In a fascinating recent case the U.S. Tax Court taught another lesson on how taxpayers can entangle themselves in the tax web. In this case a father cheated the IRS, went to prison for the crime [...]
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The Tax Cuts and Jobs Act of 2017 increased the basic exclusion amount (BEA) for estate and gift tax purposes from $5,000,000 to $10,000,000 which, after allowing for inflation adjustments, [...]
The IRS has warned taxpayers against state sponsored funds some states have designed to circumvent the new $10,000 limitation on deductions for state and local taxes (Notice 2018-54). States have [...]
The U.S. Treasury Department (under whom the Internal Revenue Service (“IRS”) works) just issued proposed regulations to explain and govern complicated application of the exciting 20% [...]
Both the House of Representatives and the U.S. Senate are working on a tax bill which, among other changes, aims to protect taxpayers from identity theft and the tax fraud that can follow. If the [...]
Recently the IRS Office of Chief Counsel advised that taxpayers with a record of prompt filing of returns and prompt payment of (or prompt arrangement to pay) their federal income taxes for at [...]
The Tax Cuts and Jobs Act of 2017 increased the lifetime gift and estate exclusion to about $11.2 million per person (twice this for married couples who plan correctly) from the previous limit of [...]
The House Ways and Means Committee has just released a proposed tax bill that is a long way from being enacted into law. Many of its features are likely to be eliminated, modified or combined [...]
Founding Member LeRoy L. Metz, II will be presenting on tax issues at the ABA Section of Family Law: 2017 Fall CLE Conference. The national conference will be held on October 4-7, 2017 in Avon, [...]
The Internal Revenue Service (“IRS”) recently announced its awareness of virtual currency (such as bitcoin) and wanted taxpayers to know the tax consequences of using virtual currency. As the IRS [...]
