Green, How To Avoid Taxes On Wash Sale Losses

Green describes how many securities traders face significant taxation of phantom income due to "wash sale losses disallowed" on the form 1099-B. Reportedly, traders are often unprepared to handle such situations because many brokers do not disclose wash sale losses during the year. Green's article outlines "how to deal with WS loss adjustments and how … Continue reading Green, How To Avoid Taxes On Wash Sale Losses

Townsend, FBAR Collection Suit Settled Before Jury Verdict Announced (8/27/19)

Townsend writes about the Federal Government's FBAR collection suit in United States v. Dadurian. Before the verdict was announced for the case, "the parties settled the case, where the Government originally sought judgment for $2.7 million, for $1 million." According to Townsend, "the jury verdict held Dadurian liable for the accounts she had caused to … Continue reading Townsend, FBAR Collection Suit Settled Before Jury Verdict Announced (8/27/19)

Morgan, Medicare Observation Status: Post-Trial Report

Morgan describes how a federal trial in Connecticut on observation status was recently concluded. According to the Center for Medicare Advocacy, since 2011, the organization "has been pursuing a nationwide class action lawsuit seeking an appeal for Medicare beneficiaries who are classified as hospital outpatients in observation status." Reportedly, "The Alexander trial was held before … Continue reading Morgan, Medicare Observation Status: Post-Trial Report

Commentary.Omnibus.2019.09.02: Are You Really Prepared To Weather A Recession, and More!

Adkisson, Are You Really Prepared To Weather A Recession?Kotlikoff, Ask Larry: Will Social Security Retirement Benefits At 62 Reduce Later Survivor's Benefits?Caron, WSJ: Democrats’ Emerging Tax Idea: Look Beyond Income, Target WealthClark, FASuccess Ep 139: Plugging In For Large Firm Support To Refocus Your Time On Clients Instead, with Michele ClarkPearce, Managing And Nurturing Clients … Continue reading Commentary.Omnibus.2019.09.02: Are You Really Prepared To Weather A Recession, and More!

Townsend, Court Rejects Government Summary Judgment Motion in FBAR Willful Penalty Collection Suit (8/28/19)

In its recent ruling on United States v. Schwarzbaum, "the Court denied summary judgment for the Government in an FBAR willful penalty collection suit." Click here for the Order on Motion for Summary Judgment (dated 8/23/19). Click here for Court Listener docket entries with available links to some of the underlying docket entries. According to … Continue reading Townsend, Court Rejects Government Summary Judgment Motion in FBAR Willful Penalty Collection Suit (8/28/19)

Caron, The Tax Lawyer Publishes New Issue

The Tax Lawyer has made available for download its most recent issue, Vol. 72, No. 4 (Summer 2019). The articles included in the issue are as follows: Did the Supreme Court Do Congress’s Dirty Work When It Killed Quill? State Sales Tax on Remote Sellers and Wayfair and Recent Developments in Federal Income Taxation: The … Continue reading Caron, The Tax Lawyer Publishes New Issue

Caron, Florida Tax Review Publishes New Issue

The Florida Tax Review has made available for download its most recent issue, Vol. 22, No. 2. Articles included in the issue are as follows: Sham on You: Too Good to Be True, A Tax Professor's Guide to Formative Assessment, Expanding State Fiscal Capacity, Part I: Combining an Entity-Level Consumption Tax, Improved Sales Factor Apportionment, … Continue reading Caron, Florida Tax Review Publishes New Issue

Taite, Freedom of Disposition v. Duty of Support: What’s a Child Worth?

Phyllis C. Taite has made available for download her article, Freedom of Disposition v. Duty of Support: What's a Child Worth?, published in the Wisconsin Law Review. The Abstract is as follows: Mandating financial responsibility for the care of children during one's lifetime is without question. Child support laws have been implemented in every state … Continue reading Taite, Freedom of Disposition v. Duty of Support: What’s a Child Worth?

Caldwell, The Documents Your Young Adult Child Needs

Caldwell describes how, after a child turns 18 and assumes the status of a legal adult, parents no longer have the authority to make medical decisions for their child. Caldwell writes, "unless your child has named you as his or her patient advocate under a patient advocate designation, you can be left powerless at the … Continue reading Caldwell, The Documents Your Young Adult Child Needs

Erb, Charitable Donation Deductions Plummet After Tax Reform

Erb describes how recent IRS data documents only 12 million taxpayers claiming the charitable donation deduction during the 2018 tax year; the deductions totaled $102.7 billion. Meanwhile, during the 2017 tax year, more than 33 million taxpayers claimed the charitable total deduction, leading to a total of $160 billion claimed. According to Erb, this gap … Continue reading Erb, Charitable Donation Deductions Plummet After Tax Reform

Porter, Why Aren’t More Women Working? They’re Caring for Parents

Porter describes a trend where "the burden of care for aging relatives is reshaping the lives of millions of others." According to the U.S. Department of Labor, "about 15 percent of women and 13 percent of men 25 to 54 years old spend time caring for an older relative." According to Porter, the brunt of … Continue reading Porter, Why Aren’t More Women Working? They’re Caring for Parents

