David Riedel: An ILIT Can Be a Wealth Preserver for Your Family (August 17, 2021)

David Riedel of Adler Pollock & Sheehan P.C., has made available for download his article, “An ILIT Can Be a Wealth Preserver for Your Family,” published on JDSUPRA. The abstract begins as follows: Life insurance is often an integral part of an estate plan. By acquiring life insurance coverage, you can provide liquidity when your … Continue reading David Riedel: An ILIT Can Be a Wealth Preserver for Your Family (August 17, 2021)

KPMG report: Ways and Means tax proposals relating to infrastructure, energy, housing, retirement, and social safety net (Sept. 13, 2021)

KPMG has released a report on the latest House Ways and Means Committee tax proposals. The summary is as follows: House Ways and Means Committee Chairman Richard E. Neal (D-MA) released legislative tax proposals on Friday, September 10. Retirement tax savings proposals also were approved by the Ways and Means Committee on September 9, 2021. … Continue reading KPMG report: Ways and Means tax proposals relating to infrastructure, energy, housing, retirement, and social safety net (Sept. 13, 2021)

IRS Releases Priority Guidance Plan 2021-2022 (Sept. 9, 2021)

The IRS has released its Priority Guidance Plan for 2021-2022. The Priority Guidance Plan begins as follows: We are pleased to announce the release of the 2021–2022 Priority Guidance Plan.In Notice 2021-28, the Department of the Treasury (Treasury Department) and the Internal Revenue Service (Service) solicited recommendations for items to be included in the plan … Continue reading IRS Releases Priority Guidance Plan 2021-2022 (Sept. 9, 2021)

KPMG: Senate Finance Committee chairman releases discussion draft on reforming taxation of passthrough entities (September 10, 2021)

KPMG has made available for download their article, “Senate Finance Committee chairman releases discussion draft on reforming taxation of passthrough entities,” which discusses drafts of legislation aimed at reforming taxation of passthrough entities . The abstract is as follows: Senate Finance Committee Chairman Ron Wyden (D-OR) this morning released a discussion draft of legislation intended to … Continue reading KPMG: Senate Finance Committee chairman releases discussion draft on reforming taxation of passthrough entities (September 10, 2021)

Taxpayer Advocate Service – NTA Blog: Lifecycle of a Tax Return: Correspondence Audits: Increased Communication Alternatives Are in Progress (September 8, 2021)

The Taxpayer Advocate Service has published an article titled “NTA Blog: Lifecycle of a Tax Return: Correspondence Audits: Increased Communication Alternatives Are in Progress,” which provides information regarding correspondence audits and other communication alternatives. The article begins as follows: In my 2020 Annual Report to Congress (ARC), I discussed the unnecessary delays and difficulties taxpayers encounter reaching an … Continue reading Taxpayer Advocate Service – NTA Blog: Lifecycle of a Tax Return: Correspondence Audits: Increased Communication Alternatives Are in Progress (September 8, 2021)

TaxProf Blog – Paul Caron: WSJ: Can Congress Tax Wealth by ‘Deeming’ it Income? (September 8, 2021)

Paul Caron has published an article on the TaxProf Blog, titled “WSJ: Can Congress Tax Wealth by 'Deeming' it Income?", which discusses a Wall Street Journal op-ed concerning the right of Congress to categorize inherited wealth as income in order to tax it. The article begins as follows: Charles and Kathleen Moore have done well, but … Continue reading TaxProf Blog – Paul Caron: WSJ: Can Congress Tax Wealth by ‘Deeming’ it Income? (September 8, 2021)

Forbes: Richest 5% of Americans ‘Choose Not to Pay’ $307 Billion in Taxes Each Year, Treasury Reports (September 8, 2021)

Forbes has published an article, “Richest 5% of Americans 'Choose Not to Pay' $307 Billion in Taxes Each Year, Treasury Reports”, which discusses how wealthy Americans evade billions of dollars in taxes every year. The article begins as follows:  The wealthiest Americans are evading hundreds of billions of dollars in taxes each year, the Treasury … Continue reading Forbes: Richest 5% of Americans ‘Choose Not to Pay’ $307 Billion in Taxes Each Year, Treasury Reports (September 8, 2021)

