Wealth Strategies Journal

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Month: February 2017

Losing a Fortune Often Comes Down to One Thing: Family – The New York Times

The NY Times reports about how dynastic families may lose the family fortune over time, focusing largely on the Stohs family, which at one time owned the largest private beer company in America.  This is sometimes expressed as the phrase, plow shares to plow shares in three generations.

The article … Continue reading

10 Arguments Against Pre-Death (Antemortem) Probate and Will Contests 

William Sleeth writes about pre-death (antemortem) probate and will contests and why he believes this practice is a bad idea. His post begins as follows:

There are a handful of states that allow a person to probate a will (and challengers to contest the validity of a will) before the

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Pub 560: Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans) Updated

The IRS has updated Publication 560 (rev. 2016), “Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans). ” Pub 560 discusses retirement plans that can be established and maintained for small business employers and their employees.

See updated Pub 560 at Publication 560, Retirement Plans for Small Business – IRS.govContinue reading

Pub 557: Tax-Exempt Status for Your Organization Updated

The IRS has released Pub 557 (rev. 2017), “Tax-Exempt Status for Your Organization,” which explains the rules and procedures for organizations to obtain recognition of tax exempt status.

See updated Pub 557 at Publication 557 – IRS.gov .

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.… Continue reading

IBM Gives Watson a New Challenge: Your Tax Return – The New York Times

IBM’s Watson, in its broadest deployment so far, will be assisting H&R Block’s 70,000 tax professionals this filing season at 10,000 branch offices across the country, where 11 million people file taxes. The H&R Block partnership with Watson, announced on Wednesday, is being presented to a wider audience with a … Continue reading

McGuireWoods State Death Tax Chart 

McQuire Woods has updated its  State Death Tax chart, which is maintained for the McGuireWoods LLP Website and is updated regularly.

See full chart at: McGuireWoods LLP State Death Tax Chart | McGuireWoods LLP – JDSupra

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.… Continue reading

Estate of Lillian Beckenfeld v. Commissioner: IRS Levy Against Estate for Unpaid Additions to Tax & Interest Sustained

In Estate of Lillian Beckenfeld v. Commissioner, T.C. Memo. 2017-25, the Tax Court sustained an IRS levy determination against the Estate of Lillian Beckenfeld to collect unpaid additions to tax and interest stemming from a late-filed gift tax return.  In doing so, the court rejected the estate’s argument that a check … Continue reading

Pub 554: Tax Guide for Seniors Released

The IRS has released Pub 554 (rev. 2016), “Tax Guide for Seniors,” for use in preparing 2016 tax returns. Pub 554 provides an overview of certain topics that are useful to older taxpayers and information to help those taxpayers determine whether filing a tax return is necessary and what items … Continue reading