tax audits

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....

Living in one state while claiming domicile in another could offer many benefits depending on the jurisdictions. Tax benefits are generally a prime factor when an individual considers claiming domicile outside their resident state....

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:...