U.S. prosecutors have begun to use subpoenas to compel suspected Swiss Bank tax cheats (not the banks themselves) to turn over their bank account details dating back to 2003. Courts in the U.S. have recently split over the legality...
Continue reading "U.S. Using Subpoena Power For Suspected Swiss Bank Tax Cheats"
An analysis of the financial situation for the past years reveals that our downward economy has made investors re-think their choices and invest in safer alternatives such as bonds. In the economic sciences field, Mr. Daniel Kahneman, a Nobel...
Continue reading "Analyzing Financial Choices for the Upcoming Year after a Bleak 2011"
Charles Bruce of Bonnard Lawson has published an article in the BNA Daily Tax Report that compares FBAR reporting requirements to FATCA foreign financial assets report requirements. He details the subtle differences between Form TD F 90-22.1 for the FBAR and...
Continue reading "Comparing FBAR and FATCA Filing Requirements"
Conrad Teitell writes that volunteers who contribute their time are often unaware that their unreimbursed expenses are deductible contributions (if they itemize). Mr. Teitell goes on to discuss a recent Tax Court case that is a "virtual primer" on...
Continue reading "Unreimbursed Volunteer Expenses Deductible (for Itemizers)"
Conrad Teitell provides tips for telling clients how to substantiate their charitable gifts on their 2011 federal income tax returrns. Mr. Teitell notes that detailed substantiation requirements must be met for the charitable deductions to be allowed and that...
Continue reading "Substantiating Charitable Gifts For Federal Income Taxes"
A section of the Non-Profit organization, Pew Charitable Trusts has been making strides with its campaign to get banks to disclose fees associated with checking accounts in clearly stated language. Pew finds it especially important for banks to clearly explain the order...
Continue reading "Pew Charitable Trusts Campaigning for Banks to Improve Disclosure Method of Fees"
Thelma Ruffin and others sued the City of Chicago for repeatedly turning down their job applications. She joined a class action and eventually received a $12,500 settlement. In Ruffin v. Commissioner, the Tax Court stated thee only way a payment can...
Continue reading "Tax Court Holds Damages From Political Discrimination Taxable"
The Tenth Circuit Court of Appeals has affirmed a Tax Court decision that held that the disposition of appreciated stock via Variable Prepaid Forward Contracts (VPFC) were taxable. The underlying issue had been whether the VPFC created a taxable...
Continue reading "10th Circuit: Variable Prepaid Forward Contracts Are Taxable"
In emailed advice published by Tax Analysts, the IRS stated that a levy may be issued in the United States for a foreign bank account held by a U.S. taxpayer. Based on those facts, the taxpayer had an overseas account with...
Continue reading "Levy on U.S. Person's Foreign Bank Account "
Roger Bernhardt has published an article titled "The Uncertain Requirement of Recording Assignments of Deeds of Trust". The article discusses whether or not a deed of trust is subject to the same recording requirements as a mortgage in light of...
Continue reading "Ambiguity in Recording Assignments of Deeds of Trust"
Francine J. Lipman and James E. Williamson have published an article titled "Social Security Benefits: Windfall Elimination Provision". The article provides advice on managing the incomes of people with both Social security and alternative pensions.Posted by Michael Nissenbaum, Associate Editor,...
Continue reading "Windfall Elimination Provision and Social Security Benefits"
The Wealth Strategies Journal has posted a new article entitled, "Warning! The Service Believes S Corporations are Undervalued," by Daniel R. Van Vleet.From the article: "The 1999 decision of Gross v. Commissioner ("Gross") fundamentally changed the manner in which valuation experts and...
Continue reading "Warning! The Service Believes S Corporations are Undervalued"
The New York Times publishes a list of small business articles from the year they found to be helpful. The articles examine a variety of different topic areas that address running a small business. See Gene Marks, "This Year...
In redacted Field Attorney Advice (FAA 20115101F), the IRS decided that proceeds from the temporary taking of real property was not attributable to an involuntary conversion under Section 1033(a), and are considered compensation. Thus, the proceeds were rental income under Section...
