AICPA Tax Insider (October 29, 2020): Offer-in-compromise Scams Expected to Increase; 2021 Inflation Adjustments and Tax Tables Issued; Inflation-adjusted Income Ranges for 2021 IRA and 401(k) Plans; and More!

Offer-in-compromise scams expected to increaseBy Dave Strausfeld, J.D.What can be done about predatory firms that make exaggerated promises of being able to settle tax debt? A recession provides fertile ground for their scams. 2021 inflation adjustments and tax tables issuedThe IRS issued the 2021 inflation adjustment amounts and tax tables for use in preparing 2021 … Continue reading AICPA Tax Insider (October 29, 2020): Offer-in-compromise Scams Expected to Increase; 2021 Inflation Adjustments and Tax Tables Issued; Inflation-adjusted Income Ranges for 2021 IRA and 401(k) Plans; and More!

Timothy Fitzgerald, Kevin Hassett, Cody Kallan, and Casey B. Mulligan: An Analysis of Vice President Biden’s Economic Agenda: The Long Run Impacts of its Regulation, Taxes, and Spending (October 21, 2020)

Timothy Fitzgerald, Kevin Hassett, Cody Kallan, and Casey B. Mulligan, of Texas Tech University; Independent, University of Wisconsin - Madison, and University of Chicago; National Bureau of Economic Research (NBER), have made available for download their article, "An Analysis of Vice President Biden's Economic Agenda: The Long Run Impacts of its Regulation, Taxes, and Spending," … Continue reading Timothy Fitzgerald, Kevin Hassett, Cody Kallan, and Casey B. Mulligan: An Analysis of Vice President Biden’s Economic Agenda: The Long Run Impacts of its Regulation, Taxes, and Spending (October 21, 2020)

Karen Czapanskiy: Tax Policy, Structured Settlements and Factoring: Making Exploitation Easy and Profitable (October 23, 2020)

Karen Czapanskiy, of University of Maryland - Francis King Carey School of Law, has made available for download her article, "Tax Policy, Structured Settlements and Factoring: Making Exploitation Easy and Profitable," published in 93 University of Detroit Mercy Law Review 455 (2020) and U of Maryland Legal Studies Research Paper No. 2020-19. The abstract is … Continue reading Karen Czapanskiy: Tax Policy, Structured Settlements and Factoring: Making Exploitation Easy and Profitable (October 23, 2020)

Chuck Cavanaugh (Citi Personal Wealth Management): Federal Estate Tax Exemption Is Set to Expire – Are You Prepared?

Chuck Cavanaugh, of Citi Personal Wealth Management, has made availablefor download his article, "Federal Estate Tax Exemption Is Set to Expire – Are You Prepared?" published in The Kiplinger Washington Editors. The abstract is as follows: A window of opportunity opened in 2018 when the Tax Cuts and Jobs Act (TCJA) doubled the lifetime gift, … Continue reading Chuck Cavanaugh (Citi Personal Wealth Management): Federal Estate Tax Exemption Is Set to Expire – Are You Prepared?

David Fowler Johnson (Winstead PC): Administering Trusts in Recessions: Trust Loans to Beneficiaries (October 30, 2020)

David Fowler Johnson, of Winstead PC, has made available for download his article, "Administering Trusts in Recessions: Trust Loans to Beneficiaries," published in JDSUPRA. The abstract is as follows: Beneficiaries often request that a trustee make them a loan from trust property. In an economic downturn, such requests are even more prevalent. As a general … Continue reading David Fowler Johnson (Winstead PC): Administering Trusts in Recessions: Trust Loans to Beneficiaries (October 30, 2020)

Forbes: The Serious Disconnect Between A Hot Residential Real Estate Market And The Coming Tsunami Of Foreclosures

Forbes has published an article, "The Serious Disconnect Between A Hot Residential Real Estate Market And The Coming Tsunami Of Foreclosures," which discusses the increase of foreclosures due to COVID-19. The article begins as follows: Various reports show that the market for previously-owned homes climbed nearly 10% in September, the fourth straight monthly increase. It is … Continue reading Forbes: The Serious Disconnect Between A Hot Residential Real Estate Market And The Coming Tsunami Of Foreclosures

Sally P. Schreiber, J.D.: 2021 Inflation Adjustments and Tax Tables Issued (October 26, 2020)

Sally P. Schreiber’s column in the Journal of Accountancy focuses on new inflation adjustments for tax provisions. Her article, "2021 Inflation Adjustments and Tax Tables Issued," begins as follows: The IRS on Monday issued the 2021 annual inflation adjustments for many tax provisions, as well as the 2021 tax rate tables for individuals and estates … Continue reading Sally P. Schreiber, J.D.: 2021 Inflation Adjustments and Tax Tables Issued (October 26, 2020)

Sally P. Schreiber, J.D.: Inflation-adjusted income ranges for 2021 IRA and 401(k) plans (October 26, 2020)

Sally P. Schreiber’s column in the Journal of Accountancy focuses on the new change in income ranges for deductible contributions to IRAs. Her article, "Inflation-adjusted income ranges for 2021 IRA and 401(k) plans," begins as follows: The IRS on Monday announced that the income ranges to determine whether taxpayers are eligible to make deductible contributions … Continue reading Sally P. Schreiber, J.D.: Inflation-adjusted income ranges for 2021 IRA and 401(k) plans (October 26, 2020)

Leimberg Weekly Digest: October 17-24, 2020

LISI WEEKLY DIGEST [Subscription Required]  Steve Leimberg's Estate Planning NewsletterOctober 20 -Alan Gassman & Wesley Dickson - When to Unplug Great Grandpa and Other Tax Strategies to ConsiderOctober 19 -Ed Morrow: How Donees Can Hit the Undo Button on Taxable GiftsSteve Leimberg's Employee Benefits and Retirement Planning NewsletterOctober 22 -Natalie Choate: PLRs 202031007 & 202039002 Illustrate … Continue reading Leimberg Weekly Digest: October 17-24, 2020

