Tax

IRS Guidance for Executors of 2010 Estates

Posted on: September 8th, 2010
Given the new basis reporting requirement for the estate of decedents dying in 2010, these new FAQ from the IRS are welcome and contain very important details, including (emphasis added):...

Income Taxation of Estates – a Brief Overview

Posted on: January 30th, 2010
In North Carolina it is not uncommon for persons to handle administration of a decedent’s estate without hiring a lawyer or an accountant. ...

IRS Announces Pension Plan Limits for 2009

Posted on: October 17th, 2008
IR-2008-118, Oct. 16, 2008 WASHINGTON — The Internal Revenue Service today announced cost‑of‑living adjustments applicable to dollar limitations for pension plans and other items for tax year 2009....

Estate and Income Tax Reduction Strategies in a Bear Market

Posted on: October 8th, 2008
1) If you are not selling options or using margin trading, you should revoke your margin agreements. This reduces your risk by ensuring that your securities are not lent. 2) Roth IRA conversions should be aggressively reviewed....

A QTIP is Not Just for Your Ears

Posted on: September 22nd, 2007
Estate planners love acronyms, and one of the most common when referring to a particular type of trust is QTIP, which stands for Qualified Terminable Interest Property. ...

House Passes Ban on Tax Strategy Patents

Posted on: September 13th, 2007
On September 7, the U.S. House of Representatives passed H.R. 1908, The Patent Reform Act of 2007. Section 10 of that bill prohibits patenting tax strategies. ...