In Rev. Proc. 2011-61, the IRS has updated the general guidelines and requirements for the development, printing, and approval of substitute tax forms. Requirements are set forth for privately designed and privately printed federal tax forms and conditions under...
Continue reading "IRS Updates Requirements For Substitute Tax Forms and Schedules"
PLR 201151003 - The IRS granted the executor of an estate an extension to make an alternate valuation election under Section 2032.PLR 201151007 - The IRS granted an individual an extension to allocate her available generation-skipping transfer tax exemption...
In 2012, the federal estate tax exemption will be indexed from $ 5 million to $5.12 million. While the higher exemption sticks around, separate state levies are still a concern for any tax planner. The upcoming year will see many changes...
Huguette Clark's estate's accountant and lawyers are dismissed under accusation of failing to properly account for the estate's taxes. However, there is also concern that the heiress may have been involved in the possible fraud. See "Taxes Questioned, Accountant...
Christmas morning puts a smile on millions of children all across the country. However, the children don't necessarily have to be the only ones with a smile on their faces. By providing certain gifts to children, parents can ensure that...
Attorney Ron Aucutt of McGuireWoods has posted (with lengthy details) his selection of the top 10 estate planning developments of this year. He covers new common law developments like those in defined value clauses (Petter v. Comm'r); IRS efforts as with...
Continue reading "Top Ten Estate Planning Developments--One Attorney's Take"
The IRS has issued final regulations modifying the tax return preparer penalty rules under Section 6695. These regs provide additional measures to improve compliance with the preparer earned-income-tax-credit due diligence requirements of Section 6695(g). The full article may be viewed at Tax...
Continue reading "Final Regs Issued For Tax Return Preparer Penalty Rules under Section 6695"
Anxiety over future income looms over any person nearing retirement. Making prudent use of your investment income is crucial to long-term financial security. Recently an article in the New York Times highlights how more employers are beginning to offer ways to help...
Continue reading "Employers Providing More 401K Advice to Pre-Retirees "
The Internal Revenue Service (IRS) has recently received permission from a California federal judge to get records related to intra-family property transfers for a nominal fee during the years of 2005 to 2010. The IRS will acquire the names of...
Theresa Brown, an oncology nurse, writes in an op-ed about end of life care issues with severely terminal patients. Specifically, she discusses the phenomenon of health insurance companies willing pay for heavy medical costs to prolong life for a...
Peter J. Reilly of Forbes, takes a look at the Top 10 Lamest Taxpayer Arguments of 2011. The list delineates 10 scenarios where taxpayers bent the rules too far, and the IRS was forced to put its foot down. The...
With the "Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010" estates of persons who died in 2010 were allowed to elect out of the federal estate tax. However, the IRS did not publish the final of Form 8939,...
Continue reading "Deadline to Elect Out of 2010 Estate Tax Drawing Near "
A recent poll by The Chronicle shows that Charities in 2011 have received a 20% increase in donations compared to the year before. Further, 60 % of charities project to end the year with an overall gain in donations. To read...
In a recent case, Faville v. Burns, 2011 Ill. App (1st) 110335, the Illinois Intermediate Appellate Court held generally that objections to investment performance do not state cause of action but that a trustee may be removed for conflict of interest. To...
The IRS recently issued year end gift giving tips for taxpayers which include:1. IRA owners who are 70 years and above can transfer $100,000 directly to any charity tax free2. In order to claim a deduction for clothing given away...
In a recent Boston College Law Review article, Katherine Ann McAllister analyzes the unintended consequences of ERISA especially for participants who die before appropriately updating their beneficiary designations. See Unexpected Consq. of ERISAPosted by Ian Horowitz, Associate Editor, Wealth Strategies Journal. ...
The IRS has released Publication 547, Casualties, Disasters, and Thefts. Publication 547 explains the tax treatment of casualties, thefts, and losses on depositsPublication 547 covers:Definitions of a casualty, theft, and loss on deposits;How to figure the amount of gain or...
Continue reading "IRS Releases Publication 547: Casualties, Disasters, and Thefts"
The IRS has released Publication 936 for use in reporting deductible interest on tax returns and for calculating the deduction limit. Part 1 contains information home mortgage interest, including insurance premiums. Part 2 explains how a deduction for home mortgage...
