- Advance Directives
- Asset Protection
- Business Succession
- Charitable Gift Planning
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- Estate Planning
- Estate Tax
- Financial Planning
- Fraud & Financial Abuse
- Gift Tax
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- 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
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:...