AICPA Offers Form 990 Recommendations to IRS

On June 17, 2015, The American Institute of CPAs (“AICPA”) offered more than 40 recommendations to the IRS for the Form 990, Return of Organization Exempt from Income Tax, and instructions.

The recommendations include the following:

  • adding thresholds throughout the instructions at the top of any schedule, part or line that
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Can winning a “defalcation” ruling in a bankruptcy proceeding against your former probate lawyer end up immunizing his insurance carrier from liability?

Juan Antunez summarizes a case where a client won a defalcation case in bankruptcy court against its former probate lawyer, which in turn immunized that probate lawyer’s insurance carrier from liability, which probably was not the client’s intended result.  Mr. Antunez’s  summary concludes as follows:

In estate litigation it’s the

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Final Portability Regs Issued

The IRS released final portability regulations effective June 12, 2015.  The Federal Register Summary reads as follows:

This document contains final regulations that provide guidance under sections 2010 and 2505 of the Internal Revenue Code on the estate and gift tax applicable exclusion amount, in general, as well as on the

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