Continue reading "IRS Releases Publication on Mortgage Interest Deduction"
The Tax Court recently held that an attorney in a law partnership isn't entitled to deduct indirect or reimbursable expenses as unreimbursed partnership expenses. The attorney also isn't entitled to deduct any portion of auto expenses due to lack...
BrightScope has released its 30 top-rated 401(k) plans for 2011. This year the Southwest Airlines Pilots' Retirement Savings Plan just squeaked by the Savings Plan of the Saudi Arabian Oil Company to claim the top spot. Also of note,...
Continue reading "BrightScope Announces the Top 30 401(k) Plans of 2011"
In Notice 2011-101 the IRS has requested comments on when income, gift, estate, or GST taxes apply to transfers by a trustee of all or part of the principal of an irrevocable trust to another trust that change the beneficial interests...
Continue reading "IRS Seeks Comments on Tax Consequences of "Decanting""
Revenue Ruling 2012-2 provides prescribes rates for January 2012 for federal income tax purposes. These include the applicable federal interest rates, the adjusted federal long-term rate, and the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by...
The IRS has released Form 8938, "Statement of Foreign Financial Assets." Form 8938 is to be used to report the ownership of foreign financial assets if the total value of those assets is more than the applicable reporting threshold. The...
The IRS has released Notice 2012-6, which extends and expands the transition relief provided under Rev. Rul. 2011-1and Rev. Rul. 2008-40 for certain group trusts, certain retirement trusts that qualify under the Puerto Rico Internal Revenue Code and that participate...
In a recent interview by Bloomberg Markets Magazine, multimillionaire attorney Joe Jamail describes buying cocaine as being a better financial choice than investing in hedge funds. Mr. Jamail's best investment advice is to put your money on safe investments such...
A U.S. district court in California has granted the government's petition to serve a John Doe summons on the CA Board of Equalization for information regarding family transfers of property for inadequate consideration. The court found that the requirements...
Continue reading "IRS Obtains John Doe Summons Seeking Estate Tax Return From CA Agency"
A U.S. District Court in Mississippi has dismissed an estate's suit for a refund of an estate tax over-payment because the estate failed to make a timely administrative refund claim. The court found that equitable tolling doesn't apply to...
Continue reading "MS Federal Court Dismisses Estate's Refund Suit as Untimely"
On December 16, IRS and Treasury officials offered a preview of upcoming international guidance. They also discussed recently released guidance pertaining to foreign financial, assets reporting, manufacturing branch rules, disregarded entities, conduit financing arrangements, and foreign sovereign governments. The...
Continue reading "IRS Previews Upcoming International Guidance"
University of Louisville's law dean Jim Chen comments on the National Law Journal's analysis on what law school graduates need to earn in order to calculate their financial growth. According to a National Law Journal's report, law school graduates could...
Jill Schlesinger provides a list of tax beneifts that are due to expire at the end of 2011. These include education deductions, chartiable donations, adoption credits, and a mortgage insurance deduction. Ms. Schlesinger also suggests taking advantage of low capital gains...
Dr. Brian Bauqus discusses several axioms that he belives will be long-term solutions for the economic problems facing the United States. He first opines that higher tax rates are counter-productive. He also suggests eliminating the corporate tax, different tax treatment for tax...
Continue reading "Using Tax Reform to Promote Economic Growth"
Mandatory arbitration clauses in contracts can limit a claimants rights to have their case heard in a court. This can be especially difficult on the elderly with regards to their long-term care contracts in cases of neglect. There are some...
If you are in the holiday spirit then it is advisable, from a tax perspective, to give now rather than later. The current gift tax deduction may be in danger of being reduced to 28% next year under a proposal...
According to a new study in the book Preparing Heirs, Victor Preisser and Roy Williams note that 70% of family wealth transfer and business succession plans fail. This statistic should encourage those who are looking to make an estate plan...
The Law Commission, a statutory body created to keep the law of England and Wales under review and recommend reform in areas of the law that have become unduly complicated, outdated or unfair, has made several recommendations regarding the country's...
