The IRS has released its annual publication of The Truth about Frivolous Tax Arguments, which extensively discusses some of the 'frivolous arguments' some individuals make to reduce (or eliminate) their tax burden and the legal responses and penalties related thereto: .... Anyone who...
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The Internal Revenue Service recently announced the year-long suspension from practice (before the agency) of a Houston tax professional who violated Circular 230 by providing false or misleading information to the Treasury Department and the IRS: WASHINGTON -- A Certified Public Accountant has been suspended for twelve...
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If you bought a new vehicle in 2009, you may be entitled to a special tax deduction for the sales and excise taxes on your purchase. Tax Tip 2010-26 lists eight important facts about this deduction: 1. State and local sales and...
Gerry W. Beyer, Governor Preston E. Smith Regents Professor of Law at Texas Tech University School of Law, and Kimberly Sias, J.D. Candidate at Texas Tech University School of Law, have published an article entitled "What Estate Planners Need to...
Edward A. Morse has posted an article titled "Important Developments in Federal Income Taxation," on SSRN. The abstract follows below: "This outline covers significant developments involving federal income taxation along with a few other related topics that the author finds interesting,...
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The New York Times, in Edward Wyatt's "Behind Film's Drama, a Tale Like a Country Song," reports that songwriter Stephen Bruton's will is being contested by his friend, a music producer, and his wife, from whom Bruton filed for divorce. ...
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Dow Jones Newswires, in an article titled "IRS Silent So Far On New US Tax Rules For Inherited Wealth," reports that the IRS has taken a "wait-and-see approach" towards issuing new guidance concerning inheritance taxes as it awaits congressional action....
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Nancy A. McLaughlin, Robert W. Swenson Professor of Law at the University of Utah S.J. Quinney College of Law, and W. William Weeks, Adjunct Professor of Law at Indiana University Maurer School of Law, have published an article in the...
This article, written by Kevin Moore, Barry Johnson, and Lisa Schreiber, is from the 2009 IRS Research Conference, "The Income-Wealth Paradox: Connections Between Realized Income and Wealth Among America's Aging Top Wealth-Holders." An excerpt from the introduction is below: "This paper is...
The IRS has released Notice 2010-19 to clarify some taxpayers' incorrect interpretation of section 2511(c) as excluding from the gift tax transfers to a trust treated as wholly owned by the donor or the donor's spouse. See "IRS Issues Guidance...
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On January 28, 2010, the Congressional Research Service released a report discussing several of the popular tax advantaged ways to save for college. The report focuses on several qualified tuition programs, including the popular section 529 programs. See Linda Levine, "CRS Report...
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Treasury Secretary Timothy Geithner appeared before the Senate Finance Committee on February 2 to answer questions about President Obama's tax agenda. Geithner reported that the administration favors a retroactive reinstatement of the 2009 estate and gift tax law and favors making...
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Alison L. Slater, J.D. candidate, Quinnipiac University School of Law, has published a note entitled "Inconceivable Consequences: Why the Recent UPC Amendments Were Correct to Reject a 'Consent in a Record' Requirement," in the Quinnipiac Probate Law Journal. According to...
According to the Wills, Trusts, & Estates Prof Blog, "The January 2010 edition of The Estate Analyst is comprised of an article by Robert L. Moshman (attorney and writer) entitled Predictably Unpredictable; Estate Planning for 2010. The introduction to the...
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MarketWatch, in an article titled "Three Estate-Planning Changes Coming Your Way," reports on three proposals in the Obama administration's 2011 budget that will significantly impact estate-planning techniques. The article explains the potential changes to tax basis reporting, valuation discounts, and...
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Nina A. Kohn and Edward D. Spurgeon have posted an article titled "Elder Law Teaching and Scholarship: An Empirical Analysis of an Evolving Field" 59 J.Leg.Ed.414 (2010), on SSRN. The abstract follows below: As the American population ages, the emerging...
While most income you receive is generally considered taxable, there are some situations when certain types of income are partially taxed or not taxed at all. Tax Tip 2010-25 helps taxpayers distinguish between taxable and non-taxable income by offering these common examples...
The IRS has released Revenue Procedure 2010-17 which provides guidance to individuals who fail to meet the eligibility requirements of section 911(d)(1) of the Internal Revenue Code because adverse conditions in a foreign country preclude the individuals from meeting those...
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Alyssa A. DiRusso, Associate Professor, Samford University Cumberland School of Law, has published an article entitled "The Dynamics of Wills and Demographic Status," in the Quinnipiac Probate Law Journal. The following is an abstract of the article:"In this Article, I...
On Thursday, February 4, 2010, the IRS released the following message about opportunities for interested professionals to submit their applications to become the next members of the Electronic Tax Administration Advisory Committee: WASHINGTON -- The Internal Revenue Service today announced it...
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