November 2011 Posts

  • Estate Tax Foe added to “Super Committee”

    Arizona Senator Jon Kyl will join the bipartisan Congressional super committee, which has the task of cutting $1.5 trillion from the federal budget in the next decade. Kyl is a staunch opponent of the estate tax, and his appointment to the committee makes any movement toward a decrease in the current $5 million exemption or increase in the 35% rate unlikely. Democrats have called for the rate to increase to 45%....
  • Estate and Gift Tax Bill Introduced in House

    On November 17, 2011, Congressman Jim McDermott (D-WA), a senior member of the House Ways and Means Committee, introduced HR 3467, the “Sensible Estate Tax Act of 2011”. Along with changes to the estate tax, the bill includes many of Obama’s 2012 Fiscal Year Proposals with regard to gift and GST taxes. The bill includes the following:...
  • Four Common Estate Planning Mistakes

    The American Institute of Certified Public Accountants (AICPA) recently published an informative article entitled Four Estate Planning Mistakes (and How to Avoid Them). Although the article is geared toward CPAs for counseling their clients, I recommend it as reading for all, as I see these problems everyday. The four mistakes featured are: ...
  • Death Taxes – Worst States to Die In

    Here are the states with an estate and or inheritance tax, ranked from approximate highest to lowest tax burden (North Carolina has the distinction of being the best of the worst):...
  • Democrats to Introduce Bill to Lower Estate Tax Exemption to $1 Million

    This news courtesy of Financial Advisor Nat Harris (emphasis added): House Democrats plan to introduce a bill today to extend and overhaul the estate tax beyond 2012 in the opening salvo of what is likely to be a long and politically-charged debate next year....
  • 2011 NC Senior Fraud Booklet

    The 2011 Consumer Scams and Fraud booklet issued by the North Carolina Attorney General is now available. It is geared to increase awareness of and prevent fraud against seniors. ...
  • Annual SSA Earnings/Benefit Statements Ceased

    In the past, each year the Social Security Administration (SSA) mailed a statement to all workers age 25 and older who were not receiving Social Security or Medicare benefits. The statement listed a worker’s earnings record along with estimated benefit amounts at various retirement ages. ...
  • U.S. Citizens Living in U.K. Get Credit for Non-Domicile Fee

    The IRS recently issued guidance that U.S. taxpayers living in the United Kingdom can get a credit against their U.S. income tax taxes for the GBP30,000 non-domicile charge. Rev. Rul. 2011-19. See also this article in the STEP Journal....