Continue reading "Call to Update Estate Laws of England and Wales"
SmartMoney has published an article advocating for wealthy individuals to make estate planning part of their 2012 New Year's resolutions. The article provides that wealthy individuals will be able to take advantage of the $5 million and $10 million gift...
The Wall Street Journal has published an article by Laura Saunders discussing offshore accounts, the Foreign Account Tax Compliance Act of 2010 (FATCA), and how the IRS is trying to crackdown on illegal offshore accounts. According to the article, FATCA...
A recent report by Fronterion, an international company involved with the outsourcing of legal work, indicates that due to inflation abroad and weak job markets in the United States and the United Kingdom, contract attorneys charge less per hour than...
Continue reading "E-Discovery Outsourcing to Ohio is Now Cheaper than India"
The IRS has issued temporary regulations relating to statutory provisions that require foreign financial assets to be reported for tax years starting after March 2010. The regulations provide guidance regarding Section 6038D requirements that individuals attach information to their...
Continue reading "IRS Issues Temporary Regs on Reporting of Foreign Financial Assets"
In an article from last year, Crescendo Interactive discusses five different IRA Charitable Rollover Opportunities. The profiled legislation seemed to make it desirable for some donors to give up to $100,000 per year to charity from his or her IRA.See...
The IRS has released temporary regulations for Reporting Specified Foreign Financial Assets under Code Section 6038D. The temporary regulations, which provide guidance relating to the requirement that individuals attach a statement to their income tax return to provide required information...
Arden Dale writes about the importance of naming a guardian in your will for your child. The main reason to do that is that should the worst come to fruition, the decision would later be left up to a...
Continue reading "Parents Should Name Guardians For Their Children"
Estate planning practitioners Cecil Smith and Carol Gonnella have neatly summarized the current estate tax laws as well as what is set to happen if they expire without further changes. Their article uses hypotheticals to highlight the tax burden of...
Continue reading "Three Ways to Reduce or Eliminate Federal Estate Taxes"
In a Private Letter Ruling, the IRS granted a company an extension to file a Section 754 election to adjust the basis of partnership property. The regulations for Section 754 provide a deadline for timely filing such an election....
In August, the IRS issued technical advice regarding residual-value insurance policies that insure assets against market decline. The advice stated that such policies are not insurance contracts for federal tax purposes. Such a contract involves investment risk as opposed to...
Peter Reilly writes about potential tax penalties when a taxpayer fails to report out-of-state income on his or her own state's tax return. The case Reilly describes centered on the state of New York failing to receive an amended return in...
Continue reading "A Lesson In Avoiding Unnecessary State Income Tax Penalties"
As part of a paperwork reduction effort, the IRS has requested comments on Form 14242, "Reporting Abusive Tax Promotions or Preparers". Anybody in the general public may respond and comments are due by February 13, 2012. See "Comments Requested on...
Continue reading "IRS Requests Comments on Abusive Preparer Reporting Form"
In 2011 it is projected that only 3,300 U.S. estates will owe federal income taxes, but the amount of filed estate tax returns are expected to increase dramatically. This ironic phenomenon is caused by the recently enacted portability provisions...
Continue reading "More Estates Filing Estate Tax Returns Thanks to Portability"
The U.S. Senate Committee on Finance and the U.S. House Committee on Ways and Means held a joint hearing on December 6, 2011. This was a historic meeting, since it was only the second time since 1946 that these committees held...
Continue reading "Historic Joint Senate Hearing on Tax Reform"
The tax code provides for many benefits to married couples. However, if you are unmarried but cohabiting and sharing various financial accounts, then you may face some added problems. This is particularly problematic in regards to health insurance, social security...
According to a Private Letter Ruling, the IRS has allowed a 13-year-old beneficiary to transfer a previously taxed lump-sum distribution to an inherited IRA.In PLR 201139011, a 13-year-old was named the sole beneficiary of her father's interest in a qualified...
Tax Notes has published an article by Shamik Trivedi warning of how simple errors in executive compensation planning can cause serious problems. According to the article, issues surrounding severance pay under Section 409A and the new rules under the Dodd-Frank...
