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 [...]
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Generally, IRAs are protected from claims of the contributor’s creditors under federal bankruptcy law, (with the exception of divorce). However, a recent ruling by the Supreme Court peels back [...]
This is the first in a series on post-mortem planning techniques to manage taxes and optimize estate planning following death. It’s difficult, to say the least, to alter your estate plan after [...]
In the recent case of Bross Trucking, Inc., the Tax Court provided further guidance to taxpayers about a technique we have long known to be beneficial to shareholders of C corporations. When a C [...]
When buyers and sellers enter into an asset purchase agreement, Internal Revenue Code Section 1060 requires that the buyer and seller agree to the allocation of the purchase price to the various [...]
The Internal Revenue Service prohibits a charitable contribution deduction of $250.00 or more, unless the taxpayer substantiates this contribution by a contemporaneous written acknowledgement of [...]
A person creates a Grantor Retained Annuity Trust (GRAT) by transferring assets to an irrevocable trust for the benefit of a beneficiary and retains an annuity interest. A person who establishes [...]
By Act 93 of 2014, Pennsylvania recently amended the Municipal Claim and Tax Lien Law to broaden the scope of a municipality’s lien for delinquent real property taxes. Effective January 26, 2014, [...]
The federal estate tax exclusion has grown from $5,000,000 in 2011 to $5,340,000 in 2014. Beginning in 2011, if properly elected, the unused exclusion of one spouse’s estate could be used by the [...]
