KPMG: Sixth Circuit: IRS summonses issued to banks of taxpayer’s wife and taxpayer’s lawyers (January 7, 2022)

KPMG reports that the Sixth Circuit affirmed the judgment of the district court and held that the summonses were issued in aid of the IRS’s collection efforts and that the petitioners were not entitled to notice in Polselli v. IRS, No. 21-1010 (6th Cir. January 7, 2022). It’s summary begins as follows: The U.S. Court of Appeals … Continue reading KPMG: Sixth Circuit: IRS summonses issued to banks of taxpayer’s wife and taxpayer’s lawyers (January 7, 2022)

NY Times: A Lavish Tax Dodge for the Ultrawealthy Is Easily Multiplied (December 28, 2021)

Jesse Drucker and Maureen Farrell, in their New York Times article, discusses the tax breaks, originally aimed at small businesses, that are utilized by the ultrawealthy. Their article, “A Lavish Tax Dodge for the Ultrawealthy Is Easily Multiplied”, begins as follows: This is the story of the incredible cloning tax break.In 2004, David Baszucki, fresh off a stint … Continue reading NY Times: A Lavish Tax Dodge for the Ultrawealthy Is Easily Multiplied (December 28, 2021)

Procedurally Taxing: Tenancy by the Entirety and Bankruptcy Exemptions (December 16, 2021)

Keith Fogg, Clinical Professor of Law at Harvard Law, has made available for download his article, “Tenancy by the Entirety and Bankruptcy Exemptions” published on the Procedurally Taxing blog. The article begins as follows: In the case of In re Morgan, No. 21-50455 (M.D.N.C. 2021) the bankruptcy court sustained an objection by the trustee to the exemptions … Continue reading Procedurally Taxing: Tenancy by the Entirety and Bankruptcy Exemptions (December 16, 2021)

MacRumors: How to Use Apple’s Legacy Contact Feature to Let Your Family Access Your Photos and Data After You Die (November 12, 2021)

MacRumors has made available for download their article, “How to Use Apple's Legacy Contact Feature to Let Your Family Access Your Photos and Data After You Die”, which discusses the Legacy Contact feature which enables you to designate a contact who will be able to unlock your device upon your death . The article begins as … Continue reading MacRumors: How to Use Apple’s Legacy Contact Feature to Let Your Family Access Your Photos and Data After You Die (November 12, 2021)

TaxProfBlog – Johnson: The Wonderful Mark-to-Market Tax (December 2, 2021)

Paul Caron has published an article on the TaxProf Blog, titled “The Wonderful Mark-to-Market Tax”, which discusses how mark-to-market taxation would tax shareholders on the annual gain from publicly traded stock even when those gains have not been reduced to cash. The article begins as follows: Whatever its role in the current U.S. budget decisions, … Continue reading TaxProfBlog – Johnson: The Wonderful Mark-to-Market Tax (December 2, 2021)

Charles Hunsinger: Lessons from the Massachusetts Appeals Courts’s Most Recent MUTC Case (December 14, 2021)

Charles Hunsinger of Burns & Levinson LLP, has made available for download his article, “Lessons from the Massachusetts Appeals Court’s Most Recent MUTC Case”, published in JDSUPRA. The article begins as follows: The Massachusetts Uniform Trust Code (MUTC) is still new enough that any higher court decision interpreting it feels like a special day for … Continue reading Charles Hunsinger: Lessons from the Massachusetts Appeals Courts’s Most Recent MUTC Case (December 14, 2021)

BDO USA: Senate Finance Committee Releases Updated Text of Build Back Better Act Tax Measures (December 2021)

BDO USA has published an article, “Senate Finance Committee Releases Updated Text of Build Back Better Act Tax Measures”, published on BDO USA. The abstract is as follows: Senate Finance Committee Chairman Ron Wyden (D – Ore.) on December 11 released an updated text of the tax provisions in the Build Back Better Act (H.R. … Continue reading BDO USA: Senate Finance Committee Releases Updated Text of Build Back Better Act Tax Measures (December 2021)

Robins Kaplan LLP: Quiet Trusts: The Benefits of Privacy in Estate Planning (Winter 2021)

Myleah Wiedmann and Tim Billion of Robins Kaplan LLP have made available for download their article, "Quiet Trusts: The Benefits of Privacy in Estate Planning", The article begins as follows: In the wake of the “Pandora Papers,” the use of secret trusts has come under fire. The media has depicted secrecy in trust administration as … Continue reading Robins Kaplan LLP: Quiet Trusts: The Benefits of Privacy in Estate Planning (Winter 2021)

Forbes: What Crypto Investors Need To Know About Charitable Tax Planning (December 11, 2021)

Forbes has published an article, “What Crypto Investors Need To Know About Charitable Tax Planning”, which discusses tax planning strategies for crypto investors. The article begins as follows:  Ah, December. It always feels like this month sneaks up on us. For many, it is the last chance to impact their tax planning. But in the year end … Continue reading Forbes: What Crypto Investors Need To Know About Charitable Tax Planning (December 11, 2021)

Debugging IRS Notice 2014-21: Creating a Viable Cryptocurrency Taxation Plan (June 25, 2020)

Alex Ankier of Rella & Associates, P.C. has made available for download his article, "Debugging IRS Notice 2014-21: Creating a Viable Cryptocurrency Taxation Plan", published the Brooklyn Law Review, Volume 85, Issue 3. The abstract is as follows: In 2014, the Internal Revenue Service (IRS) issued Notice 2014-21 in an attempt to address issues with … Continue reading Debugging IRS Notice 2014-21: Creating a Viable Cryptocurrency Taxation Plan (June 25, 2020)