Continue reading "Practitioners Warn of Simple Errors In Executive Compensation Planning"
The IRS has released Publication 529, Miscellaneous Deductions. Publication 529 explains which expenses taxpayers can claim as miscellaneous itemized deductions on Schedule A for Form 1040 or Form 1040NR. Publication 529 covers:Deductions subject to the 2% limit;Deductions not subject to...
Continue reading "IRS Releases Publication 529: Miscellaneous Deductions"
The Chief Executive Boards Blog has published an article to help employers identify toxic employees. According to the article, employers are better off without toxic employees because they cost the business money and are constantly undermining authority. See "5 Signs...
The Wealth Strategies Journal has posted a new article entitled "Cross Tested Retirement Plans," by Nick Paleveda. From the article: "A 401(k) plan is a plan to defer salary also known as an elective deferral plan. 401(k) plans was passed...
According to Cynthia Stephens of The Trust Advisor, the three most important forms of technologies that advisors need are good analytical software, account aggregation software, and good customer relationship management (CRM) software. Good analytical software is critical in analyzing portfolios...
In July, the Employee Benefits Security Administration (EBSA) has extended the July 16, 2011 deadline under Section 408(b)(2) of ERISA to April 1, 2012 in order to allow service providers more time to comply with their disclosure fees for plan...
LexisNexis has introduced a new service, which provides legal services directly to individuals and which competes with estate lawyers, other than those that affiliate with LexisNexis, called EZ Law. EZ Law offers Wills beginning at $75, which "includes attorney review...
Scott Martin discussed the recent phenomenon of debt collection agencies contacting the heirs of decedents who died leaving debt behind -- and collecting. Many of these heirs do not realize that they are not on the hook for the...
Continue reading "Debt Collection From the Deceased Becoming a Big Business"
The estate of wealthy heiress Brooke Astor, who passed away four years ago, is challenging the IRS valuation of her taxable estate. The government claims her taxable estate is $223 million with a tax bill of $97 million, while the...
Continue reading "IRS Attacking Valuation of Brooke Astor Estate"
In more celebrity news, rapper Shad Gregory Moss, a.k.a. Bow Wow (formerly known as Lil Bow Wow), has an IRS tax lien against him. While it may seem like a very large ordeal for the IRS to place a tax...
This article provides fifty helpful websites for nursing home patients and their families. Websites one through ten are dedicated to home care support of the elderly, and include topics such as: A guide for people seeking home care, medical professional agencies, information regarding the healthcare system, support...
Continue reading "Information Regarding Nursing Home Care for Patients and Relatives"
The American Bar Association Section of Real Property, Trust and Estate Law has commented on IRS Proposed Regulation 128224-06 regarding Internal Revenue Code Section 67(e), Exception to the 2-Percent Floor for Estates and Trusts, Property Regulation Section 1.67-4. According to...
CNN Money collects a few simple strategies for making your December charitable donations go further. The strategies it details include donating appreciated securities; making IRA-to-charity rollovers; and giving to community foundation endowment funds, which dispense monies to various charitable causes...
Continue reading "Maximizing End-of-Year Charitable Donation Deductions"
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.comNovember 29, 2011The ACTEC 2011 Fall Meeting was held in San Diego, California on October 14-15, 2011. A summary...
Continue reading "Steve Akers: ACTEC 2011 Fall Meeting Musings"
Barron's discusses a recent trend among the wealthy: Out of fear that 21-year-olds, or young people even past that age, will squander inherited fortunes, parents are structuring their inheritances to pay out legacies over a longer period. To encourage more...
Continue reading "Withholding Inheritances Until Well Past Age 21"
Deloitte on Tuesday, December 13 presents "Passthrough Entities: Uncertain Tax Positions and Other Financial Reporting Issues." The webcast will discuss recent developments in reporting ta positions for various domestic and international tax issues, including deferred-tax issues for corporate partners, and...
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In the holiday season, you are probably more concerned about department-store sales and purchasing gifts for your loved ones. However, there are many financial opportunities to save on taxes. These include: IRA distributions, college savings accounts, and gifts. See Kenneth...
As the year comes to a close, there are many tax issues that have been left unresolved. These uncertainties are causing concerns for businesses and are likely going to be revisited in 2012. Among the issues are: cost-basis, loss carryover,...
