Judge Calabresi, Circuit Court Judge for the Second Circuit U.S. Court of Appeals, wrote an opinion, on behalf of the court, examining 26 U.S.C. § 2036(a)(1) and whether an implied agreement existed to retain enjoyment in a transfer of half of the property by gift. Specifically, the court analyzed...
Continue reading "IN RE ESTATE OF STEWART v. COMMISSIONER OF INTERNAL REVENUE"
McGuireWoods LLP has released an update about a recent case that addresses 401(k) plan fees and expenses. Tibble, et al., v. Edison Int'l., et al., U.S.D.C (C.D.Ca.) Case No. CV 07-5359 SVW (AGRx) focused on responsibilities of the Edison International...
Continue reading "Fiduciaries Held Liable for Selecting Retail Mutual Funds"
Following the passage of the Dodd-Frank Act, executives can expect a major transformation in the world in which financial services firms must operate. Ernst and Young has released a publication that will allow individuals to read about the immediate priorities and...
WTAS has posted a great summary of the taxation of gold holdings. The tax treatment varies considerably depending on the form your gold investments are in (e.g. gold coins, ETFs, future contracts, etc.), and this brief article gives a good...
Continue reading "Taxing Gold: The Form of Investment Matters"
WTAS offers some insight on converting retirement investments into Roth IRA's. This brief article summarizes the requirements and restrictions of converting and illustrates the tax-free growth benefits of conversion.See Roth IRA's: Life After Conversion.Posted by James G. Haskell, Associate Editor,...
WSJ's Robert Frank blogged on The Wealth Report recently how Young, Affluent Investors Feel Burned reporting on a recent poll of 1,000 investors with $250,000 or more in invested assets. The survey found that 18-34 year-olds were about as risk...
President Obama will sign into law this week a legislation that will launch a historic reform of the nation's financial regulation; the law will also create the Consumer Financial Protection Bureau (CFPB) and transfers to it responsibility for virtually all...
Continue reading "Venable CFPB Watch: Introducing the New Sheriff in Town "
Revenue Ruling 2010-19 provides various prescribed rates for federal income tax purposes for August 2010 (the current month) including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt...
Jason Winder of the MakeLeaps Blog has posted concise guidance for new business owners looking to hire their first employees. Winder emphasized the emotional and instinctual elements of the hiring process, noting that people "have a library of subconscious indicators...
The Dodd-Frank Wall Street Reform and Consumer Protection Act has been passed by both the House and the Senate. McGuireWoods LLP and McGuireWoods Consulting LLC will host an informative session on the securities law implications of this historic financial services...
Laura Saunders of the Wall Street Journal has outlined what taxpayers can expect from the 111th Congress for a list of unaddressed tax issues. With the current legislative session approaching its close (currently scheduled for August) and the midterm elections fast on their way, she predicts that questions...
The Internal Revenue Service has released Notice 2010-46, 2010-24 IRB 1, which impacts on the process for withholding and reporting by foreign intermediaries with respect to their payment and receipt of substitute dividend payments on underlying U.S. Securities. Among its'...
Continue reading "IRS Releases Notice 2010-46 Relating to Securities Lending "
The Wealth Strategies Journal has just published a new article titled "Advice for Americans With Undisclosed Accounts at UBS and Other Foreign Banks as IRS Lifts Cloak of Swiss Bank Secrecy" by Terry Segal and Michael Mustokoff, both of Duane...
Small firms may now begin applying for certification for tax credits or grants available for projects that show significant potential to produce new cost-saving therapies, create U.S. jobs, and increase U.S. competitiveness. To apply, firms should use Form 8942, Application...
Revenue Procedure 2010-25 provides issuers of qualified mortgage bonds with (1) average area purchase price safe harbors for residences located in statistical areas in each state, the District of Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin...
Continue reading "IRS Releases RP 2010-25 Relating to Mortgage Bonds "
