Wealth Strategies Journal

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Month: September 2017 (page 1 of 2)

Fiduciary Duties in Bankruptcy and Insolvency by John A. E. Pottow 

John A.E. Pottow has made available for download a chapter, Fiduciary Duties in Bankruptcy and Insolvency, from his book, The Oxford Handbook of Fiduciary Law.  The  Abstract is as follows:

Although discussed nowhere in the U.S. Bankruptcy Code, fiduciary duties play a central role in guiding the administration of an insolvent

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Borrowing in the Shadow of Death: Another Look at Probate Lending by David Horton 

David Horton has made available for download his article, “Borrowing in the Shadow of Death: Another Look at Probate Lending,” to be published in the William & Mary Law Review, Vol. 59, 2018. The Abstract is as follows:

“Fringe” lending has long been controversial. Three decades ago, demand for subprime credit soared,

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IRS Releases Publication 3125 – The IRS Does Not Approve IRA Investments

The IRS has released Publication 3125 (rev. Sep. 2017), “The IRS Does Not Approve IRA Investments,” which warns of advertisements that falsely claim IRS endorsement of a particular investment and explains how taxpayers can protect themselves.

See Publication 3125 by clicking here. 

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

Taxpayer Advocate Advises Don’t Rely on FAQs – Tax Notes

Tax Notes reported that Taxpayer Advocate, Nina Olson, at the Fall ABA Tax Section Meeting advised tax representatives that IRS “FAQ lists on tax topics are too often “a trap for the unwary” and should not be used to sustain a position, which the IRS might have contradicted in a … Continue reading

PLR 201737003 – Foreign Private Foundation Not Subject to Excess Business Holdings Provision

In PLR 201737003, the Service ruled that a foreign private foundation’s holding of a business investment in a foreign corporation that indirectly holds as much as 100 percent of a foreign business entity’s voting stock does not constitute an excess business holding under Code Section 4943 because the foundation won’t … Continue reading

PLR 201737001 + PLR 201737008: Tax Treatment of Trust Judicial Reformation

In two virtually identical PLRs, PLR 201737001 + PLR 201737008, the Service ruled on the tax treatment of the judicial reformation to two trusts. In these PLRs, the Service ruled that a proposed reformation of the trust in question would not cause the trust assets to be included in the spouse’s … Continue reading

Joint Committee on Taxation Report: Present Law And Data Related To The Taxation Of Business

The Joint Committee on Taxation has released its publication, Present Law And Data Related To The Taxation Of Business, summarizing the taxation of business in the US.

See full report by clicking JCX-42-17.

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

Grant Thornton Report on Tax Reform for Passthroughs

Grant Thornton has released a report on tax reform for passthroughs that notes that passthroughs  are often taxed at a higher rate than corporations, creating imbalances in the economy, and a solution to this problem must define passthrough business income, tax it at a low and uniform rate, and establish … Continue reading

Rev. Proc. 2017-53: Guidelines Issued on Equivalency Determinations for Public Charity Status

In Rev. Proc. 2017-53, the IRS provides guidelines that tax practitioners may use to prepare written advice on which a domestic private foundation ordinarily may rely in making an equivalency determination that the grantee of a grant made for Code Sec. 170(c)(2)(B) purposes is a qualifying public charity.  The introduction … Continue reading

Joint Committee on Taxation Report: The Taxation of Individuals and Families (Sept. 12, 2017).

The Joint Committee on Taxation has released its report, The Taxation of Individuals and Families (Sept. 12, 2017).

Download full report by clicking The Taxation of Individuals and Families (Sept. 12, 2017).

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

 … Continue reading

What Rothification Means for Tax Reform – Tax Foundation

The Tax Foundation has released its report, “What Rothification Means for Tax Reform.”  The report begins as follows:

Rothification is the compulsory conversion of some or all traditional defined-contribution plans to Roth-like plans. While that definition can seem like a mouthful, it may soon be important to understand the concept

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ACTEC Proposal Concerning Federal Estate Tax Recovery Provisions

ACTEC has submitted a report to the key Congressional tax committees  that recommends that the federal estate tax recovery provisions in the Internal Revenue Code be amended in order to eliminate inconsistencies and to expand.

See full report by clicking ACTEC Proposal Concerning Federal Estate Tax Recovery Provisions (August 7, 2017).

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ACTEC – Comments on Eligibility of Trusts to Participate in an Election Out of the Partnership Audit Rules under New Section 6221

ACTEC released it comment on proposed partnership audit regulations (REG-136118-15), suggesting that the IRS allow trusts to be eligible partners when determining a partnership’s eligibility to opt out of the new rules, noting that adding trusts to the class of qualified partners wouldn’t increase the audit burdens.

See full comment … Continue reading

2017.09.13.Tax Reform Update – Estate Tax Repeal – Family Business Coalition + Center on Budget and Policy Priorities

See following estate tax repeal lobbying letters/posts by clicking on links:

Family Business Coalition: The estate tax provides very little federal revenue, is unfair to families, and is opposed by a supermajority of likely voters, and eliminating the tax would create jobs and grow the economy.

Center on Budget and Continue reading

In Re Robert J. Spenlinhauer: IRS Allowed to File Late Estate Tax Claim Against Debtor

In In re Robert J. Spenlinhauer, Case No. 13-17191-JNF (US BR Dist. Mass, Sept. 8, 2017), The U.S. Bankruptcy Court for the District of Massachussetts held that the IRS is entitled to an extension to file a proof of claim against a debtor arising from unpaid estate tax obligations as … Continue reading

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