- Advance Directives
- Asset Protection
- Business Succession
- Charitable Gift Planning
- Elder Care
- Estate Planning
- Estate Tax
- Financial Planning
- Fraud & Financial Abuse
- Gift Tax
- Health Care
- Income Tax
- Life Insurance
- Living Trusts
- NC Income Tax
- North Carolina Department of Revenue
- Nursing Homes
- Pending Legislation
- Powers of Attorney
- Qualified Plans
- Real Property
- Social Security
- Special Needs Planning
- Tax Fraud
How Proposed Changes to Family Businesses Could Raise Estate Tax Liability
Posted on: January 6th, 2017
Over the summer of 2016, the IRS released proposed changes to tax provisions (Section 2704) that apply to most business entities, including family businesses. These potential changes could have a major impact on tax planning, including estate tax implications....
Possible Tax Items to Expect With Trump Adminstration
Posted on: December 12th, 2016
Have you reviewed the proposed tax changes under the forthcoming Trump Administration? Read on to learn what is expected to change within the first 100 days following inauguration....
3 Tax Benefits the 50+ Crowd Enjoys
Posted on: August 10th, 2016
Although many tax regulations fluctuate based on the taxpayer’s adjusted gross income, some tax provisions are instead based on the taxpayer’s age. Knowing when an individual will enjoy certain tax benefits can help to guide tax planning. North Carolina taxpayers aged 50 and older enjoy several tax advantages....
Tax Issues for Art Collections
Posted on: July 21st, 2016
Artwork and collections left behind in one’s estate will be subject to probate unless the decedent prepared a trust or other planning tool to hold and manage the art during their lifetime. Regardless whether the art is considered a probate asset, in the case of an estate that is subject to federal or state estate tax, art is a unique asset that poses several potential tax problems. The IRS may carry out an art valuation audit under certain circumstances....
3 Tax Planning Steps for the New Year
Posted on: November 27th, 2015
Common tax planning strategies include retirement contributions, family gifting, and making charitable donations. Outlined below are a few alternative planning steps to consider in the New Year....
Tax Considerations in Structuring Inheritances
Posted on: November 18th, 2015
When dividing assets in an estate plan, the testator might be inclined to evenly split assets for heirs. However, if not planned for properly, federal and state tax requirements nevertheless could result in an uneven split of assets upon distribution...
Tax Planning for Family Loans
Posted on: June 19th, 2015
Lending money to a relative might happen once, twice, or several times throughout one’s lifetime. If the lender does not plan well for the loan, taxes could be imposed....
Non-profit 501(c)(3) Application Now Easier
Posted on: July 11th, 2014
Filing for 501(c)(3) tax-exempt status has streamlined to a shorter process, both in time and in required paperwork. ...
5 Last-Minute Tax Tips
Posted on: March 26th, 2014
Taxpayers know the tax-filing deadline, but every year individuals around the nation wait until the final hours—and sometimes final minutes—to file. TrustCounsel’s tax lawyers reference a few tips below to help taxpayers manage tax filing under a time crunch. ...
Tax Scams to Avoid This Tax Season
Posted on: March 18th, 2014
Throughout the year our tax planning attorneys in Chapel Hill offer news about back tax scams, charity frauds, andelder financial abuse affecting North Carolina taxpayers. ...
5 Tax Scams of 2013
Posted on: April 11th, 2013
Every year many innocent people fall victim to tax scams. Taxpayers may be taken advantage of by scammers, dishonest tax preparers, or may have their identity stolen by other means. ...
Taxes – How Does North Carolina Stackup?
Posted on: October 10th, 2012
Thinking about moving to North Carolina, or from NC to another state? Want to know how all of the various taxes compare from state to state? ...
IRS Eases Up on Offer in Compromise Requirements
Posted on: June 6th, 2012
The IRS has recently announced changes to its "Fresh Start" initiative that are aimed at helping struggling taxpayers. ...
The John Edwards Case – What About Gift Taxes?
Posted on: May 9th, 2012
Yesterday I blogged about North Carolina’s controversial Amendment One, which ended up passing by a large margin. ...
How to Report Tax Scams
Posted on: April 26th, 2012
Promoters of tax avoidance scams are not only acting illegally, but they can put unknowing participants at risk of penalties and even jail time. ...
Obama’s 2013 Revenue Proposals
Posted on: February 13th, 2012
The White House has issued its 2013 fiscal year revenue proposals, with estate and gift tax changes consistent with administration’s earlier stance on those rules....
