KPMG Podcast: Build Back Better: What’s Now, What’s Next? (Oct. 14, 2021)

KPMG has released its latest podcast discussing the status of the Build Back Better Act. The summary is as follows: It’s been a month since the tax aspects of the Build Back Better Act were released and now the legislative process in the House has gone quiet. Why, and what will it take to get … Continue reading KPMG Podcast: Build Back Better: What’s Now, What’s Next? (Oct. 14, 2021)

Albert Feuer: Is This the Time to Harmonize the Required Minimum Distribution Rules? (September 23, 2021)

Albert Feuer, of the law Offices of Albert Feuer, has made available for download his article, “Is This the Time to Harmonize the Required Minimum Distribution Rules?”. The abstract is as follows: In September, the House of Representatives Ways and Means Committee released proposals requiring many employers without retirement plans to establish and automatically enroll … Continue reading Albert Feuer: Is This the Time to Harmonize the Required Minimum Distribution Rules? (September 23, 2021)

TaxProfBlog – Lesson From The Tax Court: Emotional Distress Is Not Physical Illness (September 27, 2021)

Bryan Camp has published an article on the TaxProf Blog, titled “Lesson From The Tax Court: Emotional Distress Is Not Physical Illness”, which discusses how damages for severe emotional distress are not excludable unless properly linked to a physical injury in Rebecca A. Tressler v. Commissioner, T.C. Summ. Op. 2021-33 (Sept. 13, 2021). The article … Continue reading TaxProfBlog – Lesson From The Tax Court: Emotional Distress Is Not Physical Illness (September 27, 2021)

The Washington Post: Billions Hidden Beyond Reach (October 3, 2021)

The Washington Post has made available for download their article, "Billions Hidden Beyond Reach", which discusses the Pandora Papers. The article begins as follows: A massive trove of private financial records shared with The Washington Post exposes vast reaches of the secretive offshore system used to hide billions of dollars from tax authorities, creditors, criminal investigators and — … Continue reading The Washington Post: Billions Hidden Beyond Reach (October 3, 2021)

Forbes: S Corp To Partnership Conversion Under Build Back Better (October 1, 2021)

Forbes has published an article, “S Corp To Partnership Conversion Under Build Back Better”, which discusses provisions of the Build Back Better Act such as the differing restrictions between S Corporations and Partnerships. The article begins as follows:  One of the most exciting provisions of the Build Back Better Act, to me anyway, is the … Continue reading Forbes: S Corp To Partnership Conversion Under Build Back Better (October 1, 2021)

Victoria J. Haneman: Prepaid Death (July 26, 2021)

Victoria J. Haneman, of Creighton University - School of Law, has made available for download her article, “Prepaid Death”, published in the Harvard Journal on Legislation, forthcoming. The abstract is as follows: The cost of an adult funeral exceeds $9,000. Funerals are expensive and death is not considered an appropriate time to bargain shop. The … Continue reading Victoria J. Haneman: Prepaid Death (July 26, 2021)

TaxProf Blog – Supreme Court To Decide Whether 30-Day Time Limit For Tax Court Appeal Of IRS Determination Is A Jurisdictional Requirement (October 21, 2021)

Paul Caron has published an article on the TaxProf Blog, titled “Supreme Court To Decide Whether 30-Day Time Limit For Tax Court Appeal Of IRS Determination Is A Jurisdictional Requirement,” which discusses the Supreme Court's recent decision to grant a certiorari to resolve a circuit split. The article begins as follows: The Supreme Court yesterday … Continue reading TaxProf Blog – Supreme Court To Decide Whether 30-Day Time Limit For Tax Court Appeal Of IRS Determination Is A Jurisdictional Requirement (October 21, 2021)

Stacey Prince-Troutman & Alaina Wallace (Akerman LLP) : Draft Legislation in U.S. House of Representatives Would Dramatically Alter Estate Planning Strategies (September 30, 2021)

Stacey Prince-Troutman and Alaina Wallace, of Akerman LLP, have made available for download their article, "Draft Legislation in U.S. House of Representatives Would Dramatically Alter Estate Planning Strategies", published in JDSUPRA. The abstract is as follows: On September 10, 2021, the U.S. House Committee on Ways and Means released a draft of proposed legislation that, … Continue reading Stacey Prince-Troutman & Alaina Wallace (Akerman LLP) : Draft Legislation in U.S. House of Representatives Would Dramatically Alter Estate Planning Strategies (September 30, 2021)

AICPA Tax Insider (September 30, 2021): Donor has no standing to sue donor-advised fund; Final regulations establish a user fee for estate tax closing letters; and More!

Donor has no standing to sue donor-advised fundBy James A. Beavers, CPA, CGMA, J.D., LL.M.A suit challenging the actions of a donor-advised fund by a donor to the fund was dismissed because the plaintiff lacked standing. Final regulations establish a user fee for estate tax closing lettersThe letters, which the IRS provides as a courtesy … Continue reading AICPA Tax Insider (September 30, 2021): Donor has no standing to sue donor-advised fund; Final regulations establish a user fee for estate tax closing letters; and More!

