Jeffrey Pennell and Reid K. Weisbord, of Emory University School of Law and Rutgers Law School, have made available for download their article, Trust Alteration and the Dead Hand Paradox, published in ACTEC Law Journal. The abstract is as follows: Trusts are popular instruments for wealth transmission because they can be crafted to suit almost … Continue reading Jeffrey Pennell and Reid K. Weisbord: Trust Alteration and the Dead Hand Paradox (April 20, 2022)
Forbes has published an article, “Registered Agent’s Mistake Leads To Liability Of Zions For Failure To Honor A Levy In Bergstrom”, which discusses Bergstrom v. Zions Bancorp.. The article begins as follows: In 2007, a Nevada court entered a $2.1 million judgment against Robert S. Michaels and a company called Northamerican Sureties, Ltd. That same … Continue reading Forbes: Registered Agent’s Mistake Leads To Liability Of Zions For Failure To Honor A Levy In Bergstrom (May 9, 2022)
Keith Fogg has made available for download his article, “What to Do After Receiving a Notice of Claim Disallowance” published on Procedurally Taxing blog. The article begins as follows: The National Taxpayer Advocate wrote a blog post last month highlighting a potential trap for the unwary who receive a notice of claim disallowance and think that they … Continue reading Procedurally Taxing: What to Do After Receiving a Notice of Claim Disallowance (May 10, 2022)
Adopting a child: Tax planning considerationsBy Kaitlin Newkirk, CPA; David Randolph, CPA, Ph.D.; and Cam Cockrell, Ph.D.Targeted tax benefits -- both federal and from some states -- can help subsidize the cost of adoption, but parents should also be aware of income phaseouts of those benefits and nontax costs. Procedures for Puerto Rico residents to … Continue reading AICPA Tax Insider (May 12, 2022): Adopting a child: Tax planning considerations, Procedures for Puerto Rico residents to claim a 2021 child tax credit; and More!
IRS has released a Youtube video on the "Five Things to Know about the Employer Identification Number". The video shares a few tips for small businesses, trusts, estates, charities and others about the Employer Identification Number or EIN. https://www.youtube.com/watch?v=-vD0KoIS124
Kyle Delaney, President and Chief Commercial Officer of Bridgewater, has made available for download his article, “An Update from Our CIOs: What Was Coming Is Now Upon Us". The abstract is as follows: MP3 reflationary policies produced massive injections of money and credit into economies, leading to high nominal growth, leading to self-reinforcing inflation, leading … Continue reading Bridgewater – Global Observations: An Update from Our CIOs: What Was Coming Is Now Upon Us
Bryan Camp has published an article on the TaxProf Blog, titled “Lesson From The Tax Court: The Unforeseen Circumstances Rule For §121 Home Sale Exclusions” which discusses Steven W. Webert and Catherine S. Webert v. Commissioner, T.C. Memo. 2022-32 (Apr. 7, 2022) (Judge Gustafson). The article begins as follows: The Tax Code gives homeowners many tax breaks. Chief among … Continue reading TaxProf Blog: Lesson From The Tax Court: The Unforeseen Circumstances Rule For §121 Home Sale Exclusions (April 25, 2022)
Courtney A. Hopley, Barbara T. Kaplan, and Scott E. Fink, of Greenberg Traurig LLP, have made available for download their article, “Court Invalidates IRS Notice 2016-66 on Micro-Captive Transactions, the Second Time an IRS Notice Was Vacated This Month”, published in a Greenberg Traurig Alert. The abstract is as follows: In CIC Services, LLC v. IRS,1 the U.S. District Court for the Eastern … Continue reading Courtney A. Hopley, Barbara T. Kaplan, and Scott E. Fink (Greenberg Traurig LLP): Court Invalidates IRS Notice 2016-66 on Micro-Captive Transactions, the Second Time an IRS Notice Was Vacated This Month (March 23, 2022)
More Schedule K-2 and K-3 FAQs postedThe IRS covered eight additional issues on the new forms for passthroughs with foreign tax items, including several that will be added to the instructions. Acute IRS challenges had chronic origins, GAO reportsThe US Government Accountability Office analyzed the 2021 filing season; its findings pointed to longer-term improvements needed … Continue reading AICPA Tax Insider (April 21, 2022): More Schedule K-2 and K-3 FAQs posted, Acute IRS challenges had chronic origins, GAO reports; and More!