IRS Procedure for Requesting Extension for Late 706
Posted on: February 12th, 2012
Beginning in January 1, 2011, the Internal Revenue Code provides for portability of the estate tax exemption between spouses. According to issued guidance so far from the IRS (Notice 2011-82 and IR-2011-97), ...
IRS Requests Comments on Trust Decanting
Posted on: December 20th, 2011
The IRS is requesting comments on the tax implications of trust "decanting," which refers to transfers by a trustee of all or a portion of the principal of an irrevocable trust to another irrevocable trust. ...
Democratic Proposals for Revenue Raising
Posted on: September 17th, 2011
The proposal from the White House includes: Income surcharge for high income earners – basically a 5% surtax on Adjusted Gross Income in excess of $500,000. Repeal high-income tax cuts in 2012 as opposed to 2013....
IRS Releases Draft 2010 Estate Tax Return Instructions
Posted on: August 24th, 2011
The IRS has released draft instructions for the 2010 Form 706, the U.S. Estate Tax Return. Executors of estates of decedents who died in 2010 between the estate tax, with a $5 million exemption and 35% rate, or the modified carryover basis rules. The modified carryover basis law does not institute a tax, but limits a step up in basis for property acquired from a decedent to $1.3 million, with another $3 million for property passing to a spouse. ...
IRS Eliminates Innocent Spouse Two Year Limitation
Posted on: August 5th, 2011
From IR-2011-80, issued on July 25, 2011: The IRS launched a thorough review of the equitable relief provisions of the innocent spouse program earlier this year. Policy and program changes with respect to that review will become fully operational in the fall and additional guidance will be forthcoming. However, with respect to expanding the availability of equitable relief:...
Act Now to Save GST Tax – Expires 12/31/10
Posted on: December 28th, 2010
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....
AICPA Announces Taxpayer Education Website
Posted on: December 16th, 2010
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....
IRS Announces 2011 Cost-of-Living Adjustments
Posted on: October 28th, 2010
In Revenue Procedure 2010-40, the IRS provides 2011 figures for many items in the tax code. Of particular note to my readers:...
AICPA issues Press Release Against Tax Strategy Patents
Posted on: September 29th, 2010
WASHINGTON (Sept. 29, 2010) – Tax strategy patents threaten American taxpayers and Congress should ban them before it adjourns for the year, a coalition of 18 national consumer and taxpayer organizations said in a letter to lawmakers....
Some NC IRS Offices to be Open Saturday June 5
Posted on: June 3rd, 2010
From IR-2010-071: The IRS offices listed below will be open June 5 from 9 a.m. to 2 p.m. IRS staff will be available on site or by telephone to help taxpayers work through their problems –– especially recently received tax notices –– and walk out with solutions....
When can I get rid of old tax records?
Posted on: April 20th, 2010
Perhaps it’s a good thing that the April 15th tax deadline and the urge to spring clean coincide. It can feel refreshing to throw out some of the financial records stuffing your filing cabinets. ...
10 Ways to Attract an IRS Audit
Posted on: April 12th, 2010
With accompanying pictures, this article on Forbes.com gives us 10 things NOT to do with regard to our tax returns....
North Carolina vs. Florida: Creditor Protection & Taxes
Posted on: March 29th, 2010
Many North Carolinians have winter homes in Florida, and even more Floridians have summer homes in the North Carolina mountains....
NC residents will see a couple of new taxes next year
Posted on: December 31st, 2009
Starting tomorrow, North Carolina residents will pay sales taxes on certain digital downloads from the internet, and standard gasoline tax on ethanol. The Triangle Business Journal has a brief article....
AMT Patch for 2010? Forget about it!
Posted on: November 23rd, 2009
And don’t even think about estate tax repeal. From Brian Dooley CPA, MBT’s newsletter: Update: The AMT patch is gone as seventy-three tax breaks will get a twelve month life. House Ways and Means Committee Chairman Charles Rangel, D-N.Y. is introducing legislation next week that would keep a variety of tax breaks from expiring before the end of the year....
No Relief for the Wealthy – Tax Predictions for the Next Decade
Posted on: November 16th, 2009
From the GiftLaw eNewsletter article New Decade Predictions: "The clear intention of Congress is to start addressing the deficit in 2011 by increasing taxes on upper-income taxpayers. The top brackets are proposed to be returned to 36% and 39.6% in 2011. ...
US Budget Deficit Sure to Drive Tax Increases
Posted on: August 31st, 2009
The White House Office of Management and Budget announced last week in its Mid-Sesion Review that the cumulative budget deficits for the upcoming 10 years are projected to be $9.1 trillion. ...
