Although we have yet to see legislation to preempt the reversion of the estate tax to the 2001 rates on January 1, 2011, the media has become inundated with opinions and speculation surrounding such. Most of the talk I find rather boring as a lot of the arguments are merely re-worded sentiment that has been… Continue reading Mickey Mouse, Disney, and the Estate Tax…A Story with a Surprise Ending!
We have all seen the ads for asbestos exposure and “bad” prescription drugs… “have you or someone you know taken the drug Acutane… if so, you may be entitled to cash compensation… call 1800-bad-drug…” So what are the tax consequences of receiving compensation for your damages? Well, it depends… Some damages and settlement proceeds are… Continue reading Asbestos, Acutane, Vioxx, Paxil Settlement? You may need a Tax Attorney!
New York Times columnist Paul Krugman famously dubbed the Bush 2001 tax cuts the “Throw Momma From The Train Act”, because the estate tax was eliminated for just one year—2010. But as 2010 grinds on without a federal estate levy, it’s becoming clear that Krugman got it wrong. Any Momma who would ride the rails… Continue reading Throw Momma From Her Private Jet–Not From The Train
With the rising deficit and a substantial economic strain on our Government, it is not terribly surprising that our Government’s financial woes tickle down, resulting in a larger financial burden on Americans. August 19th marked the “Cost of Government Day” for 2010. This is the day the average American has earned enough gross income to… Continue reading Free at Last…Cost of Goverment Day 2010
No one wants to be taken by surprise with a super high tax bill for 2011. With only four months remaining until the expiration of Bush’s tax cuts enacted in the 2001 EGTRRA Bill, a lot of Taxpayers are holding their breath while they scramble to plan for a wide range of alternatives. We are… Continue reading Bush Tax Cuts Expire in 2010…Will You Pay Higher Taxes?
“In this world, nothing can be said to be certain except death and taxes.” ~Benjamin Franklin~ With the estate tax existing as staple in revenue production since 1916, the controversial repeal of such marks a historical period of uncertainty when it comes to death and taxes. Many speculated that Congress would enact interim Legislation preventing… Continue reading The Uncertain Future of Death and Taxes in 2010
As a tax attorney, I have the pleasure of routine interaction with the IRS. However, I must confess my dealings with the IRS are not as efficient and streamlined as I would like. Therefore, it came as no surprise to find that the IRS’s customer satisfaction is far from stellar. Surprisingly I did not expect… Continue reading IRS Customer Un-Satisfaction…Facebook a Close Runner-Up
With College Football Season right around the corner, I can’t help but wonder how much collateral damage has been caused by USC’s flagrant NCAA rule violations and what measures (if any) are Universities taking to avoid joining USC in their fall from glory. The NCAA seems to be making an example out of USC’s violations… Continue reading Watch Out Reggie Bush…the IRS plays a mad defense!
With a substantial portion of provisions in the Internal Revenue Code (Code) set to expire the end of this year, I am strongly encouraging my clients to take advantage of the current tax planning opportunities available this year. In the midst of the over sensationalized estate tax repeal and first-time homebuyer credit, the Code provides… Continue reading Income Tax Planning Basics for 2010
INTERNAL REVENUE CODE § 1. Tax imposed a) Married individuals filing joint returns and surviving spouses – There is hereby imposed on the taxable income of— (1) Every married individual who makes a single return jointly with his spouse, and (2) Every surviving spouse, a tax determined in accordance with the following table: Taxable income is:… Continue reading 2010 Federal Tax Rates