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)

Bloomberg Tax: The Unfairness of the Marriage Tax Penalty (March 31, 2021)

Patricia Cain, of Bloomberg Tax, has recently made available her article that discusses the history of the marriage tax penalty and the need to eliminate joint tax returns. Her article, “The Unfairness of the Marriage Tax Penalty,” begins as follows: Wisconsin Republican U.S. Representative Glenn Grothman recently criticized the Covid-19 relief bill by pointing to … Continue reading Bloomberg Tax: The Unfairness of the Marriage Tax Penalty (March 31, 2021)

Senator Van Hollen Introduces STEP Act: Triggers Gain on Unrealized Appreciation on Gifts With January 1, 2021 Effective Date

Senators Van Hollen, Booker, Sanders, Whitehouse and Warren have introduced the STEP Act. Generally, the STEP Act, if enacted in its current form, would trigger gains on gifts of appreciated property with an effective date of January 1, 2021. The press release from Senator Van Hollen is below the line. Links to key facts are … Continue reading Senator Van Hollen Introduces STEP Act: Triggers Gain on Unrealized Appreciation on Gifts With January 1, 2021 Effective Date

Bloomberg News: Biden Eyeing Capital Gains Tax as High as 43.4% for Wealthy (Apr. 22, 2021)

Bloomberg News is reporting that President Biden will propose almost doubling the capital gains tax rate to 39.6 percent. The Bloomberg Article begins as follows: President Joe Biden will propose almost doubling the capital gains tax rate for wealthy individuals to 39.6% to help pay for a raft of social spending that addresses long-standing inequality, … Continue reading Bloomberg News: Biden Eyeing Capital Gains Tax as High as 43.4% for Wealthy (Apr. 22, 2021)

Forbes: Two Powerful Charitable Giving Strategies—Compared (April 17, 2021)

Forbes has published an article, “Two Powerful Charitable Giving Strategies—Compared,” which clarifies to readers the difference between choosing the appreciated securities or an IRA. The article begins as follows: The 2017 tax law, with its huge standard deduction, did serious damage to the tax benefits of philanthropy: Now, for a lot of taxpayers, cash donations … Continue reading Forbes: Two Powerful Charitable Giving Strategies—Compared (April 17, 2021)