NY Times (September 24, 2021): The Tax Loophole that Helps America’s Richest Families Stay That Way

Robin Kaiser-Schatzlein, in his New York Times article, discusses the "stepped up basis" as one of the most important tax loopholes for wealthy Americans. His article, “The Tax Loophole that Helps America's Richest Families Stay That Way”, begins as follows: Most people have probably never heard of a “stepped up basis,” but it might just be the … Continue reading NY Times (September 24, 2021): The Tax Loophole that Helps America’s Richest Families Stay That Way

TaxProf Blog – Bryan Camp: Lesson From the Tax Court: The 411 on Section 911 (August 30, 2021)

Bryan Camp has published an article on the TaxProf Blog, titled "Lesson From the Tax Court: The 411 on Section 911", which discusses the case of Deborah C. Wood v. Commissioner, T.C. Memo. 2021-103 (Aug. 18, 2021) (Judge Lauber). The article begins as follows: The pullout from Afghanistan has dominated the news, and many of our lives.  … Continue reading TaxProf Blog – Bryan Camp: Lesson From the Tax Court: The 411 on Section 911 (August 30, 2021)

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)

Andrew T. Hayashi and Justin Hopkins: The Charitable Tax Deduction and Civic Engagement (July 22, 2021)

Andrew T. Hayashi and Justin Hopkins, of The University of Virginia School of Law and The University of Virginia respectively, have made available for download their article, The Charitable Tax Deduction and Civic Engagement, published in the Virginia Public Law and Legal Theory Research Paper. The abstract is as follows: In an era characterized by … Continue reading Andrew T. Hayashi and Justin Hopkins: The Charitable Tax Deduction and Civic Engagement (July 22, 2021)

Forbes – How To Take Tax Write Offs For Helping Relatives (July 21, 2021)

Bob Carlson has made available his article, How To Take Tax Write Offs For Helping Relatives, published in Forbes. The article begins as follows: It’s very common for family members to become caregivers for other family members or help them financially when medical care or long-term care is needed. It’s also common for these families … Continue reading Forbes – How To Take Tax Write Offs For Helping Relatives (July 21, 2021)

Forbes: Democrats Reintroduce ‘Millionaires Surtax’ Bill (June 10, 2021)

Forbes has published an article, "Democrats Reintroduce 'Millionaires Surtax' Bill," which provides key facts and a brief summary of the new surtax bill. The article begins as follows: Days after a bombshell ProPublica report revealed many of the wealthiest Americans have paid very little in federal income tax, a group of Democrats reintroduced legislation Thursday to institute a surtax … Continue reading Forbes: Democrats Reintroduce ‘Millionaires Surtax’ Bill (June 10, 2021)

Bloomberg Wealth: World’s Richest Face Tax Blow After 40% Wealth Surge to $8.4 Trillion (June 10, 2021)

Ben Steverman, Laura Davison, and William Horobin of Bloomberg Wealth, have recently made available their article that discusses politicians' expected endorsement of tax plans that will plug legal loopholes used by the wealthiest individuals and corporations to pay lower tax rates. Their article, "World’s Richest Face Tax Blow After 40% Wealth Surge to $8.4 Trillion," … Continue reading Bloomberg Wealth: World’s Richest Face Tax Blow After 40% Wealth Surge to $8.4 Trillion (June 10, 2021)

Taxpayer Advocate Service: TAS Tax Tips: How do I find my refund information?

The Taxpayer Advocate Service has published an article titled “TAS Tax Tips: How do I find my refund information?,” which discusses ways taxpayers can check the status of their refunds. The article begins as follows: If you filed a 2020 tax return and are expecting a refund from the IRS, you may want to find … Continue reading Taxpayer Advocate Service: TAS Tax Tips: How do I find my refund information?

Elizabeth Whitman (Whitman Legal Solutions, LLC): American Families Plan and Real Estate Investments – 1031 Exchanges (June 1, 2021)

Elizabeth Whitman, of Whitman Legal Solutions, LLC, has made available for download her article, "American Families Plan and Real Estate Investments – 1031 Exchanges," published in JDSUPRA. The abstract is as follows: Although I was primarily a violinist, I also played the clarinet. When most people think of the clarinet, they think of the “standard” … Continue reading Elizabeth Whitman (Whitman Legal Solutions, LLC): American Families Plan and Real Estate Investments – 1031 Exchanges (June 1, 2021)

Forbes: Increasing The Capital Gains Rate: Tax Planning In A Time Of Flux (June 1, 2021)

Forbes has published an article, "Increasing The Capital Gains Rate: Tax Planning In A Time Of Flux", which discusses taxpayers' plans to accelerate or defer gains in the midst of President Biden's proposed increase to the capital gains tax rate. The article begins as follows: Anticipating President Biden’s proposed increase in the capital gains tax rate, … Continue reading Forbes: Increasing The Capital Gains Rate: Tax Planning In A Time Of Flux (June 1, 2021)

Deloitte: Treasury ‘Green Book’ sheds additional light on Biden’s tax proposals (May 29, 2021)

