Accountants and tax advisors preparing tax returns for the following types of taxpayers should look at the recent tax incentives below and consider utilizing these incentives on the 2009 tax return or amending prior year returns to claim these incentives: Multi-Family Residential Developers & ... Read More »
New Revenue Procedure on Qualified Intermediary Bankruptcy
The Internal Revenue Service has released Revenue Procedure 2010-14 in which it provides guidance and a safe harbor for reporting capital gains and losses arising out of certain failed or incomplete tax deferred exchange transactions. The Procedure covers situations in which the taxpayer’s failure ... Read More »
Unique Estate Tax Issues Possible in 2010
Beginning January 1, 2010, the 45% estate tax on estates over $3.5 million for individuals or $7 million for married couples is eliminated (temporarily). However, the estate tax returns in 2011 — at a higher 55% tax rate and applied to even smaller estates. NO ESTATE TAXES IN 2010 BUT HIGHER ... Read More »
Estate Wise Planning February 2010
2010 Transfer Tax Update Reporting Large Transfers at Death: For estates of decedents dying after December 31, 2009, and before January 1, 2011, the federal estate tax is repealed. Accordingly, no United States Estate (and Generation-Skipping Transfer) Tax Return (“Form 706”) will be required for ... Read More »
ESTATE WISE PLANNING with Doug H. Moy
Knowledge promotes understanding . . . understanding breeds creativity. . . . By: Doug H. Moy Consulting Specialist in Estate and Gift Taxation and Planning Member, National Association of Tax Professionals (NATP) 2010 Transfer Tax Update In view of the unprecedented confusion brought about in the ... Read More »
The Internal Revenue Tax Code – Section 1031 – “The Tax Deferred Exchange”
Abe Lincoln reportedly stated "A person who represents himself has a fool for a client" Nelsonian Theory would agree with that concept. However, it is wise to be well ... Read More »