Taxes are a contentious political issue. Elections for positions from county supervisor to the United States president have been won or lost on promises about and voting records on taxes. Now, with the passage of the Tax Relief, Unemployment and...
Much of the wealth being transferred in the United States today is in the form of highly appreciated illiquid assets: family businesses, closely held stock, real estate and interests in limited liability companies (LLCs) and limited partnerships ...
Since 2006, taxpayers have won three significant victories related to valuation clauses. Numerous articles have been written on McCord,1 Christiansen2 and Petter,3 explaining both the legal underpinnings of those decisions and touting the...
You may have clients who are plaintiffs in a wrongful death or survival lawsuit (based on another's death) or in a lawsuit stemming from their own personal injuries. Those clients, and their personal injury attorneys, often don't realize the...
Executors of estates of decedents dying last year have a choice: Pay the retroactive estate tax and get a date-of-death basis or opt out and into modified carryover basis. It's not a decision for the faint of heart
On Oct. 26, 2009, Internal Revenue Service Commissioner Douglas Shulman, speaking at the annual meeting of the American Institute of Certified Public Accountants (AICPA), announced the IRS' creation of a new audit unit, the Global High Wealth Unit...
On Oct. 26, 2009, Internal Revenue Service Commissioner Douglas Shulman, speaking at the annual meeting of the American Institute of Certified Public Accountants (AICPA), announced the IRS' creation of a new audit unit, the Global High Wealth Unit
The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Act) created a major change that came as a surprise to many observers: the of the federal gift and estate tax systems. Since 2002, the gift and estate tax...