Deloitte has published an article, "Treasury ‘Green Book’ sheds additional light on Biden’s tax proposals," which discusses and analyzes the Biden administration's tax proposals for the 2022 fiscal year. The article begins as follows: The White House released a fiscal year 2022 budget blueprint on May 28 that, as expected, calls for significant tax increases … Continue reading Deloitte: Treasury ‘Green Book’ sheds additional light on Biden’s tax proposals (May 29, 2021)

Forbes: Monetized Installment Sale – IRS Finally Says It Does Not Work (May 22, 2021)

Forbes has published an article, "Monetized Installment Sale - IRS Finally Says It Does Not Work," which discusses IRS analysis regarding Monetized Installment Sales that outlines six ways in which the transaction does not work as many promoters claim. The article begins as follows: The promoters of Monetized Installment Sales got some bad news from … Continue reading Forbes: Monetized Installment Sale – IRS Finally Says It Does Not Work (May 22, 2021)

KPMG: IRS practice unit: Allocation and apportionment of deductions, individual taxpayers (May 24, 2021)

KPMG is reporting that the IRS Large Business and International (LB&I) division publicly released a “practice unit”—part of a series of IRS examiner “job aides” and training materials intended to describe for IRS agents leading practices about tax concepts in general and specific types of transactions. IRS practice unit webpage focuses on the general rules … Continue reading KPMG: IRS practice unit: Allocation and apportionment of deductions, individual taxpayers (May 24, 2021)

Margaret Ryznar: The Design of a Home Office Deduction (April 19, 2021)

Margaret Ryznar, of Indiana University's Robert H. McKinney School of Law, has made available for download her article, "The Design of a Home Office Deduction", published in Tax Notes Federal, volume 171. The abstract is as follows: This article reexamines the home office deduction in the context of the COVID-19 pandemic and argues that it … Continue reading Margaret Ryznar: The Design of a Home Office Deduction (April 19, 2021)

Daniel Durst: Geographic Income Tax Marriage Equality: A Proposal to Expand the Double Basis Step-Up (February 9, 2021)

Daniel Durst, an independent writer, has made available for download his article, "Geographic Income Tax Marriage Equality: A Proposal to Expand the Double Basis Step-Up", to be published in the 2022 Michigan State Law Review (forthcoming Spring 2022). The abstract is as follows: Surviving spouses in community property states enjoy a significant, but unintended, income … Continue reading Daniel Durst: Geographic Income Tax Marriage Equality: A Proposal to Expand the Double Basis Step-Up (February 9, 2021)

Ways & Means Approves SECURE 2.0 Bill

The House Ways & Means Committee approved, on a bipartisan basis,  H.R. 2954, the “Securing a Strong Retirement Act of 2021,” sometimes referred to as SECURE 2.0 SECURE 2.0 seeks to expand retirement plan coverage and increase retirement savings, through a variety of provisions. expanding automatic enrollment, increasing the age mandatory distributions are required to … Continue reading Ways & Means Approves SECURE 2.0 Bill

Joint Committee On Taxation Issues Reports on Securing A Strong Retirement Act Of 2021 (May 4, 2021)

The Joint Committee on Taxation has released its publication, Description Of The Chairman's Amendment In The Nature Of A Substitute To H.R.__, The "Securing A Strong Retirement Act Of 2021", on May 4, 2021. To download report, JCX-23-21, click: Description Of The Chairman's Amendment In The Nature Of A Substitute To H.R.__, The "Securing A Strong … Continue reading Joint Committee On Taxation Issues Reports on Securing A Strong Retirement Act Of 2021 (May 4, 2021)

Bloomberg Tax: What’s in $1.8 Trillion Biden Spending Plan Funded by Taxes (April 28, 2021)

Bloomberg Tax has published a summary of the key tax provisions of the Biden $1.8 Trillion Spending Plan. The article begins as follows:Plan includes funding for child care, education, tax credits Plan includes funding for child care, education, tax creditsBiden would pay for plan with higher taxes, focused on wealthyPresident Joe Biden’s administration on Wednesday unveiled … Continue reading Bloomberg Tax: What’s in $1.8 Trillion Biden Spending Plan Funded by Taxes (April 28, 2021)

Bloomberg News: Biden Aims to End ‘Step Up in Basis’ Benefit for Estates (April 27, 2021)

Bloomberg News reports that President Biden's coming tax package, as expected, will propose ending the step up in basis at death. The article begins as follows: President Joe Biden’s coming tax package will feature an end to a major benefit for wealthy estates that drastically minimizes the levy for inheritors, along with a bump up … Continue reading Bloomberg News: Biden Aims to End ‘Step Up in Basis’ Benefit for Estates (April 27, 2021)

IRS Announces the Free File can help people who have no filing requirement find overlooked tax credits and get a refund (April 13, 2021)

The IRS urged low- and moderate-income individuals and families, especially those who don't normally file a tax return, to use IRS Free File to prepare their own federal tax return, e-file it and get a refund – all for free. This year's federal tax filing deadline for individuals has been postponed to May 17 from … Continue reading IRS Announces the Free File can help people who have no filing requirement find overlooked tax credits and get a refund (April 13, 2021)