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Commentary Omnibus.2017.07.23:Medicaid Planning Ethics, KPMG-Planning for Future of Your Investment Planning Practice, Your 18 Year Old Needs Estate Planning Too, & More

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DOJ Announces Indictment + Guilty Plea for Unreported Foreign Bank Accounts

DOJ announces following indictment and guilty please for unreported foreign bank accounts:

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OMB: Regulatory Agenda Doesn’t Deem Any Tax Regs Significant

None of the IRS regulations currently under development are considered “economically significant,” according to a report from the Office of Management and Budget, examining the regulatory reviews performed in accordance with Trump administration executive orders.

The spring 2017 Unified Agenda of Federal Regulatory and Deregulatory Actions, unveiled July 20 by … Continue reading

Cyber-protection plan for family offices: PwC

PWC has made available for download its report, Cyber-protection plan for family offices.  It’s report begins as follows:

It is possible to manage cyber risks while taking full advantage of digital technology The internet and connected devices are transforming the world, mostly for the better. But for all the advantages

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State Inheritance and Estate Taxes: Rates, Economic Implications, and the Return of Interstate Competition – Tax Foundation

The Tax Foundation has released a report,State Inheritance and Estate Taxes: Rates, Economic Implications, and the Return of Interstate Competition, which is available for download.  It’s key findings are as follows:

  • Eighteen states and the District of Columbia impose either inheritance or estate taxes, with fourteen states (plus Washington, D.C.)
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Turan, Kenan v. Commissioner: Per Share Stock Basis Properly Calculated Using FIFO Method

The Tax Court, in Turan, Kenan v. Commissioner, T.C. Memo. 2017-141, sustaining an accuracy-related penalty, held that an individual’s per share cost basis in stock sold during tax year was properly calculated using the first-in, first out method.

See full Turan, Kenan v. Commissioner opinion by clicking here.

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2017 AICPA Tax Reform Recommendations

The AICPA has submitted tax reform recommendations to Senate Finance Committee Chairman Hatch on July 17 in response to his June 16 request for input from stakeholders. The AICPA’s recommendations cover a variety of topics related to taxes on individuals, families and tax administration, businesses, savings and investments, and the … Continue reading

Joint Committee Tax’n Report: Taxation of Individuals and Families

The Joint Committee on Taxation has issued a report summarizing the taxation of individuals and families.

The introduction to the report is as follows:

The Tax Policy Subcommittee of the House Committee on Ways and Means has scheduled a public hearing on July 19, 2017, on the effects of tax

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Joint Committee on Taxation (“JCT”): Summary of Federal Tax System and Tax Reform Options

The JCT has issued a report summarizing the Federal tax system and tax reform options.

The summary of the report begins as follows:

The Senate Committee on Finance has scheduled a public hearing on July 18, 2017, entitled “Comprehensive Tax Reform: Prospects and Challenges.” This document,1 prepared by the staff

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Kirsch v. USA:  Dismissal of Estate Untimely Refund Claim for Decedent’s Income Tax Overpayment

In Kirsch v. USA, the U.S. District Court for the Western District of NY  dismissed for lack of jurisdiction an estate’s untimely claim for a refund of the decedent’s income tax overpayment.  The Court concluded that the estate failed to provide sufficient evidence that the decedent was financially disabled and … Continue reading

ACA Tax Credit Case Likely Just the Beginning, Practitioners Say, Tax Notes

Tax Notes reports, in an article captioned “ACA Tax Credit Case Likely Just the Beginning, Practitioners Say,” that (a) couple required to pay back nearly $13,000 in advance premium tax credits may just be the tip of the iceberg in cases involving health insurance exchanges.

The article begins as follows:… Continue reading

EVA MAZE ET AL APPELLANTS v. INTERNAL REVENUE SERVICE: Challenge to OVDP Transition Rules Barred by Anti-Injunction Act

The D.C. Circuit affirmed a district court’s dismissal of suits challenging IRS rules for transitioning from the 2012 Offshore Voluntary Disclosure Program to the 2014 Streamlined Filing Compliance Procedures, reasoning that the court lacked jurisdiction under the Anti-Injunction Act because the suits sought to restrain the collection of taxes. The … Continue reading

Commentary Omnibus.2017.07.16: Generation Gap in Philanthropy (Talkin’ ’bout my generation); Entity Selection; and More

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Transfer Certificate: the teeth in the US estate tax bite by Ann M. Seller

Ann M. Seller, has published her article, The Transfer Certificate: the teeth in the US Estate Tax Bite.  The abstract is as follows:

Individuals living outside of the USA who have inherited a US Asset from a non-US Person are often faced with the challenge of obtaining a Transfer Certificate

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Dulik v. Commissioner: Legal Fees of S Corp Related to Owner’s Employment, Not Taxpayer’s New Business Venture, by Ed Zollars, CPA

Whether a taxpayer can claim a deduction for legal expenses generally depends on the origin of the claim giving rise to the legal expense.  This means that even if the legal expense might arguably have an impact on one activity (say, a new trade or business the taxpayer is establishing) … Continue reading

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