The Wealth Strategies Journal has published a new article entitled, "When Can I Retire? Answers from the Historical Record," by Wade D. Pfau, Ph.D, CFA.From the article: "This study extends a framework for determining whether one is on track...
Continue reading "When Can I Retire? Answers from the Historical Record"
Forbes has listed five articles from Stuart Robertson's blog that will provide small businesses with the tools to make informed decisions regarding 401(k) plans. The articles will help dispel common 401(k) misperceptions and identify the type of 401(k) plans small...
The IRS has responded to an inquiry by Senator Arlen Specter regarding whether a retirement trust that is located in the United States, excluding Puerto Rico, may be treated as exempt under the Internal Revenue Code even when it does...
Governor Cuomo of New York and legislative leaders are ironing out details of a deal that could raise income taxes for the wealthy but cut them for the middle class. Nothing specific about the deal has surfaced, but insiders have...
Continue reading "Possible Income Tax Increase for Wealthy in New York"
Wendy S. Goffe made available a book chapter on health care directives and the various religious implications associated with the directives. See Wendy S. Goffe, "An Estate Planners Roadmap to the Valley of the Shadow of Death," ssrn.com (Nov. 03,...
To purchase major real estate assets usually requires a loan from a bank. However, some financial planners are advising their clients to get intra-family loans. Usually this ensures the profit from the loan will stay within the estate and often times...
For high net worth clients, mandatory withdrawals could come with a hefty tax bill. As such, advisors suggest taking advantage of the early withdrawal period in order to lower the tax burden. See Arden Dale, "Planning IRA Withdrawals," wsj.com...
Charles Rubin discusses the future of transfer taxes under a Democrat President and Congress. The article, titled "The Future Of Transfer Taxes (With A Democrat Controlled Congress And White House) discusses the various proposals included in the Sensible Estate Tax...
Continue reading "Transfer Taxes Under a Democratic Majority"
On Tuesday, December 6, 2011, New York Gov. Andrew Cuomo and members of the New York state legislature announced that they had created a higher tax bracket for the highest-income residents and reduced the tax rate for middle-class residents. The changes...
A Texas appeals court has ruled the discovery rule does not apply to will contests--it charged a person interested in the will with constructive notice once the will was probated. The court also discusses the distinction between incapacity requiring guardianship...
Continue reading "Evans v. Allen Discovery Rule Regarding Wills"
The IRS Small Business/Self-Employed Division has issued interim guidance, SBSE-04-1211-101, regarding what actions need to be taken when a gift is inadequately disclosed under Code Section 6501(c)(9). According to the IRS, Interim Guidance SBSE-04-1211-101 will be incorporated into Internal Revenue...
Continue reading "IRS Issues Guidance on Gift Tax Statue of Limitations"
The IRS has released Publication 557, Tax-Exempt Status for Your Organization. Publication 557 discusses and explains the rules and procedures that organizations must follow to obtain an appropriate ruling or determination letter regarding the organization's tax-exemption status. See Publication 557,...
Continue reading "IRS Publishes Guidance on Tax-Exempt Status for Organizations"
The IRS has announced that, effective January 23, 2012, it will begin to accept and process Tax Year 2011 Estate and Trust returns electronically. In anticipation, the IRS has released Publication 1437: Procedures for the 1041 e-file Program: U.S. Income...
Continue reading "IRS Publishes Guidance on Electronic Submission of 2011 Estate and Trust Returns"
Samuel Donaldson, Associate Dean and Professor of Law at University of Washington School of Law, has published an article titled 2011 Federal Tax Update, University of Washington School of Law Research Paper No. 2011-28. The article discusses federal income and...
The New York Daily News recently published an article discussing the multiple celebrities that have had tax troubles. This trouble has stemmed from evading taxes, forgetting to pay taxes or just outright cheating the IRS. These celebrities include Pamela Anderson,...
The National Society of Accountants (NSA) has surveyed roughly 8,000 tax preparers and found the average fee to professionally prepare an itemized Form 1040 and a state tax return to be $233.00. The NSA also found the cost of...
