House Ways and Means Committee member Kevin Brady, R-Texas, said March 17 that he expected the committee to mark up his estate tax repeal bill this week 23, and Senate Finance Committee member John Thune, R-S.D., said he planned to introduce a repeal bill that same week.
Brady said that … Continue reading
The Internal Revenue Service published a guide to help financial institutions (FI), non-financial foreign entities (NFFE), Host Country Tax Authorities (HCTA) and U.S. withholding agencies who enroll in the International Data Exchange Service (IDES) to understand how IDES works and how to transmit Foreign Account Tax Compliance Act (FATCA) data … Continue reading
Institutional investors have had a huge advantage of the disproportionate amount of financial information against ordinary people. A new app called Invstr tries to close the information gap between big financiers and ordinary investors via gaming platforms that allow investors to try fake bets on stock listings. The app also provides … Continue reading
For many reasons, people need a copy of their past tax return information. The Internal Revenue Service provide some tips on how to obtain previous tax return information. A tax return transcript, which has all the information a lender needs in most cases and shows most line items in the … Continue reading
When Robin Williams died last year, he left a meticulously wrote and detailed will to distribute his belongings, ranging from his mansion, jewelry to other personal items. Despite his will, only after four months since the actor’s death, his children and fourth wife started a legal battle over the items … Continue reading
President Obama, in his State of Union address last month, suggested limiting estate tax deduction to private foundations. While Republicans are not enthusiastic toward many of the President Obama’s proposals, they might support the reduction of some estate tax deduction.
Federal estate tax charitable deduction is unlimited, unlike federal income … Continue reading
Uber’s business model, which connects customers with individual service providers on smartphone apps with constant tracking and satisfaction survey available, is soon to expand to other areas of business. A New York Times article analyzes this ‘Uberization’ of the service sector, presenting both positive and negative features of it. Uber … Continue reading
Pennsylvania court found that a taxpayer failed to prove his nonresidency in the commonwealth as he could not make his case clear at examination. In Lust v. Commonwealth, the taxpayer argued that he was not a resident of Pennsylvania and filed a tax return accordingly for 2005. The court tried … Continue reading
An increasing number of guardianship petitions are being filed by nursing homes over their elderly occupants, studies show. According to a review of court data by Hunter College, out of seven hundred guardianship petitions filed in Manhattan for a decade, twelve percent of them were filed by nursing homes, and … Continue reading
Nathan Reuter and his wife established revocable trusts as Mr. and Mrs. Reuters being trustee and beneficiary of both trusts. The bankruptcy trustee sought to cause Mrs. Reuter’s trust to be included in Mr. Reuter’s bankruptcy estate.
The U.S. Bankruptcy Court ruled that the assets of the wife were not … Continue reading
In the age of social media, it is common for every person to accumulate abundant personal history in a form of digital data. If the person dies, such data usually disappear due to lack of access.
A Minnesota family recently gained a nationwide media attention as they sought to gain … Continue reading
Mean girls exist not only in high school, but also in nursing homes, a study found. Karl Pillemer of Cornell University published, recently, a study that showed aggressive behaviors among residents in nursing homes were common.
According to the study, one in five residents was involved in at least one … Continue reading
For financial advisors, it is a complicated issue to advise their clients to resume working after they start receiving social security benefits. The amount of reduction of the benefits caused by continued working after retirement depends on when the client chooses retire before the Full Retirement Age (FRA). The Excess … Continue reading
Tax Court held that a taxpayer could claim mortgage interest deduction even though the taxpayer was not added to the legal title of the property in that taxable year when he could prove that his family, the owner in title, granted him an interest in the property. The court confirmed … Continue reading
The IRS opened the International Data Exchange Service (IDES) for enrollment to the financial institutions and tax authorities to send reports on U.S. citizens’ financial account information under the Foreign Account Tax Compliance Act (FATCA).
IDES is expected to enable a secure system of financial account information among tax authorities … Continue reading