AICPA Tax Insider (June 4, 2020): Tax Rules for Real Estate Professionals; Exempt Org Reporting Regs Finalized; Electronic Amended Returns and More

E-filing of Form 1040-X coming this summer The IRS announced that taxpayers will be able to electronically file Forms 1040-X, Amended U.S. Individual Income Tax Return, later this summer. Tax rules for real estate professionals By Barbara Bryniarski Determining whether a taxpayer involved in real estate activities qualifies as a real estate professional establishes whether the … Continue reading AICPA Tax Insider (June 4, 2020): Tax Rules for Real Estate Professionals; Exempt Org Reporting Regs Finalized; Electronic Amended Returns and More

Sage v. Commissioner, 154 T.C. 121 (June 2, 2020): No Loss on Transfer of Property to Grantor Trust

In Jason B. Sage v. Commissioner, the Tax Court held that a developer's transfer of property to a liquidating trust for the benefit of his creditors, which was a grantor trust, did not trigger a loss on the transfer of property to the trust. The opinion synopsis is as follows: P, a real estate developer, … Continue reading Sage v. Commissioner, 154 T.C. 121 (June 2, 2020): No Loss on Transfer of Property to Grantor Trust

Law.com: BigLaw Associate Hourly Billing Rates Surge Past $1K

Law.com reports that associate billing rates at big law firms has surged past $1,000/hour. The article begins as follows: The coronavirus pandemic quickly upended the economy and sent already struggling companies into free-fall, with retailers such as J.Crew, Neiman Marcus and J.C. Penney among those filing for Chapter 11 protection in recent weeks.Recent court filings highlight the avalanche of … Continue reading Law.com: BigLaw Associate Hourly Billing Rates Surge Past $1K

Politico: Millions of paper tax returns go unopened at short-staffed IRS (May 29, 2020)

Politico reports that millions of paper tax returns remain unopened at IRS offices due to staffers remote working due to the COVID pandemic. The Politico article begins as follows: The IRS estimates that nearly 5 million unopened paper tax returns had piled up at the agency by mid-May amid the closure of its offices nationwide … Continue reading Politico: Millions of paper tax returns go unopened at short-staffed IRS (May 29, 2020)

Bloomberg News: IRS Fails to Pursue Thousands of Rich Tax Cheats, Watchdog Says (June 1, 2020)

Bloomberg News reports that the Treasury Department has released a report stating that the IRS fails to pursue thousands of "Rich Tax Cheats." The article begins as follows: The Internal Revenue Service is letting hundreds of thousands of high-income individuals duck their tax obligations, according to a government watchdog report.The Treasury Inspector General for Tax … Continue reading Bloomberg News: IRS Fails to Pursue Thousands of Rich Tax Cheats, Watchdog Says (June 1, 2020)

TAXATION OF TANGIBLE PERSONAL PROPERTY

By Laura Angel-Lalanne & G. Warren Whitaker Clients frequently make their choices regarding the disposition of their tangible personal property based on emotional considerations.  Nevertheless, they must be aware of the tax costs and benefits associated with the various methods of disposition they may be considering, so they can make fully informed decisions.  This article … Continue reading TAXATION OF TANGIBLE PERSONAL PROPERTY

G. “Warren” Whitaker

G. "Warren" Whitaker assists high net worth individuals and multinational families with complex domestic and international estate planning and related income tax, corporate and personal financial planning. Clients seek his experience with sophisticated international transactions; trust and estate issues, both domestic and international; family office needs; and trust services and fiduciary compliance. He is a … Continue reading G. “Warren” Whitaker