December 2010 Posts

  • Act Now to Save GST Tax – Expires 12/31/10

    On December 17, 2010 the President signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Relief Act), extending the Bush-era tax cuts. This new law creates a once-in-a-lifetime planning opportunity that ends at midnight, December 31, 2010....
  • Operation of Law: Coordinate your Will and Property Ownership, etc.

    You know the importance of having a will. If you die "intestate" (without a will in legal language), your state’s laws will determine the disposition of your assets....
  • Duke’s OLLI Program to Offer Retirement Course

    Local Financial Planner Janet Ramsey, MBA, CFP will be offering a course entitledWealth Planning in the New Normal, Navigating Retirement Decisions in Rough Waters as part of Duke University’s OLLI program. ...
  • 12 Estate Planning Gifts to Your Family

    Christmas is in 12 days, so I thought it appropriate to use the "12 Days of Christmas" theme to talk about the fact that estate planning is truly a gift to your family or other beneficiaries. ...
  • Obama Signs 2010 Tax Relief Act

    This afternoon, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. This legislation, negotiated by the White House and select members of the House and Senate, provides for a short-term extension of tax cuts made in 2001....
  • 2010 Tax Relief Act Passes House

    Last night the House passed HR 4853 by a vote of 277-148 approving the Tax Relief Act of 2010 as passed by the Senate Wednesday. The bill now goes to the President for signature....
  • AICPA Announces Taxpayer Education Website

    The new website, which has been developed over the past year, is launching just days after President Obama called for fundamental reform of the income tax system, touching off a new national conversation about the tax code....
  • 2010 Tax Relief Act Passes Senate

    The Senate has passed (by vote of 81-19) the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Relief Act), and the House is expected to take up the measure tomorrow. The Act includes bringing back the $100,000 IRA spousal rollover for 2010 and 2011....
  • Summary of the Tax Relief Proposal

    The Senate Finance Committee has produced a summary of the Reid Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, which extends the Bush tax cuts for two years. ...
  • House to Obama on Tax Agreement – No Go!

    The House has decided not to vote on the tax cut agreement Obama reached with Republican leaders earlier this week. Particularly objectionable was the proposed $5 million estate tax exemption. From CNN.com: ...
  • AICPA asks IRS for Guidance on Carryover Basis Rules

    From today’s press release from the American Institute of Certified Public Accountants: The American Institute of Certified Public Accountants has asked the Internal Revenue Service to issue guidance about how to apply carryover basis rules for the assets of taxpayers who died in 2010 in order to settle their estates. ...
  • Obama, Republicans Reach Deal on Tax Cuts

    The agreement includes a two year extension on the Bush income tax cuts, and with regard to the estate tax (from the Washington Post): "The deal also would revive the estate tax, but it would exempt inheritances of up to $5 million for individuals and $10 million for couples. ...
  • More on the Middle Class Tax Cut Act of 2010

    Senator Max Baucus, Chair of the Senate Finance Committee on Finance, introduced the "Middle Class Tax Cut Act of 2010" which would make the Bush income tax cuts permanent for those making under $250,000 per year. ...
  • Middle Class Tax Cut Act of 2010 – Proposed Bill

    The legislative text and summary of the Middle Class Tax Cut Act of 2010, released yesterday by Senate Finance Committee Chairman Max Baucus (D-Mont.), is now available at the Finance Committee’s website http://finance.senate.gov/legislation/. A summary of some of the estate tax provisions is set out below....
  • 2011 – The Federal Estate Tax Returns

    For the past ten years, the federal estate tax rules have been changing and they will shift again on January 1, 2011. As of that date, the federal estate tax will return with a $1 million exemption and rate of 37-55%. ...