Continue reading "National Society of Accountants Claims Tax Preparation Fees to be Great Values"
Those planning on taking the IRS's Tax Return Preparer Exam are being encouraged by the National Society of Accountants (NSA) to wait until after April, 2012 to sit for the exam. The NSA claims the April 15, 2012 exam,...
Continue reading "Tax Preparers Encouraged to Hold Off Taking April 2012 IRS Exam "
The portability provision in the 2010 Tax Relief Unemployment Insurance Reauthorization and Job Creation Act requires one electing to use a deceased spouse's unused exemption to file an estate tax return that "specifically provides for portability on time, whether...
Continue reading " IRS Expected to Process an Increased Amount of Estate Tax Filings For 2012"
Financial advisory services tend to be costly and in some cases exclusively for high net worth individuals. Wealthfront, the company that brought the public investing site called kaChing, is seeking to change that with their own online financial advisory services...
Continue reading "Wealthfront Launches Online Financial Advisory Product"
In March of this year Citigroup added trusts services to its UMA platform to be more competitive in the trust market. UMAs allow advisors to "build a client portfolio out of securities from multiple asset classes and hold them on the...
Continue reading "Trust Services Added to Unified Management Accounts (UMA) Platform by Citigroup"
The Wealth Strategies Journal has posted a new article entitled, "A Gift From Congress: Gift Up to $10 Million Tax-Free," by Stephen Colella, CPA and Sarah Wulf, CPA.From the article: "For a limited time, married taxpayers can make lifetime gifts...
Continue reading "A Gift From Congress: Gift Up to $10 Million Tax-Free"
Paul Trudelle highlights a potential problem with handwritten wills in his analysis of a recent British Columbia Supreme Court case. The case concerned the distribution of an estate plan that was created by a handwritten will. In the will,...
Continue reading "The Potential Perils of Handwritten Wills"
The Auburn Reporter has published an article discussing whether estate planning is obsolete. According to the article, some individuals believe that estate planning has become obsolete due to new estate tax provisions enacted in the Tax Relief, Unemployment Insurance Reauthorization,...
The IRS has revised its Cash Intensive Businesses Audit Techniques Guide, which provides guidance for the examination of income in a cash intensive business. The revision adds a chapter for taxicab businesses.See IRS Cash Intensive Businesses Audit Techniques Guide.Posted by...
Continue reading "IRS Revises Cash Intensive Businesses Audit Techniques Guide"
The IRS has released an announcement informing bankruptcy trustees and debtors-in-possession of a change of address for the Centralized Insolvency Operation. The new address must be used for the submission of requests for tax refunds under section 505(a) of the...
Continue reading "IRS Announces Change of Address for Bankruptcy Tax Refund Requests"
Jodi Schwartz has submitted a New York State Bar Association (NYSBA) Tax Section report in response to foreign credit tax guidance. The report generally supports the approach of the current Section 704 regulations, but it also addresses instances in which the...
Continue reading "NYSBA Tax Section Report Addresses Foreign Tax Credit Guidance"
In light of the congressional supercommittee's failure to resolve the debt concerns, the issue of what the future tax rates will be is left in limbo. In light of this predicament, Laura Sanders provides some suggestions on what taxpayers should be...
Republican presidential candidate, Newt Gingrich has recently release his "21st Century Contract With America". The outlined tax proposals within it include a replacement of the health reform law with a tax credit or deduction for healthcare costs, lower corporate...
Continue reading "The Tax Proposals Within Newt Gingrich's 'Contract'"
The law currently allows forty percent of the value of land used for the purposes of conservation to be exempted from the estate tax. This is capped at $500,000. The American Family Farm and Ranchland Protection Act would raise the exclusion...
Continue reading "Conservation Bill to Amend Estate Tax for Ranchers and Farmers"
The congressional super committee's failure to reach an agreement is creating concerns for a variety of different groups. One group are farmers who have less certainty with regards to the estate tax on farms. With 2012 being an election year...
Global financial services firm Ernst & Young has released the 2012 Ernst & Young Tax Guide . The tax guide provides readers with changes in tax law affecting those participating in the upcoming tax season. The guide also provides...