TaxProf Blog – Sixth International Conference on Taxpayer Rights (September 6, 2021)

Paul Caron has published an article on the TaxProf Blog, titled “Sixth International Conference on Taxpayer Rights”, which discusses the upcoming Sixth International Conference on Taxpayer Rights set to run from October 5th - 8th. The article begins as follows: I’m pleased to announce that registration is now open for the 6th International Conference on Taxpayer Rights … Continue reading TaxProf Blog – Sixth International Conference on Taxpayer Rights (September 6, 2021)

Bloomberg Law: Rich Americans Already Have a Plan to Escape Biden’s Tax Hikes (September 2, 2021)

Bloomberg Law writes about strategies adopted by wealthy Americans aimed at avoiding the potential enactment of tax increases by President Biden. The article, “Rich Americans Already Have a Plan to Escape Biden's Tax Hikes,” begins as follows: Wealthy Americans are scrambling for places to hide from plans by Democrats to hike their taxes. Many on … Continue reading Bloomberg Law: Rich Americans Already Have a Plan to Escape Biden’s Tax Hikes (September 2, 2021)

Jeffrey Galvin: California Court Reconciles Ownership Presumptions in Probate Disputes (September 7, 2021)

Jeffrey Galvin of Downey Brand LLP, has made available for download his article, “Jeffrey Galvin: California Court Reconciles Ownership Presumptions in Probate Disputes,” published on JDSUPRA. The abstract begins as follows: When Dad bought a house solely in his name, can Stepmother claim a community property interest after Dad has died? Perhaps yes. The answer … Continue reading Jeffrey Galvin: California Court Reconciles Ownership Presumptions in Probate Disputes (September 7, 2021)

Scott Bieber, Steve Cupples, Ed McGillen, and Rob Morse: Illinois codified procedures for remote execution of wills (September 7, 2021)

Scott Bieber, Steve Cupples, Ed McGillen, and Rob Morse of Thompson Coburn LLP, have made available for download their article, “Illinois codified procedures for remote execution of wills," published on JDSUPRA. The abstract begins as follows: On March 26, 2020, with the Covid-19 pandemic spreading throughout Illinois, Governor Pritzker signed Executive Order 2020-14 (the “Executive … Continue reading Scott Bieber, Steve Cupples, Ed McGillen, and Rob Morse: Illinois codified procedures for remote execution of wills (September 7, 2021)

Sandie Lyne and Rachel Desanges (Lexology): Guernsey: employment law update (September 9, 2021)

Sandie Lyne and Rachel Desanges, of Ogier, have made available for download their article “Guernsey: employment law update”, published on Lexology. The article begins as follows: A secondary pension scheme – "Your Island Pension" – was due to be set up in Guernsey and Alderney from January 2022. However, plans have been delayed due to … Continue reading Sandie Lyne and Rachel Desanges (Lexology): Guernsey: employment law update (September 9, 2021)

Jeremy Snead, Anna Snead, Paul Goss (Lexology): Snapshot: implementing Cayman Islands charging orders in aid of enforcing foreign arbitral awards (September 9, 2021)

Jeremy Snead, Anna Snead, and Paul Goss, of Ogier, have made available for download their article “Snapshot: implementing Cayman Islands charging orders in aid of enforcing foreign arbitral awards”, published on Lexology. The article begins as follows: In the recent decision Top Jet Enterprises Limited v Sino Jet Holding Limited (unreported, 3 August 2021), Justice Segal provided … Continue reading Jeremy Snead, Anna Snead, Paul Goss (Lexology): Snapshot: implementing Cayman Islands charging orders in aid of enforcing foreign arbitral awards (September 9, 2021)

Simon Schilder, Michael Killourhy, Tim Clipstone, Nicholas Plowman (Lexology): Annual return reporting requirements for all fiduciary services licensees (September 9, 2021)

