KPMG is reporting that the U.S. Senate has passed a budget resolution for FY 22. The budget resolution "calls for up to $3.5 trillion in new spending in areas such as education, child care, dependent care, green energy/climate change, affordable housing, and health care." See the full KPMG article by clicking: "Legislative Update: U.S. Senate passes budget … Continue reading KPMG – Legislative Update: U.S. Senate passes budget resolution; implications for major tax legislation (August 11, 2021)
Author: Bella Hoang
Paul Sullivan, Wealth Matters, NY Times (July 30, 2021): Nonprofits Get a New Type of Donation: Cryptocurrency
Paul Sullivan’s weekly New York Times Wealth Matters column focuses on cryptocurrency donation. His article, "Nonprofits Get a New Type of Donation: Cryptocurrency," begins as follows: The University of Pennsylvania recently announced a $5 million gift to Wharton, its business school. The donation was not one of its largest, but the university announced the gift … Continue reading Paul Sullivan, Wealth Matters, NY Times (July 30, 2021): Nonprofits Get a New Type of Donation: Cryptocurrency
Forbes: U.S. District Judge Employs Common Sense To Overrule Glitch In Charging Order Statute In Brogdon (July 30, 2021)
Forbes has published an article,"U.S. District Judge Employs Common Sense To Overrule Glitch In Charging Order Statute In Brogdon," which discusses U.S. Securities Exchange Commission's complaint against Christopher Brogdon on securities fraud. The article begins as follows: The U.S. Securities Exchange Commission filed a complaint against Christopher Brogdon in 2015 relating to alleged securities fraud … Continue reading Forbes: U.S. District Judge Employs Common Sense To Overrule Glitch In Charging Order Statute In Brogdon (July 30, 2021)
Joint Committee on Taxation: Present Law and Background Relating to Retirement Plans (July 26, 2021)
The Joint Committee on Taxation has released its publication, "Present Law and Background Relating to Retirement Plans," on July 26, 2021. To download report, JCX-32-21, click: "Present Law and Background Relating to Retirement Plans" (July 26, 2021).
Taxpayer Advocate Service – NTA Blog: You Too Can Make a Difference in Tax Administration (July 22, 2021)
The Taxpayer Advocate Service has published an article titled “NTA Blog: You Too Can Make a Difference in Tax Administration,” which provides information regarding Form 8857. The article begins as follows: Over the past year, an IRS task force, which included TAS representatives, considered public and internal comments to improve Form 8857, Request for Innocent Spouse … Continue reading Taxpayer Advocate Service – NTA Blog: You Too Can Make a Difference in Tax Administration (July 22, 2021)
Keith Fogg: Additional OIC Comments Not Specifically Related to the Mason Case (July 22, 2021)
Keith Fogg, a Clinical Professor of Law at Harvard Law School, has made available for download his article “Additional OIC Comments Not Specifically Related to the Mason Case”, published on the Procedurally Taxing blog. The abstract is as follows: When Bryan was writing his post, we had an exchange about OICs. Some of the comments I … Continue reading Keith Fogg: Additional OIC Comments Not Specifically Related to the Mason Case (July 22, 2021)
David Riedel (Adler Pollock & Sheehan P.C.): Add Estate Planning Flexibility With Powers of Appointment (July 20, 2021)
David Riedel, of Adler Pollock & Sheehan P.C., has made available for download his article, “Add Estate Planning Flexibility With Powers of Appointment,” published in JDSUPRA. The abstract is as follows: The best laid plans can go awry. Consider the estate plan you may have carefully crafted by taking into account the needs of your … Continue reading David Riedel (Adler Pollock & Sheehan P.C.): Add Estate Planning Flexibility With Powers of Appointment (July 20, 2021)
TaxProf Blog – Bryan Camp: Lesson From The Tax Court: For Whom The Bankruptcy Tolls (July 19, 2021)
Bryan Camp has published an article on the TaxProf Blog, titled “Lesson From The Tax Court: For Whom The Bankruptcy Tolls”, which discusses Dave Andrew Lufkin Sr., v. Commissioner and Marc. S. Barnes and Anne M. Barnes v. Commissioner. The article begins as follows: Most tax practitioners are vaguely aware of bankruptcy law. Today we … Continue reading TaxProf Blog – Bryan Camp: Lesson From The Tax Court: For Whom The Bankruptcy Tolls (July 19, 2021)
Laura Davison: IRS’s Tax Audits Slid After End Of Program To Focus On Wealthy (July 12, 2021)
Laura Davison has made available for download her article, "IRS's Tax Audits Slid After End Of Program To Focus On Wealthy," published in Financial Advisor The article begins as follows: The Internal Revenue Service has completed fewer audits of wealthy taxpayers since ending a program to focus on top earners, leading to as much as … Continue reading Laura Davison: IRS’s Tax Audits Slid After End Of Program To Focus On Wealthy (July 12, 2021)
Center for Medicare Advocacy: Nursing Home Industry is Heavily Taxpayer-Subsidized (June 2021)
Center for Medicare Advocacy has made available for download their special report, "Nursing Home Industry is Heavily Taxpayer-Subsidized." The report begins as follows: It is well-known that Government health care programs, Medicare and Medicaid, are the primary payers for nursing home care. The two federal programs paid facilities tens of billions of dollars for providing … Continue reading Center for Medicare Advocacy: Nursing Home Industry is Heavily Taxpayer-Subsidized (June 2021)
Richard Kiely (Holland & Hart): Why Trust Situs is Important (July 13, 2021)