ProPublica: These Real Estate and Oil Tycoons Avoided Paying Taxes for Years (December 7, 2021)

Jeff Ernsthausen, Paul Kiel, and Jesse Eisinger have published their article, “These Real Estate and Oil Tycoons Avoided Paying Taxes for Years.” The abstract is as follows: Here’s a tale of two Stephen Rosses.Real life Stephen Ross, who founded Related Companies, a global firm best known for developing the Time Warner Center and Hudson Yards in Manhattan, was a … Continue reading ProPublica: These Real Estate and Oil Tycoons Avoided Paying Taxes for Years (December 7, 2021)

Forbes: IRS Audits: 3 Years, 6 Years Or Forever, Which Applies To You? (December 3, 2021)

Forbes has published an article, “IRS Audits: 3 Years, 6 Years Or Forever, Which Applies To You?", which discusses the statute of limitations on IRS audits. The article begins as follows:  Wouldn’t it be satisfying to say this to the IRS? “Sorry, IRS, you missed your deadline, it’s too late to audit me!” The IRS usually has … Continue reading Forbes: IRS Audits: 3 Years, 6 Years Or Forever, Which Applies To You? (December 3, 2021)

The Washington Post: Apple iOS privacy settings to change now (November 26, 2021)

The Washington Post has made available for download their article, “Apple iOS privacy settings to change now”, which discusses setting options that will make iOS devices as private as possible. The article begins as follows: Privacy is a central part of Apple’s marketing campaigns and it sounds great in the company’s ads and product announcements. But … Continue reading The Washington Post: Apple iOS privacy settings to change now (November 26, 2021)

Procedurally Taxing: Depositions in Tax Court (November 24, 2021)

Keith Fogg, Clinical Professor of Law at Harvard Law, has made available for download his article, “Depositions in Tax Court” published on the Procedurally Taxing blog. The article begins as follows: Unlike in district court where depositions play an integral role in litigation, depositions in Tax Court occur with much less frequency.  The Tax Court … Continue reading Procedurally Taxing: Depositions in Tax Court (November 24, 2021)

CNBC: Ending a marriage? Don’t get divorced from financial reality in the process (November 15, 2021)

CNBC has published an article, “Ending a marriage? Don’t get divorced from financial reality in the process”, which discusses financial issues to consider when ending a marriage. The article begins as follows: A lawyer may be your first call when you decide you want a divorce, but a financial advisor should be your second.In many … Continue reading CNBC: Ending a marriage? Don’t get divorced from financial reality in the process (November 15, 2021)

McDermott, Will & Emery: Tax Reform: What’s In and What’s Out (For Now) (November 22, 2021)

Max P. Biedermann and Carlyn S. McCaffrey, of McDermott, Will & Emery, have made available for download their article “Tax Reform: What's In and What's Out (For Now)”. The abstract is as follows: After more than two months of negotiations in the US Congress, a slimmed-down version of the “Build Back Better Act” narrowly passed … Continue reading McDermott, Will & Emery: Tax Reform: What’s In and What’s Out (For Now) (November 22, 2021)

Bloomberg Wealth: Ultra-Rich Skip Estate Tax and Spark a 50% Collapse in IRS Revenue (November 18, 2021)

Bloomberg Wealth discusses the dramatic decline in revenue from the U.S. estate tax. The article begins as follows: Revenue from the U.S. estate tax has been cut in half in two years, new datafrom the Internal Revenue Service shows, even as dynastic wealth soars. Just 1,275 wealthy families paid $9.3 billion in estate tax to the U.S. … Continue reading Bloomberg Wealth: Ultra-Rich Skip Estate Tax and Spark a 50% Collapse in IRS Revenue (November 18, 2021)

Robert Lindley and Wesley O’Brien (Conyers): Missing Beneficiaries: The Importance of making well documented inquiries (November 16, 2021)

Robert Lindley and Wesley O'Brien, of Conyers, has made available for download their article, “Missing Beneficiaries: The Importance of making well documented inquiries,” published in JDSUPRA. The abstract is as follows: Trusts exist for the benefit of their beneficiaries and it is to beneficiaries whom trustees owe their duties. Whether the beneficiaries have a fixed interest or not, trustees … Continue reading Robert Lindley and Wesley O’Brien (Conyers): Missing Beneficiaries: The Importance of making well documented inquiries (November 16, 2021)

McGuire Woods: Recent Cases of Interest to Fiduciaries (November 11, 2021)

In the most recent installment of the McGuireWoods Fiduciary Advisory Services annual multipart series on recent fiduciary cases, developments in the law concerning various topics are examined through the following: Potter v. Potter, 252 A.3d 17 (Maryland May 26, 2021). A provision in a Maryland LLC operating agreement purporting to “automatically and immediately” transfer a deceased member’s interest to … Continue reading McGuire Woods: Recent Cases of Interest to Fiduciaries (November 11, 2021)

Procedurally Taxing: Passport Revocation Cases Part 2 (November 10, 2021)

Keith Fogg, Clinical Professor of Law at Harvard Law, has made available for download his article, “Passport Revocation Cases Part 2” published on the Procedurally Taxing blog. The article begins as follows: Yesterday, I discussed two recent passport revocation cases, United States v. Hupp and Franklin v. United States. Today, I look at Tenth Circuit … Continue reading Procedurally Taxing: Passport Revocation Cases Part 2 (November 10, 2021)