ProPublica: More Than Half of America’s 100 Richest People Exploit Special Trusts to Avoid Estate Taxes (September 28, 2021)

Jeff Ernsthausen, James Bandler, Justin Elliott and Patricia Callahan have published their article, “More Than Half of America’s 100 Richest People Exploit Special Trusts to Avoid Estate Taxes.” The abstract is as follows: It’s well known, at least among tax lawyers and accountants for the ultrawealthy: The estate tax can be easily avoided by exploiting a loophole unwittingly … Continue reading ProPublica: More Than Half of America’s 100 Richest People Exploit Special Trusts to Avoid Estate Taxes (September 28, 2021)

Procedurally Taxing: Can IRS Levy Reach Future Rent Payments (September 28, 2021)

Leslie Book, Professor of Law at the Villanova University Charles Widger School of Law, has made available for download her article, "Can IRS Levy Reach Future Rent Payments?" published on the Procedurally Taxing blog. The article begins as follows: A relatively brief CCA issued this month discusses the IRS’s ability to levy on the right to receive … Continue reading Procedurally Taxing: Can IRS Levy Reach Future Rent Payments (September 28, 2021)

Benjamin Willis ( Forbes ): Is Repealing The Tax-Free Basis Step Up Really Dead? (September 29, 2021)

Benjamin Willis, of Forbes, has made available for download his article, Is Repealing The Tax-Free Basis Step Up Really Dead, published in Forbes. The article begins as follows: While the first draft of the reconciliation legislation didn’t include Biden’s proposal to eliminate the tax-free basis step-up, which included a $1 million per-person exclusion (in addition to the current capital … Continue reading Benjamin Willis ( Forbes ): Is Repealing The Tax-Free Basis Step Up Really Dead? (September 29, 2021)

Kitces: Net Unrealized Appreciation (NUA) Tax Strategies for Modestly Appreciated Stock (September 29, 2021)

Kitces has made available for download their article, “Net Unrealized Appreciation (NUA) Tax Strategies for Modestly Appreciated Stock”, published on Kitces. The Executive Summary is as follows: While pre-tax distributions from retirement accounts are generally taxed at ordinary income rates, an exception to this rule applies to appreciated employer securities distributed from an employer plan … Continue reading Kitces: Net Unrealized Appreciation (NUA) Tax Strategies for Modestly Appreciated Stock (September 29, 2021)

Ariel Jurow Kleiman: Impoverishment by Taxation (January 28, 2021)

Ariel Jurow Kleiman, of Loyola Law School Los Angeles, has made available for download her article, “Impoverishment by Taxation”, published in the University of Pennsylvania Law Review, forthcoming and the San Diego Legal Studies Paper, no. 20-480. The abstract is as follows: Viewed in the aggregate, the U.S. fiscal system is progressive, reduces inequality, and … Continue reading Ariel Jurow Kleiman: Impoverishment by Taxation (January 28, 2021)

Bloomberg Tax, Daily Tax Report (“DTR”): Breaking News – Final IRS Rules Establish Fee for Estate Tax Closing Letters (September 27, 2021)

Bloomberg Tax, Daily Tax Report reports that the IRS established a fee for estate tax closing letters. The summary is as follows: Individuals requesting letters to confirm the IRS has accepted an estate tax return will be required to pay a $67 fee under new final regulations.The rules (TD 9957, RIN 1545-BP75), released Sept. 27, … Continue reading Bloomberg Tax, Daily Tax Report (“DTR”): Breaking News – Final IRS Rules Establish Fee for Estate Tax Closing Letters (September 27, 2021)

KPMG Webcast: Reconciliation Bill Tax Provisions: Implications for Asset Management – Sept. 29, 2021

KPMG is hosing a webinar to discuss the implications of the reconciliation bill tax provisions on asset management. The summary is as follows: Washington is busy… On September 15th, the House Ways & Means Committee approved its portion of legislation relating to the 2022 Budget Reconciliation Bill. The Ways and Means provisions contain a number … Continue reading KPMG Webcast: Reconciliation Bill Tax Provisions: Implications for Asset Management – Sept. 29, 2021

Sheppard, Mullin, Richter, & Hampton LLP: Possible Changes to Estate and Gift Tax Law (September 24, 2021)

Sheppard, Mullin, Richter, & Hampton LLP has made available for download their article, “Asset Basis and the Future of the Federal Estate Tax”, published in JDSUPRA. The abstract is as follows: Last week the House Ways and Means Committee released a draft of proposed tax law changes to include in a reconciliation bill. While it … Continue reading Sheppard, Mullin, Richter, & Hampton LLP: Possible Changes to Estate and Gift Tax Law (September 24, 2021)

Katten Muchin Rosenman LLP: Proposed Tax Legislation Would Dramatically Impact Private Wealth Planning (September 24, 2021)

Katten Muchin Rosenman LLP, has made available for download their article, Proposed Tax Legislation Would Dramatically Impact Private Wealth Planning, published in JDSUPRA. The abstract is as follows: The House Ways and Means Committee recently proposed new draft federal tax legislation that would dramatically affect the Private Wealth area. Many of the changes are time … Continue reading Katten Muchin Rosenman LLP: Proposed Tax Legislation Would Dramatically Impact Private Wealth Planning (September 24, 2021)

AICPA Tax Insider (September 23, 2021): IRS guidance denies ERC for most majority owners’ wages; Individual tax update; and More!

IRS guidance denies ERC for most majority owners' wagesBy Dayna E. Roane, CPA/ABV, CGMAMajority owners' wages are not qualified wages for purposes of the employee retention credit in most cases, according to IRS guidance issued last month. Individual tax updateBy David R. Baldwin, CPA; Katherine Bowles, CPA; Robert Caplan, CPA; Mary Kay Foss, CPA; Shannon … Continue reading AICPA Tax Insider (September 23, 2021): IRS guidance denies ERC for most majority owners’ wages; Individual tax update; and More!

Forbes: How Will 10 Types of Retirement Be Taxed? (September 22, 2021)

Forbes has published an article, “How Will 10 Types Of Retirement Income Be Taxed?”, which discusses smart planning with regards to retirement income strategies. The article begins as follows:  When you are planning for a retirement income you can't outlive, you must not forget about taxes. How much you will owe in taxes during your … Continue reading Forbes: How Will 10 Types of Retirement Be Taxed? (September 22, 2021)