New Affinity Partner: Technical Solutions
Congratulations to Sydney S. Traum on your recent selection in 2011 Super Lawyers
Sydney S. Traum, Of Counsel to the Firm, is a graduate of Harvard University (J.D.). He was admitted in 1962 - New York and U.S. Tax Court; 1965 - Florida Bar; 1966 - U.S. Court of Appeals for the Second Circuit and U.S. District Court, Southern and Eastern Districts of New York; 1967 - U.S. Supreme Court and U.S. Claims Court; 1968 - U.S. Court of Appeals for the Fifth Circuit and U. S. District Court of the Southern District of Florida; 1981 - U.S. Court of Appeals, Fifth and Eleventh Circuits. Click here for more information.
IRS sets tax filing extension at 5 months for partnership, estate and trust returns
Accounting Today Share
The Internal Revenue Service has issued final regulations shortening the automatic extension time period for partnership, trust and estate tax returns from six to five months, meaning the returns are due Sept. 15. The final regulations in TD 9531 put in place a temporary change that was originally promulgated in July 2008. More
Estate planning urged for small-business owners
Las Vegas Business Press Share
Small-business owners may not take estate planning as seriously as they do other aspects of their enterprises. But observers say they should. "It's not as common as it should be," said Brooke Borg, founder of the Borg Law Group. More
Estate tax or carryover basis?
Journal of Accountancy Share
For decedents dying in 2010, Congress provided two systems of taxing estates and determining basis of their assets. Executors of those estates must determine the better course. To do so, especially for valuations of gross estates above the new $5 million exclusion, they must take many factors and considerations into account. Should they use the exclusion or elect out of the estate tax and instead allow assets to pass tax-free to heirs, in the prior-law system of modified carryover basis? The latter comes with its own basis exclusions but without the step-up to fair market value on the date of death. More
The tax law that could make your grandchildren super-rich
The Washington Post Share
Sometimes Congress hands out a break that is so generous it seems it must be a mistake. This one's a doozy: the ability to receive a tax-free inheritance of $400 million or more. Thanks to two recent changes in the tax code, investors with huge 401(k) accounts have a way to turn them into tax-free income for their grandchildren's lifetimes. More
To give or not to give? The 2-year estate planning 'opportunity'
Fox Business Share
Much is being made in financial and estate planning circles about last year's 11th hour passage of the 2010 Tax Relief Act, the first major piece of legislation passed by the newly-elected Republican majority in the House of Representatives. Although the law reinstated estate and gift taxes, which had enjoyed a one-year hiatus in 2010, it instituted much lower rates and higher exemption amounts than both would have reverted to had they been allowed to expire. More
What next? ILITs and estate planning with the $5 million exclusion
Life insurance is a common tool for ensuring that estates have adequate liquidity to pay estate expenses and taxes. But recent changes to the estate tax have some people questioning whether the high premiums they're paying are worth it when their estates are no longer likely to be hit by the estate tax. With a $5 million exclusion amount and brand-new exclusion portability provisions, far fewer households have to deal with the federal estate tax. But is allowing unneeded life insurance to lapse the best solution? More
Deals precede a tax increase
The Wall Street Journal Share
Businesses in Connecticut are trying to lure customers into their stores with promotions that expire July 1, when the largest tax increase in the state's history goes into effect. In Guilford, Yolo Laser Center & Med Spa's "Bank Your Botox" special offers customers who buy in bulk nearly a third off of Botox treatments. More