Wealth Strategies Journal

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Regulating Tax Return Preparation by Jay A. Soled, Kathleen DeLaney Thomas

Jay A. Soled and Kathleen DeLaney Thomas have made available their article, “Regulating Tax Return Preparation,” 58 Boston College Law Review 151 (2017).   The Abstract is as follows:

Annually, the U.S. government collects nearly $3 trillion of income and employment taxes. With respect to these collections, Form 1040 (U.S. Individual Income

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Est. of Nancy H. Powell: Transfer to Limited Partnership Includible in Estate

In the Estate of Nancy H. Powell, 148 T.C. No. 18, filed May 18, 2017, the Tax Court held that limited partnership interests were includible in decedents estate. The abstract is as follows:

On August 8, 2008, D’s son, J, acting on her behalf, transferred cash and securities to LP,

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2017.05.17: Florida Electronic Wills Legislation Update 

Chuck Rubin’s blog provides an update on the Florida electronic wills legislation.  His update begins as follows:

A bill has cleared both Houses of the Florida legislature authorizing electronic wills and electronic will execution in Florida. Absent an unexpected veto by Gov. Scott, the last wills of testators may now

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Miller & Chevalier Requests Guidance on Charitable Contributions Under Section 170(e)(3)

Marc Gerson and George Hani, of Miller & Chevalier, have asked the Service to include on its 2017-2018 priority guidance plan guidance clarifying the treatment of acquisition costs for charitable contributions of inventory and other property under Section 170(e)(3), noting that this project is not only in accordance with, but … Continue reading

Tax Policy Center Report: Trump Tax Reform Options to Reduce the Taxation of Pass­‐through Income

The Tax Policy Center has issued a report analyzing the Trump tax reform options to reduce the taxation of pass-through income.  The abstract is as follows:

The Trump administration and House Republicans are developing proposals that would reduce the individual income tax rate on income earned through pass-through entities such

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Erik Paulsen Introduces Private Foundation Excise Tax Simplification Act of 2015: Reduces Excise Tax on Net Investment Income to 1%

Erik Paulsen has introduced the Private Foundation Excise Tax Simplification Act of 2015, which amends the Code to: (1) reduce from 2% to 1% the excise tax rate on the net investment income of tax-exempt private foundations, and (2) repeal the 1% reduction in such tax rate for private foundations … Continue reading

What Makes Or Breaks A Relationship? By Regina A. DeMeo

Last week on the Washington Post Express FB Live segment of Baggage Check, I got to cover major issues that come up for couples with respect to money.  But hopefully it is clear that money is just the topic, and the real issue is usually something much deeper like … Continue reading

PLR 201719004: Foundation’s Grant Results in Indirect Self Dealing

In PLR 201719004, the Service ruled that a private foundation’s grant to an exempt organization created by the foundation founder’s granddaughter to purchase waste recycling collection containers is a qualifying distribution under Section 4942, but the transfer of waste to the granddaughter’s limited liability company would result in indirect acts … Continue reading

PLR 201719008: Court Ordered Termination Doesn’t Cause GST Tax

In PLR 201719008, the Service ruled that a court-approved termination of a trust will neither cause a beneficial interest to be shifted to a beneficiary who occupies a generation lower than the beneficiaries who held the interests prior to the termination, nor extend the time for vesting of any beneficial … Continue reading

IRS Memo: Crediting of Overpayments in the Offshore Voluntary Disclosure Program

In a legal memorandum, the Service addressed whether, in the context of the Offshore Voluntary Disclosure Program (OVDP), an overpayment attributable to one tax year may offset the miscellaneous offshore penalty or tax due in a different year in the OVDP disclosure period.

The Service concluded that, unless the taxpayer … Continue reading

More Older Couples Are ‘Shacking Up’

Paula Span reports on the sharp rise in unmarried partners over the age of 50 in recent years. This trend partly reflects the sheer size of the baby boom cohort, as well as its rising divorce rate. But attitudes have shifted, too. “People who’ve divorced have a more expansive view of what … Continue reading

A.M.T., With Few Defenders, Is Newly Targeted in Trump Tax Plan

Patricia Cohen reports on President Trump’s proposal to overhaul the alternative minimum tax. At its most basic, the A.M.T.’s goal is simple: to ensure that the richest taxpayers were not able to skip out on paying altogether. A version was introduced in 1969 after Congress discovered that 155 taxpayers with taxable … Continue reading

The Rich Are Living Longer And Taking More From Taxpayers

Ben Steverman reports on the recent trends on life expectencies in the United States. Results from a recent study show that the poorest fifth of 50-year-old American men can now expect to live just past 76, six months shy of the previous generation. The richest 50-year-olds should make it almost to … Continue reading

Bringing Family Wealth to Bear Against a Relentless Illness

Paul Sullivan reports on the major impact family wealth management offices can have on advancing medical research. For medical ethicists, wealthy people coming in and funding research to benefit their children or relatives, however, is a complicated proposition.

David Wendler, who heads the research ethics section in the bioethics department … Continue reading

Under the Trump Tax Plan, We Might All Want to Become Corporations

Neil Irwin reports that if the Trump administration’s tax plan were to become law, in the future a whole lot of people may just become corporations. That’s because of a huge loophole implied by the broad tax ideas the administration recently released. Unless revised in actual legislation, the plan would give millions … Continue reading

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