Two tables presenting Filing year 2010 data from Forms 706-NA, United States Estate (and Generation-Skipping Transfer) Tax Return, filed for nonresident aliens are now available. These tables present data from the population of returns filed during 2010, including information regarding...
Forbes has posted an article by Janet Novack titled "Higher Taxes and Epic Tax Fight Are On The Horizon." In her article Novack highlights that despite the passage of the Budget Control Act of 2011 there are a number of significant tax...
Consumer Affairs has posted the article "Gay Marriage Highlights Inequities in Tax Laws" by James R. Hood. Hood discusses the impact of New York's Marriage Equality Act on the tax liability of same-sex spouses in the state. Hood points out that the tax benefits...
The Wealth, Trusts & Estates Prof Blog has posted the article "Trial & Heirs, Protect Your Family Fortune!" by Gerry Beyer. In his article Beyer describes an upcoming PBS special on legacy estate planning. The special, hosted by Danielle and...
McGuire Woods posted a 2011 State Death Tax Chart. The chart highlights in each State whether there is a State death tax, the effects of EGTRRA on the State's tax, legislation affecting the State death tax, and the 2011 state death tax threshold. Posted...
The Journal of Accountancy posted an article, IRS Finalizes Circular 230 Regulations, June 1, 2011. The IRS implemented TD 9527 which revises Circular 230. All paid tax return preparers must register for a preparer tax identification number and pass a tax...
Martin Sullivan believes that the Joint Committee's deficit reduction plan does not consider the extension of the Bush tax cuts, alternative minimum tax relief and other expiring provisions. Therefore, the deficit reduction plan will not be effective. "See, Economic Analysis: ...
Continue reading "Economic analysis: Bush tax cuts demand a phase 3"
Deloitte hosts today, August 4th at 2:00 PM EST, the following webinar:Alternative Workplace Strategies: The Big Shift in Office Space Demand Has BegunThe webinar will discuss the business reasons behind seeking alternative workplace strategies; the impact these strategies will have...
President Obama signed into law the Budget Control Act of 2011. The New York Times website has a chart explaining the features of the compromise. Here is the White House "Fact Sheet" on the deal.See Jennifer Steinhauer, "Debt Bill is...
Continue reading "President Signs Bill to Raise Debt Ceiling"
The ABA Section of Taxation will host the following webinar: Practical Problems and Practical Solutions for Private FoundationsThe experts on the panel will discuss problems for both domestic and foreign private foundations, including "grants to foreign schools, equivalency determinations, grants to...
The New York Times reports that Oscar-winning actress Faye Dunaway is being sued by her landlord for eviction in New York City housing court. The landlord claims that Dunaway does not live in the rent-stabilized apartment (as required for rent...
Continue reading "Celebrity Actress in Eviction Proceedings for Rent-Controlled Apartment"
PBS will premier a new television special on August 9 titled "Trial & Heirs: Protect Your Family Fortune!" The show features attorneys Danielle and Andy Mayoras and is based on their book, "Trial & Heirs: Famous Fortune Fights!" In the...
Continue reading "Trial & Heirs: Protect Your Family Fortune!"
Tax Notes has published an article by Randall Jackson. The article discusses the Justice Department's indictment of Martin Lack, a former UBS private banker, for conspiracy, alleging that Lack helped U.S. citizens evade U.S. taxes by hiding taxable assets in...
Steve Wamhoff, a member of Citizens for Tax Justice, recently published an article titled "President Obama Breaks His Promise on Taxes Again." The article discusses how after failing to provide for tax increases as part of the debt limit increase,...
Continue reading "Citizens For Tax Justice: The Debt Ceiling Conflict"
The Wall Street Journal published an article titled "Federal Estate Taxes and Step-Up-In-Basis Rules" by Tom Herman. In his article, Herman discusses the ruler for determining the basis value allocated to inherited assets. Herman explains that currently the rules operate to give the inherited assets...
Molly Wilkens (2011 J.D. Candidate, University of California, Hastings College of Law) has published a note titled "Privacy and Security During Life, Access After Death: Are They Mutually Exclusive?," 62 Hastings L.J. 1037 (2011). The note explores how federal financial...
Fortune Magazine has published an article by Janice Revell titled "Getting married? Get a prenup." The article discusses the risks of not having a prenup and the types of property in a divorce, which includes salaries and bonuses deposited in...
