Commentary Omnibus.2017.07.01: Homemade Codicil = Disaster, Philanthropy Not Good?, S Corp Compensation Audits, USVI Tax Basics, She Did What With the Family Farm? & More

  1. A Handwritten Codicil Can Lead to Disaster, By: Smith Debnam Narron Drake Saintsing & Myers,
    • Mr. James Paul Allen of Beaufort County, North Carolina executed a duly drafted will on August 29, 2002. The will was prepared by his longtime attorney who had represented him in many matters. Mr. Allen was not married and had no children. He had a…
  2. What if philanthropy isn’t the best way for rich people to help others?  Washington Post: Breaking News, World, US, DC News & Analysis
    • Perspective by Benjamin Soskis.
  3. 2017 Oklahoma Tax and Fee Legislation, By: GableGotwals.
    • The following are some of the changes in Oklahoma law on state taxation and fees enacted by the Oklahoma Legislature in 2017. Income Tax – Oklahoma Standard Deduction Decoupled from Federal Standard Deduction. For taxable years beginning on or…
    • Expiration and Release of Lien. The Oklahoma estate tax lien statute was amended to provide that for deaths of decedents occurring before January 1, 2010, any lien related to estate tax shall be extinguished subsequent to the lapse of ten (10) years after the date of death of a decedent and no order exempting estate tax liability shall be necessary to authorize release of such property or for the title of real property to be marketable. HB 1327, amending 68 O. S. 2011, §804.1; effective November 1, 2017.
  4. Tax Savings in the United States Virgin Islands – the Basics, by Garvey Shubert Barer
    • When many people think of the United States Virgin Islands (“USVI”), they think of beautiful beaches on secluded islands. This is certainly correct, but many people do not know that the USVI is also home to some of the most lucrative tax incentives…
  5. IRS Gets Upper Hand in S Corp Compensation Audits, by Steve Gorin, Thompson Coburn.
    • Any compensation the owner receives is subject to FICA tax, which imposes an equivalent burden. And the IRS frequently attacks owners who receive cash distributions from an S corporation, arguing that the distributions were essentially disguised compensation. The IRS often wins those cases, in full or in part, and may collect penalties.
  6. She Did What With the Family Farm? – Top Ways to Challenge  A Deed in Michigan. By Clark Hill.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.

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