The IRS ruled that the proposed merger of Trust WB and Trust B into Trust A will not affect the present GST tax exempt status of such trusts and will not cause any distributions (upon termination or otherwise) from Trust A to beneficiaries to become subject to the GST tax. See PLR 202215015 by clicking … Continue reading PLR 202215015: IRS Written Determination on Rules for GSTT Consequences of Trust Merger (January 19, 2022)
Proposed regulations revise premium tax credit's affordability testThe regulations proposed last week relating to the premium tax credit would reinterpret how affordability of employer health care coverage is determined with respect to family members of an employee to whom the coverage is offered. IRS commissioner to senators: 'Our efforts are working'Charles Rettig briefed members of … Continue reading AICPA Tax Insider (April 14, 2022): Proposed regulations revise premium tax credit’s affordability test, IRS commissioner to senators: ‘Our efforts are working’; and More!
The IRS noted that the tax filing deadline less than a month away. The IRS reminds all taxpayers but especially those who haven't yet filed, to choose a tax return preparer wisely. Taxpayers are responsible for all the information on their income tax return regardless of who prepares the return. Here are some tips to remember when … Continue reading IRS: Tips to help taxpayers hire a reputable tax preparer (Tax Tip 2022-48)(March 29, 2022)
Biden proposes higher corporate tax rate, 20% billionaire minimum taxFiscal 2023 tax provisions also would increase IRS funding, encourage domestic business investments, and repeal many fossil fuel tax preferences. Various exempt organization notices pausedCiting processing delays, the IRS suspends 10 late-filing notices to tax-exempt organizations. Individual taxpayers must answer cryptoasset question, IRS notesFront and center … Continue reading AICPA Tax Insider (March 31, 2022): Biden proposes higher corporate tax rate, 20% billionaire minimum tax; Various exempt organization notices paused; and More!
The IRS reminds taxpayers that if they're unable to file their tax return by this year's April 18 deadline, there's an easy, online option to get more time to complete their return. Taxpayers who need more time to complete their return can request an automatic six-month extension to file. An extension allows for extra time … Continue reading IRS: Get an automatic six more months to file; all taxpayers can use IRS Free File to request an extension (IR-2022-71)(March 29, 2022)
The IRS released an advance version of Rev. Proc. 2022-21 that provides issuers of qualified mortgage bonds, as defined in section 143(a), and issuers of mortgage credit certificates, as defined in section 25(c), with Nationwide average purchase prices for residences located in the United States and average area purchase price safe harbors for residences located … Continue reading Rev. Proc. 2022-21: Nationwide average purchase price, residences located in United States
David Fowler Johnson, in his Texas Fiduciary Litigator Blog, has made available for download his article, “Federal Court Denies Defendant Banks’ Motion For Summary Judgment On Plaintiffs’ Knowing Participation In Breach Of Fiduciary Duty Claim In Stanford Ponzi Scheme Case”. The article beings as follows: In Rotstain v. Trustmark Nat’l Bank, plaintiffs sued banks for assisting … Continue reading Texas Fiduciary Litigator: Federal Court Denies Defendant Banks’ Motion For Summary Judgment On Plaintiffs’ Knowing Participation In Breach Of Fiduciary Duty Claim In Stanford Ponzi Scheme Case (March 27, 2022)
The IRS reminded taxpayers how to avoid common errors on their tax returns. This filing season, the IRS is seeing signs of a number of common errors, including some taxpayers claiming incorrect amounts of the Recovery Rebate Credit and Child Tax Credit. To avoid errors on these common credits, there are some key steps people should remember. Taxpayers … Continue reading IRS: Easy Steps to Avoid Tax Return Errors that Can Delay Processing or Adjust Refunds (IR-2022-62) (March 22, 2022)
The IRS notice provides the optional 2022 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. This notice also provides the amount taxpayers must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and … Continue reading IRS Notice 2022-03: 2022 Standard Mileage Rates
The IRS has updated its practice unit discussing Erroneous Claim for Refund or Credit Penalty. The overview is as follows: Congress enacted IRC 6676 to allow penalties for erroneous tax refund or tax credit claims. The penalty may be imposed on a taxpayer filing an original return, an amended return, a claim, or any other form … Continue reading IRS Updates Practice Unit on Erroneous Claim for Refund or Credit Penalty (February 25, 2022)
Auto depreciation limits leap with inflationThe IRS issued its annual inflation-adjusted update of depreciation limitations for passenger automobiles, including passenger vans and trucks, placed in service in 2022. IRS waives estimated-tax penalties for farmers and fishermenThe IRS, citing earlier problems e-filing a new form reporting S corporation owners' basis, has granted relief to certain farmers … Continue reading AICPA Tax Insider (March 24, 2022): Auto depreciation limits leap with inflation; IRS waives estimated-tax penalties for farmers and fishermen; and More!