The American Bar Association is sponsoring a 90-minute live webinar on August 16 titled "Building a Successful and Supportive Special Needs Practice."Program Desciption:This presentation will focus on various elements specific to operating a special needs practice. To be successful in...
Continue reading "ABA-CLE: Building A Successful And Supportive Special Needs Practice"
Tax Notes has published an article by Juan F. Vasquez, Special Trial Judge of the United States Tax Court. The article discusses a recent U.S. Tax Court summary opinion (Estate of Nicholas Telesmanich et al. v. Commissioner) which held that...
In a Wall Street Journal article titled "When Will a Woman Be the Richest Person in the World?" Robert Frank discusses how women may be doing better than men in the broader economy, but they're still under-represented at the top. However,...
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Last week, the Subcommittee on Oversight of the House Ways and Means Committee held hearings on the new IRS program to monitor and register all tax return preparers. According to James White of the Government Accountability Office and to David...
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Planned Giving Design Center published an article titled "Bill Would Enhance Charitable Deductions for Ordinary Income Property" by Marc Hoffman. In his article, Hoffman indicates that the proposed legislation would "increase the limitation on the amount of charitable contributions of ordinary...
The Trust Advisor published an article titled "DOL Begins Crackdown on 401k Providers for Fee Bundling Abuses" by Scott Martin. In his article, Martin describes the Department of Labor's new rules as an inevitable response to fee bundling practices that...
The American College of Trust and Estate Counsel has published Capital Letter No. 28 by Ronald D. Aucutt, Partner at McGuire Woods, LLP. In his Letter, Mr. Aucutt discusses the future of the current estate tax exemption.HAT TIP: Wills, Trusts...
According to BBC News, fashion designer Alexander McQueen, who was found dead in central London last year, left £50,000 for the care of his pet dogs. McQueen also gave £400,000 to four charities including the Battersea Dogs and Cats Home...
The Wall Street Journal has published an article, by Saabira Chaudhuri, titled "When Estate Plans Fail Many People Overlook Arcane Issues, from Pets to the Unborn." The article discusses estate planning for pets, including the types of trusts used for...
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In a Bloomberg article titled "Who's Afraid of Grover Norquist?" David Lynch discusses how Grover Norquist, president of the advocacy group Americans for Tax Reform and one of the most influential conservatives in Washington, has created a pledge for members...
Tax Notes has published an article discussing new IRS Publication 551, which explains the basis value to be assigned to individual assets. IRS Publication 551 "explains to taxpayers how to determine and use basis to calculate depreciation, amortization, depletion, and casualty losses, and to find...
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In a Wall Street Journal article titled "Wealthy Investors Grow Pessimistic About Economy," Robert Frank discusses how a poll by UBS Wealth Management Americas of its wealthy clients found that 40% aren't putting money into the markets until the debt talks...
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The IRS Small Business/Self-Employed Division has issued Interim Guidance Memorandum SBSE-04-0711-066 regarding the closing procedures for estate and gift tax cases. The purpose of the interim guidance is to reflect changes in responsibilities and provide updated procedures for the processing...
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In a Chicago Tribune article titled, "Giving Property as a Gift Requires Careful Tax Planning," Benny Kass discusses the issues that arise when giving property as a gift. The article discusses under most circumstances, he does not like the idea...
District of Columbia's Mayor Vincent Gray has signed the Budget Support Act of 2011. The Act includes numerous corporate and personal income tax provisions including: combined reporting provisions, minimum tax increase provision, tax penalty safe harbor provision, standard deduction limitation...
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This decision was not designated for publication. The Fifth Circuit has held that the Tax Court did not have jurisdiction to hear an equitable recoupment claim by a trust (which had been settled by a decedent) during deficiency proceedings for...
In the Tax Notes article "Mortgages and Conservation Easements: Not a Good Mix," Wendy Gerzog discusses the Tax Court's denial of a charitable deduction for a conservation easement on a home. The home-mortgage-holder's claim on any insurance or indemnity payouts...
According to Kimberly Palmer in Amy Winehouse's Financial Legacy, in US News, the recently deceased singer Amy Winehouse left her affairs in fairly good order: her parents and brother will inherit her sizable estate. Posted by Jessica Rebarber, Associate Editor,...
