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IRS Releases 2012 Partnership Returns Line Item Estimates and International Boycott Statistics

The Internal Revenue Service published two tax statistics on its IRS Tax Stats Dispatch on November 19. In the Partnership Returns Line Item Estimates for 2012, the IRS Statistics of Income Division used the sample selected from the 2012 Partnership Returns Study to create the line item estimates.

Also, in … Continue reading

District Court Orders to Enforce IRS Summons

The United States District Court for the Northern District of California ruled in a recent matter and ordered an individual to company with IRS summons, namely, to appear before the IRS, to give testimony and to produce books, papers, records or other data in an investigation of corporation tax liability.… Continue reading

The Eleventh Circuit Rules Amount Received through Assignment Agreement to be Capital Gains

The United States Court of Appeals for the Eleventh Circuit heard the case about a real estate developer challenging the decisions by the United States Tax Court of the nature of amount he received from the assignment of his rights as plaintiff in a lawsuit. The petitioner entered into an … Continue reading

Where Should You Retire?

In a recent New York Times article, Ann Carrns highlights various aspects that soon-to-be retirees should consider in their search for a suitable retirement community. She emphasizes the fact that there is more to finding a good fit than local tax rates and general climate levels. Other important factors include … Continue reading

Baby Boomers Retire but Financial Planners Are Unsure How to Manage Them

According to a survey conducted by Russell Investment, although six out of ten financial advisors in the U.S. have baby boomers who are about to retire as the majority of their clients, they differ in how to develop retirement plan for the clients.

The survey shows that while 25 percent … Continue reading

By Regina A. DeMeo: Why Are Prenuptial Agreements a Growing Trend?

As holiday season nears,  many couples will get engaged, and then embark in the typical 6-9 month planning process that will result in a wedding, which on average costs $25,000 in the United States (not including the cost of the engagement ring).  During this process, money talks are an inevitable– … Continue reading

Things to Consider When an Unplanned Retirement Comes up

An unplanned retirement happens mostly due to an unforeseen health issue, a job layoff, a forced separation, or family responsibilities, and it comes up more often than people think. When it happens and people have to stop working earlier, it is logical to plan for benefits, among which the most … Continue reading

BVI’s FATCA Implementation Continues

The implementation of the FATCA Intergovernmental Agreements (IGAs) signed by the BVI with the US and the UK has taken another step forward by way of amendments to the Mutual Legal Assistance (Tax Matters) Act, 2003 (MLAT) and the issue on 23 October 2014 of the Mutual Legal Assistance (Tax … Continue reading

Where Do You Call Home?: On the Issue of International Estate Planning

For those who spend significant amounts of their time in more than one state or more than one country, the answer to the  question “Where do you call home?” has significant consequences. Janet Brewer states that it is important for people and families who have multiple residences to take the time to … Continue reading

Purposeful Estate Planning: Emphasizing the Human Component of Trusts

Founder of the Purposeful Planning Institute, John Warnick argues that traditional fund and estate planning often causes unintended, negative impacts on their clients due to the focus on taxes and restrictive clauses. He advocates for more personal, purposeful planning as a solution, exercised through various methods such as writing the trust … Continue reading

Blended Families Pose Additional Estate Planning Problems

For divorced, widowed, and remarried Americans,  estate planning is more difficult. In such situations extra caution is needed to ensure your assets are distributed to a current spouse and not an ex, or that your children and stepchildren are treated according to your wishes.

Because free online services are not … Continue reading

New Jersey’s Assembly Approves Assisted Suicide Bill

The New Jersey state Assembly on Thursday passed a measure, modeled after the Oregon law that would allow doctors to prescribe life-ending drugs to terminally ill patients.

See Sebastian Malo, Reuters, “New Jersey state Assembly Approves Assisted Suicide Bill,” Nov. 13, 2014.

Posted by Theodore H. Waggner, Esq.Continue reading

US Tax Court: No Abuse of Discretion In Assessing Trust Fund Recovery Penalties and Sustaining Proposed Levy

Petitioner is the chairman of the board for Accurate Communications Corporation and did not pay income and employee taxes regarding Forms 941. Petitioner also jointly filed taxes with his wife for their 2010 tax return, but failed to pay his 2010 tax liability by the return date of October 15, … Continue reading

Taking Control: Questioning the Role of Leadership

In a recent blog post on the New York Times, Fred Warmbier comments that leaders need to be active in building the capability of their company’s system and their employees for the sake of effective and efficient delegation, instead of thinking they are too important to be involved on the … Continue reading

First-To-Die Life Insurance Could Get Lower Costs For Permanent Life Insurance

First-to-die life insurance, commonly called joint life insurance, could lowers costs for couples in obtaining permanent life insurance. This helps the surviving party once the first of the insured parties passes away. Once the first passes, the survivor of the initial policy can purchase individual coverage at a better cost. While … Continue reading

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