Richard Kiely, of Holland & Hart, has made available for download his article, "Why Trust Situs is Important," published in JDSUPRA. The abstract is as follows: When does a trust’s situs, also known as principal place of administration, move? What is enough to trigger a move? Should a trustee be concerned about their trust’s situs? … Continue reading Richard Kiely (Holland & Hart): Why Trust Situs is Important (July 13, 2021)
Joshua D. Blank and Ari D. Glogower: Progressive Tax Procedure (June 17, 2020)
Joshua D. Blank and Ari D. Glogower, of University of California, Irvine School of Law and Ohio State University (OSU) - Michael E. Moritz College of Law, have made available for download their article, "Progressive Tax Procedure," published in 96 New York University Law Review 668 (2021). The abstract is as followed: Abusive tax avoidance … Continue reading Joshua D. Blank and Ari D. Glogower: Progressive Tax Procedure (June 17, 2020)
TaxNotes – Jasper B. Smith: Writing Tax Articles: Advice From Experienced Authors (July 3, 2021)
Jasper B. Smith has published an article on the TaxNotes, titled “Writing Tax Articles: Advice From Experienced Authors.” The article begins as follows: “Desire is the starting point of all achievement.” That opening principle of Napoleon Hill’s seminal book on the topic of success is an appropriate mantra for anyone wanting to write a professional … Continue reading TaxNotes – Jasper B. Smith: Writing Tax Articles: Advice From Experienced Authors (July 3, 2021)
Derrick Smith (Mitchell, Williams, Selig, Gates & Woodyard, P.L.L.C.): 2021 Arkansas Insurance Legislation Summary: Act 925 Prohibits Life Insurance/Annuity Beneficiary Change through Will (June 29, 2021)
Derrick Smith, of Mitchell, Williams, Selig, Gates & Woodyard, P.L.L.C., hasmade available for download his article, "2021 Arkansas Insurance Legislation Summary: Act 925 Prohibits Life Insurance/Annuity Beneficiary Change through Will," published in JDSUPRA. The abstract is as follows: In a surprising move, the Arkansas General Assembly overrode long-standing Arkansas common law that permits an insured … Continue reading Derrick Smith (Mitchell, Williams, Selig, Gates & Woodyard, P.L.L.C.): 2021 Arkansas Insurance Legislation Summary: Act 925 Prohibits Life Insurance/Annuity Beneficiary Change through Will (June 29, 2021)
Forbes: 8 Strategies For Optimizing RMDs From IRAs (June 29, 2021)
Forbes has published an article, "8 Strategies For Optimizing RMDs From IRAs," which discusses the required minimum distributions for IRA. The article begins as follow: RMDs are a simple concept that became complicated after Congress and the IRS were done making their rules. But those rules also create opportunities.Required minimum distributions (RMDs) from traditional IRAs … Continue reading Forbes: 8 Strategies For Optimizing RMDs From IRAs (June 29, 2021)
Forbes: How States Are Letting Small Businesses Avoid The SALT Cap On Their Tax Returns (July 1, 2021)
Forbes has published an article, "How States Are Letting Small Businesses Avoid The SALT Cap On Their Tax Returns," which discusses the pass-through entity taxes that states are passing. The article begins as follows: A growing number of states are using a workaround to help their taxpayers avoid a Trump-era cap on a critical income … Continue reading Forbes: How States Are Letting Small Businesses Avoid The SALT Cap On Their Tax Returns (July 1, 2021)
Charles E. Rounds, Jr.: The Domestic Asset Protection Trust (DAPT) and the Full Faith and Credit Clause: Some practical considerations (July 1, 2021)
Charles E. Rounds, Jr., of Suffolk University Law School, has made available for download his article, "The Domestic Asset Protection Trust (DAPT) and the Full Faith and Credit Clause: Some practical considerations," published inJDSUPRA. The abstract is as follows: Assume that a debtor has established with all his property a trust in a DAPT state. … Continue reading Charles E. Rounds, Jr.: The Domestic Asset Protection Trust (DAPT) and the Full Faith and Credit Clause: Some practical considerations (July 1, 2021)
Northern Trust: Interstate Relocation Checklist (July 2021)
Northern Trust has published an article, "Interstate Relocation Checklist". The article begins as follows: Indeed, with work-from-home/work-from-anywhere dynamics evolving rapidly and state tax codes in flux, many who had not previously contemplated an interstate move are now considering the possibility.Whether one is motivated to move to a new state for personal/lifestyle, career or financial reasons, … Continue reading Northern Trust: Interstate Relocation Checklist (July 2021)
ProPublica: Lord of the Roths: How Tech Mogul Peter Thiel Turned a Roth IRA Into a $5 Billion Tax-Free Piggy Bank (June 24, 2021)
Justin Elliott, Patricia Callahan and James Bandler have published their article, "Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement Account for the Middle Class Into a $5 Billion Tax-Free Piggy Bank." The abstract is as follows: Billionaire Peter Thiel, a founder of PayPal, has publicly condemned “confiscatory taxes.” He’s been a major funder of … Continue reading ProPublica: Lord of the Roths: How Tech Mogul Peter Thiel Turned a Roth IRA Into a $5 Billion Tax-Free Piggy Bank (June 24, 2021)
Forbes: How Some Traders Double-Up On Retirement Plan Contributions (June 25, 2021)
Forbes has published an article, "How Some Traders Double-Up On Retirement Plan Contributions," which discusses the lawsuit between IRS and TOT Property Holdings LLC. The article begins as follows: Profitable traders are keen on maximizing retirement plan contributions in trading activities and also in their full-time jobs. Traders are pros at investing, and they understand … Continue reading Forbes: How Some Traders Double-Up On Retirement Plan Contributions (June 25, 2021)
Wealth Strategies Journal 