Forbes: IRS Announces Higher Estate And Gift Tax Limits For 2021 (October 26, 2020)

Forbes has published an article, "IRS Announces Higher Estate And Gift Tax Limits For 2021," which discusses the new estate and gift tax limits for 2021. The article begins as follows: The Internal Revenue Service announced today the official estate and gift tax limits for 2021: The estate and gift tax exemption is $11.7 million per individual, … Continue reading Forbes: IRS Announces Higher Estate And Gift Tax Limits For 2021 (October 26, 2020)

John Bergner, Jeff Chadwick, Cheryl Cain Crabbe, Christine Wakeman, and Jordan Ware (Winstead PC): Potential Estate Planning Implications of 2020 Election Results (October 19, 2020)

John Bergner, Jeff Chadwick, Cheryl Cain Crabbe, Christine Wakeman, and Jordan Ware, of Winstead PC, have made availablefor download their article, "Potential Estate Planning Implications of 2020 Election Results," published on Winstead's website. The article begins as follows: With the election less than a month away, there has been significant discussion regarding potential tax law … Continue reading John Bergner, Jeff Chadwick, Cheryl Cain Crabbe, Christine Wakeman, and Jordan Ware (Winstead PC): Potential Estate Planning Implications of 2020 Election Results (October 19, 2020)

LexBlog – Jay Harrington: Scale: The Three-Step Formula to Grow a $1 Million+ Legal Practice (October 20, 2020)

Jay Harrington has published an article on LexBlog, titled "Scale: The Three-Step Formula to Grow a $1 Million + Legal Practice." The summary as is follows: Across the economy, entrepreneurs struggle to unshackle themselves from the constraints of time. A few succeed. Most fail. The only way to break free of the ticking clock is to … Continue reading LexBlog – Jay Harrington: Scale: The Three-Step Formula to Grow a $1 Million+ Legal Practice (October 20, 2020)

The Tax Adviser: Unclaimed Property Distributions Allowed As Self-Certified Rollovers

The Tax Adviser has published an article, "Unclaimed Property Distributions Allowed As Self-Certified Rollovers," which discusses how unclaimed property fund distributions can be a reason for taxpayers to self-certify. The article begins as follows: In response to requests from stakeholders, the IRS issued guidance adding state unclaimed property fund distributions to the list of reasons … Continue reading The Tax Adviser: Unclaimed Property Distributions Allowed As Self-Certified Rollovers

Federal Tax Crimes: Fourth Circuit Holds Taxpayer Liable for Willful FBAR Penalty (10/21/20)

Jack Townsend, in his Federal Tax Crimes Blog, discusses United States v. Horowitz, ___ F.3d ___, 2020 U.S. App. LEXIS 33074 (4th Cir. 2020). OVDP has been discontinued, but a similar risk is encountered in making the decision to join the Streamlined program which requires a certification of non-willfulness with supporting narrative facts.  Streamlined was designed … Continue reading Federal Tax Crimes: Fourth Circuit Holds Taxpayer Liable for Willful FBAR Penalty (10/21/20)

Forbes: Why Businesses Should Keep An Eye On State Tax Policies Before And After Presidential Election (October 15, 2020)

Forbes has published an article, "Why Businesses Should Keep An Eye On State Tax Policies Before And After Presidential Election," which discusses the how states and localities facing budget deficit can impact tax policies during the presidential election period. The summary is as follows: As a result of the COVID-19 crisis, many states and localities … Continue reading Forbes: Why Businesses Should Keep An Eye On State Tax Policies Before And After Presidential Election (October 15, 2020)

Aric Burch, Jessica Merkel, and Mark Munson (Ruder Ware LLSC): Social Security Administration Releases Key Figures for 2021 (October 20, 2020)

Aric Burch, Jessica Merkel, and Mark Munson, of Ruder Ware LLSC, havemade available for download their article, "Social Security Administration Releases Key Figures for 2021," published in JDSUPRA. The abstract is as follows: The Social Security Administration (“SSA”) recently released key figures for 2021 that will affect all elderly and disabled individuals who receive program … Continue reading Aric Burch, Jessica Merkel, and Mark Munson (Ruder Ware LLSC): Social Security Administration Releases Key Figures for 2021 (October 20, 2020)

John Bergner, Jeff Chadwick, Cheryl Cain Crabbe, Christine Wakeman, and Jordan Ware (Winstead PC): Potential Estate Planning Implications of 2020 Election Results (October 20, 2020)

John Bergner, Jeff Chadwick, Cheryl Cain Crabbe, Christine Wakeman, and Jordan Ware, of (Winstead PC), have made available for download their article, "Potential Estate Planning Implications of 2020 Election Results," published in JDSUPRA. The abstract is as follows: With the election less than a month away, there has been significant discussion regarding potential tax law … Continue reading John Bergner, Jeff Chadwick, Cheryl Cain Crabbe, Christine Wakeman, and Jordan Ware (Winstead PC): Potential Estate Planning Implications of 2020 Election Results (October 20, 2020)

BDO: 2020 Year-End Tax Planning For Individuals (October 2020)

BDO has published an article, "2020 Year-End Tax Planning For Individuals," which discusses tax planning for 2020.  The article begins as follows: As the year-end approaches, individuals, business owners and family offices should be reviewing their situations to identify any opportunities for reducing, deferring or accelerating tax obligations. Areas that should be looked at in … Continue reading BDO: 2020 Year-End Tax Planning For Individuals (October 2020)