Robert Rubin, former secretary of the US Treasury and co-chairman of the Council on Foreign Relations, and Julian Robertson, chairman of Tiger Management LLC, published an article for the Wall Street Journal entitled: Bring Back the Estate Tax Now. Rubin...
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The Franklin News Post of Rock Mountain, Virginia has published an article that addresses the estate tax debate and its effect on small businesses and family farms. The article suggests that the 55% rate scheduled to return at the beginning...
Continue reading "Farmers Waiting for Bill on Estate Tax Reform "
In a recent article for Forbes Magazine, Deborah Jacobs examined the implications of the estate tax lapse and the uncertain economy for the gift tax. She indicates that the following five tricks may reduce gift tax burdens in the current climate: Lending: Family members making interfamily loans...
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Janet Novak of Forbes Magazine recently published commentary for her blog, Taxing Matters. Her new piece examines the consequences of the estate tax lapse for "moderately well-to do families." Specifically, Novak suggests, that because the Bush tax cuts eliminated the full "step-up" in basis for capital assets for...
Continue reading "Janet Novak: Throw Momma From Her Private Jet--Not From the Train "
The TaxProf Blog has highlighted a recent report by the Treasury Inspector General for Tax Administration. The report concludes that while improvements have been made, additional actions from the Internal Revenue Service could ensure that Section 527 Political Organizations more fully comply with financial disclosure...
Continue reading "IRS Fails to Properly Monitor 25% of Section 527 Political Organizations, Says IG"
The IRS recently kicked off three initiatives in an attempt to reduce tax evasion by uncovering undisclosed offshore accounts. According to Tax Notes, the initiatives have already proven successful as the IRS has sent John Doe summonses to several electronic payment processors including...
Brown Advisory has published its quarterly newsletter. Articles include the following: Holding Gain: Considering Imminent Shifts in Tax Policy Compound Interest: A Loaded Gun Portfolio Manager Interview: Elizabeth Levy & David Powell Investment Perspectives: Scary Movies Posted by...
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The IRS Web site - IRS.gov makes it easy to get an answer to a tax question, anytime during the year. The site is available 24 hours a day 7 days a week. Whether you need a form or have...
Continue reading "IRS Summertime Tax Tip 2010-19: Five Reasons to Visit IRS.gov this Summer "
You may not be thinking about your tax return right now, but summer is a great time to start planning for next year and to make sure your records are organized. Maintaining good records now can make filing your return...
Continue reading "IRS Summertime Tax Tip 2010-18: Keeping Good Records Reduces Stress at Tax Time "
Are you getting married this summer? If you recently got married or are planning a wedding, the last thing on your mind is taxes. However, there are some important steps you need to take to avoid stress at tax time....
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In 75 F.R. 51882, the Department of Treasury seeks public comment on information collections pursuant to final regulations under section 2056A on the restrictions on the estate and gift tax marital deduction when the surviving spouse is not a U.S....
Continue reading "75 F.R. 51882: IRS Seeks Comments on Regs on Noncitizen Marital Deduction "
House Ways and Means Committee member Fortney Pete Stark introduced the Investing in Our Future Act of 2010 (H.R. 5783). The bill would impose an excise tax on currency transactions. Posted by Wesley J. Bailey, Senior Associate Editor, Wealth...
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In Proposed Regulation 138637-07, the IRS withdraws proposed regulations issued in 2007 and modifies the standard for tax returns. Posted by Wesley J. Bailey, Senior Associate Editor, Wealth Strategies Journal. ...
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The Congressional Budget Office recently published a report titled "The Budget and Economic Outlook: An Update." In the report, Congressional Budget Office Director Douglas Elmendorf said that extending the Bush tax cuts would provide an immediate boost to the economy...
Continue reading "CBO: Extension of Bush Tax Cuts Would Hinder Long-Term Economic Growth"
Thinking about making some energy saving improvements to your home this summer? Taking some energy saving steps now may lead to bigger tax savings next year. The Nonbusiness Energy Property Credit, a tax credit for making energy efficient improvements to...