What to do if you receive an IRS Notice
Posted on: June 5th, 2009
Here’s the text of IRS Tax Tip 2009-72, but don’t forget, you can always contact a tax lawyer, CPA or enrolled agent for assistance and representation before the IRS:...
Possible Tax Increases to Pay for Health Care Reform
Posted on: May 23rd, 2009
As reported in the Giftlaw eNewsletter, the potential tax increases to pay for healthcare reform may include the following: 1. Employer Health Care Exclusion...
IRS to Hire 4500 New Revenue Agents
Posted on: May 12th, 2009
Taxes are going up, and so is the number of revenue agents at the IRS! This is from the latest GiftLaw eNewsletter: In the 2010 budget proposed by President Barack Obama, there is an increase of $400 million dollars for the IRS. ...
Explanation of Obama’s Revenue Proposals
Posted on: May 11th, 2009
WASHINGTON – As part of the Administration’s effort to develop a budget that invests in our nation’s future, the U.S. Treasury Department today released the General Explanations of the Administration’s Fiscal Year 2010 Revenue Proposals (Greenbook) to provide details of plans to cut taxes for small businesses and middle class families and close unfair corporate tax loopholes. ...
Small Non-Profits Beware – File Your Forms 990-N!
Posted on: February 16th, 2009
This report on msnbc.msn.com discusses GuideStar‘s statement that 500,000 non-profit organizations could lose their tax-exempt status in May 2010....
Estate Tax Bill Submitted to House Ways and Means Committee
Posted on: January 14th, 2009
A bill entitled the Certain Estate Tax Relief Act of 2009 was recently introduced in the U.S. House of Representatives. ...
Happy New Tax Year – Changes in 2009
Posted on: December 31st, 2008
Tonight at midnight, of course, will be the start of 2009. With the change in the calendar year comes several significant tax changes, most of which I have blogged about prior to today:...
North Carolina Has 4th Highest Beer Tax
Posted on: December 1st, 2008
As a beer aficionado, I was surprised to learn today that NC has the fourth-highest tax on beer in the nation, at 53 cents a gallon....
NC Gift Tax to be Repealed?
Posted on: November 30th, 2008
Budget negotiators for the North Carolina House and Senate agreed on tax breaks in the 2008-09 spending plan, which include, most notably for me and many of my clients, a repeal of the state gift tax. ...
Report Foreign Bank Accounts Totaling Over $10,000
Posted on: November 26th, 2008
The IRS is increasing its efforts to track down American taxpayers who have undeclared foreign bank accounts (including US citizens living abroad). ...
Obama and Taxes
Posted on: November 7th, 2008
2008 North Carolina Tax Law Changes
Posted on: September 16th, 2008
The North Carolina Department of Revenue has published a list of recent changes to NC tax laws. ...
Presidential Candidates’ Tax Proposals
Posted on: September 2nd, 2008
Middle Class Tax Cuts – The general goal of the Obama plan is to cut taxes for the middle class and raise taxes for higher-income persons....
Easley Wants the Gift Tax to Stay
Posted on: July 3rd, 2008
My last entry was about SB1756, which includes a complete repeal of the North Carolina gift tax. ...
IRS Says Beware of These Tax Scams
Posted on: March 12th, 2008
Tax scammers are creative – calling on telephone as well as sending emails. Heres a liink to a recent list of scammers’ ploys from the IRS....
Stimulus Bill – Here Come the Tax Rebates
Posted on: February 11th, 2008
Click "Continue Reading" for a concise summary of, and some commentary on, the Stimulus Bill signed into law last week by President Bush, courtesy of the GiftLaw eNewsletter....
IRS Warns of New Email and Phone Scams
Posted on: January 30th, 2008
The IRS issued a warning today about new telephone and email scams. Click "Continue Reading" to view the official notice. ...
Local IRS Offices
Posted on: June 21st, 2007
Do you have a dispute or other matter pending with the IRS and are tired of dealing with them over the phone? ...
State Income and Sales Tax Comparison
Posted on: November 21st, 2006
For a state-by-state comparison of income and sales taxes, check out this article on Bankrate.com ...
IRS Announces Pension Contribution Limits for 2007
Posted on: October 19th, 2006
On October 18th, the IRS announced (IR-2006-1620) the 2007 pension contribution limits: 401(k)/403(b) Elective Deferral Limit (402(g)(1)): $15,500 Government/Tax Exempts Deferral Limit (457(e)(15)): $15,500 ...