June 2011 Posts

  • NC 529 Plan Income Tax Deduction Continues

    The North Carolina General Assembly recently passed legislation that preserves the deduction on NC 529 College Savings Plan contributions for all North Carolina taxpayers, regardless of income. ...
  • Today is the Deadline for Foreign Account Reporting

    From IR-2011-70: WASHINGTON — The Internal Revenue Service today reminds everyone who has a bank or other financial account in a foreign country, or who has signature authority over such an account, that they may be required to report the account to the U.S. Department of the Treasury by June 30 each year....
  • Summary of Obama’s 2013 Budget Proposal for Estate and Gift Taxes

    A June 22, 2011article on Trusts and Estates magazine’s website contains a nice summary of President Obama’s budget proposal measures effecting estate planning. ...
  • 4th Circuit Upholds Two-Year Innocent Spouse Limitation Period

    The U.S. Fourth Circuit Court of Appeals, under whose jurisdiction North Carolina falls, overruled a Tax Court decision and upheld a Treasury regulation that provides for a two-year statute of limitation on claims for innocent spouse relief...
  • How to Avoid Investment Fraud

    As an estate planning attorney and Certified Financial Planner, much of what I do is help people protect and grow their assets. Unfortunately, there are those who seek to do the opposite – con artists who try to take others’ hard earned money by committing investment fraud. ...
  • Tax Implications of Sale of Residence Upon Divorce

    For many people, the federal home sale gain exclusion is the single most valuable tax break available. But if you’re getting divorced and selling a home, you may need to plan ahead to take advantage of the tax break. We’ll explain why, but first, here’s a little background information....
  • IRS Mileage Rate Increased to 55.5 Cents per Mile

    From Announcement 2011-40: WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes. ...
  • You’ve Got to Watch Those Taxing Authorities

    Recently I blogged about a client who had received a threatening letter from the IRS. She had me investigate, and it turns out it was a mistake. I have also known the North Carolina Department of Revenue to make errors and cause undue delay. I’m experiencing this personally right now – I filed an amended 2009 corporate return in January and have not received the refund....
  • An Apology from the IRS!

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  • Congress Starts on Estate Tax Debate

    The federal estate tax exemption is currently set at $5 million ($10 million for married couples), with a 35% rate. This law is set to expire on December 31, 2012, with the exemption reverting to $1 million (and a 55% rate) on January 1, 2013....
  • NC Court Costs May Increase

    If the pending appropriations bill in the North Carolina General Assembly passes and is signed into law by Governor Perdue, the filing fee for estates will increase to $120 effective July 1, 2011.  ...