Tritt, The Stranger-to-the-Marriage Doctrine: Judicial Construction Issues Post-Obergefell

Lee-ford Tritt, University of Florida Levin College of Law, has made available for download his article, The Stranger-to-the-Marriage Doctrine: Judicial Construction Issues Post-Obergefell, published in the Wisconsin Law Review. The Abstract is as follows: The recent Supreme Court decision in Obergefell v. Hodges changed the legal understanding of marriage in the United States. By making … Continue reading Tritt, The Stranger-to-the-Marriage Doctrine: Judicial Construction Issues Post-Obergefell

Gallagher, Don’t Wait Until It’s Too Late: Creditor Claims Strictly Interpreted (Again)

Gallagher describes how the case of Shepherd of The Valley Lutheran Retirement Services v. Richard Cesta, Executor of the Estate of Rose Cesta, Trumbull illustrates the necessity of timely presenting claims after the death of a decedent. Reportedly, "the probate court agreed with the estate that the claim was not timely presented because the special … Continue reading Gallagher, Don’t Wait Until It’s Too Late: Creditor Claims Strictly Interpreted (Again)

Townsend, Magistrate Recommends Sustaining Imposition of FBAR Willful Penalty (8/28/19)

In the recent United States v. Rum ruling, the Court "granted the Government's Motion for Summary Judgment sustaining the FBAR willful penalty at 50% for a single year." Click here for the full Magistrate Report and Recommendation (dated 8/2/19). Click here for the Court Listener docket entries with available links to some of the underlying … Continue reading Townsend, Magistrate Recommends Sustaining Imposition of FBAR Willful Penalty (8/28/19)

Holland & Hart, New IRS Addresses for Filing Estate Tax Returns

Holland & Hart reminds everyone that, in November 2018, the IRS released new instructions for Form 706, which included new addresses. This is a reminder that, effective for United States Estate (and Generation-Skipping Transfer) Tax Returns (Form 706) filed after June 30, 2019, Form 706’s should no longer be sent to the Cincinnati campus for … Continue reading Holland & Hart, New IRS Addresses for Filing Estate Tax Returns

Commentary.Omnibus.2019.08.30: How To Cash Out of Your Home Tax Free, and More!

Carlson, How to cash out of your home tax freeKiplinger: Smart Tips for Estate Planning: Write Your Will Like George Washington DidHopkins, Breaking down the basics of HSAsAsk Larry: Was The Ability To File And Suspend Social Security Benefits Abolished?Maule, It’s Not Just Divorces That Require Agreements With Respect to Tax Issues Fee Severability: The … Continue reading Commentary.Omnibus.2019.08.30: How To Cash Out of Your Home Tax Free, and More!

Herbert, Prior Correspondence: A Key Tool in Preparing Your Estate Dispute Case for Trial

Herbert describes how modern technology has enabled practitioners to potentially use emails, texts, and letters as prior correspondence in a trial. Commonly, Herbert points to cases involving elderly persons who show signs of mental incapacity. He narrates how, often, "an unscrupulous person 'enters' the life of the elderly person, begins to take 'care' of the … Continue reading Herbert, Prior Correspondence: A Key Tool in Preparing Your Estate Dispute Case for Trial

Shumaker, The Estate Planner: Keeping Trust Secret, Moving Mom to the Nursing Home, Clients Drafting Their Own Estate Planning Documents

Shumaker, Loop, & Kendrick, LLP, has made available for download the September-October 2019 issue of The Estate Planner. Topics covered include "Is Silence Golden? The good and bad of keeping your trust a secret," "Qualified Opportunity Funds: Estate planning implications," "Coming to a family consensus on moving a parent to a nursing home," and "You’re … Continue reading Shumaker, The Estate Planner: Keeping Trust Secret, Moving Mom to the Nursing Home, Clients Drafting Their Own Estate Planning Documents

Bonner, Alimony tax gap swells to $3.2 billion, TIGTA finds (AICPA)

The Treasury Inspector General for Tax Administration (TIGTA) recently reported that "discrepancies between the amount of alimony deducted by payers and reported as income by its recipients increased by 38% in six years, to $3.2 billion for tax year 2016." Previously, the TIGTA 2014 alimony tax gap report uncovered a $2.3 billion alimony tax gap … Continue reading Bonner, Alimony tax gap swells to $3.2 billion, TIGTA finds (AICPA)

Smith, Exploiting the Charitable Contribution Deduction’s Hypersalience

Eric Smith, Weber State University, has made available for download his article, "Exploiting the Charitable Contribution Deduction's Hypersalience," published in the Utah Law Review. The Abstract is as follows: Hypersalience describes the cognitive error that occurs when taxpayers are highly aware of a tax provision generally, but fail to correctly perceive its associated limitations. The … Continue reading Smith, Exploiting the Charitable Contribution Deduction’s Hypersalience