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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

Pub 551: Basis of Assets Released

The IRS has released the updated version of Publication 551 (rev. Dec. 2016), “Basis of Assets.” Pub 551 explains how to determine and use tax basis.

See updated Pub 551 at Publication 551 – IRS.gov.

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

H.R.308 – Protect Family Farms and Businesses Act | Would Block 2704 Regs

Introduced by Rep. Warren Davidson (R-OH-8) in House on 01/05/2017 the Protect Family Farms and Businesses Act.   This bill prohibits proposed Internal Revenue Service regulations published on August 4, 2016, relating to restrictions on liquidation of an interest with respect to estate, gift, and generation-skipping transfer taxes from taking … Continue reading

John Doe Summons Declaration Filed and Granted by Court

An internal revenue agent in the IRS’s Offshore Compliance Initiatives Program filed a declaration in a U.S. district court supporting the issuance of a John Doe summons to an individual to obtain information regarding U.S. taxpayers who may have used debit cards to access offshore accounts to avoid taxes.  In … Continue reading

H.R.329 Bill to Amend IRC to Provide Tax Credit for Elder Care Expenses

Rep. Lee, Barbara [D-CA-13] introduced HR.329 on 01/05/2017, which would amend the Code to provide a tax credit for elder care expenses.

See summary and information at: Amendments – H.R.329 – 115th Congress (2017-2018): To amend the Internal Revenue Code of 1986 to provide a tax credit for expenses for Continue reading

Estate of Holliday: FLPing the Script, Tax Notes

Professor Phyllis C. Taite has published her article, “Estate of Holliday: FLPing the Script” in Tax Notes. The Abstract reads as follows:

Phyllis C. Taite examines Estate of Holliday, in which the Tax Court held that the full value of property transferred to a family limited partnership was properly

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Will of Fortune: New York Will Drafting – Part 2 by Gerald Lebovits

Gerald Lebovits has made available his article, “Will of Fortune: New York Will Drafting – Part 2.”  The Abstract is as follows:

Part 1 of this two-part column, which appeared in the last edition of the New York State Journal, outlined the basics of New York will drafting. This column

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Kristi Noem & Sanford Bishop Introduce Death Tax Repeal Act of 2017 in House.

Reps. Kristi Noem (R-SD) and Sanford Bishop (D-GA) today introduced the bipartisan Death Tax Repeal Act of 2017 to fully and permanently repeal the death tax. According to a Joint Economic Committee report, the death tax has removed more than $1.1 trillion in capital from the economy while motivating family … Continue reading

Thune Reintroduces Legislation to Kill the Death Tax

U.S. Sen. John Thune (R-S.D.), a member of the tax-writing Senate Finance Committee, today reintroduced legislation to permanently repeal the federal estate tax, more commonly known as the death tax. Thune’s bill, the Death Tax Repeal Act of 2017, would finally end this purely punitive tax that has the potential … Continue reading

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