Simon Schilder, Michael Killourhy, Tim Clipstone, and Nicholas Plowman, of Ogier, have made available for download their article “Annual return reporting requirements for all fiduciary services licensees", published on Lexology. The article begins as follows: The Financial Services (Prudential and Statistical Returns) (Amendment) Order 2021 came into force on 15 February 2021.The British Virgin Islands Financial Services … Continue reading Simon Schilder, Michael Killourhy, Tim Clipstone, Nicholas Plowman (Lexology): Annual return reporting requirements for all fiduciary services licensees (September 9, 2021)

KPMG: Ways and Means announces first part of budget reconciliation markup, includes qualified plan proposals (September 7, 2021)

KPMG has made available for download their article, “Ways and means announces first part of budget reconciliation markup, includes qualified plan proposals”, which discusses the recent announcement made by House Ways and Means Committee Chairman Richard E. Neal (D-MA) . The abstract is as follows: House Ways and Means Committee Chairman Richard E. Neal (D-MA) today … Continue reading KPMG: Ways and Means announces first part of budget reconciliation markup, includes qualified plan proposals (September 7, 2021)

TaxProf Blog – Paul Caron: Two-Thirds of Americans Support Biden’s Plan to Beef Up IRS Enforcement (September 7, 2021)

Paul Caron has published an article on the TaxProf Blog, titled “Two-Thirds of Americans Support Biden's Plan to Beef Up IRS Enforcement”, which describes President Biden's tax proposal and presents evidence to suggest it has the support of most Americans. The article begins as follows: University of Maryland Program for Public Consultation, Two-Thirds Favor Bolstering IRS Tax … Continue reading TaxProf Blog – Paul Caron: Two-Thirds of Americans Support Biden’s Plan to Beef Up IRS Enforcement (September 7, 2021)

TaxProf Blog – Bryan Camp: Lesson from the Tax Court: IRS Can Issue Multiple ‘Final’ Spousal Relief Determinations (September 7, 2021)

Bryan Camp has published an article on the TaxProf Blog, titled “Lesson from the Tax Court: IRS Can Issue Multiple 'Final' Spousal Relief Determinations ”, which discusses the outcomes of Nilda E. Vera v. Commissioner, 157 T.C. No 6 (Aug. 23, 2021). The article begins as follows: Yogi Berra would have been a great tax practitioner.  In Nilda E. … Continue reading TaxProf Blog – Bryan Camp: Lesson from the Tax Court: IRS Can Issue Multiple ‘Final’ Spousal Relief Determinations (September 7, 2021)

LexBlog: Selling a Law Practice: 8 Things to Know (September 7, 2021)

LexBlog has made available for download their article, “Selling a Law Practice: 8 Things to Know”, published on the LexBlog. The abstract is as follows: As a law firm owner, you may consider selling a law practice for many reasons. And there’s a lot to consider to properly put a value on a business that … Continue reading LexBlog: Selling a Law Practice: 8 Things to Know (September 7, 2021)

Kathleen Nalty: Outsmart Your Unconscious Biases

© Kathleen Nalty Consulting LLC1 So—what’s in a name? Apparently, a lot. If you are named John, you will have a significant advantage over Jennifer when applying for a position, even if you both have the exact same credentials.2 If your name is José, you will get more callbacks if you change it to Joe.3 And if … Continue reading Kathleen Nalty: Outsmart Your Unconscious Biases

Christine Speidel (Procedurally Taxing): Updates for ITIN Holders (August 18, 2021)

Christine Speidel, Assistant Professor and Director of the Federal Tax Clinic at Villanova University Charles Widger School of Law, has made available for download her article “Updates for ITIN Holders”, published on the Procedurally Taxing blog. The abstract is as follows: Two issues have come up recently for ITIN holders that I’d like to flag. … Continue reading Christine Speidel (Procedurally Taxing): Updates for ITIN Holders (August 18, 2021)