Wall Street Journal, Estate Tax Choice May Be In Works For 2010 — Treasury Official, by Martin Vaughan: The estates of those who died this year might be allowed to be taxed as if they died in 2009, in order to resolve a problem created by the repeal of the estate tax, a Treasury Department official… Continue reading Estates May be Given Choice Between 2009 & 2010 Estate Tax Law
Florida Tax Lawyer Blog
IRS Incorrectly Records 73,000+ Purchase Dates for Taxpayers Claiming the First-Time Homebuyer Credit
Those of you lucky enough to take advantage of the First-Time Hombuyer Tax Credit might be getting a not-so-lucky tax assessment. Somehow the IRS managed to record the wrong purchase date for 73,000+ homebuyers cashing in on the credit. This IRS screw-up could be costly for the unfortunate taxpayers affected. When the First-Time Homebuyer’s Tax… Continue reading IRS Incorrectly Records 73,000+ Purchase Dates for Taxpayers Claiming the First-Time Homebuyer Credit
Mickey Mouse, Disney, and the Estate Tax…A Story with a Surprise Ending!
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!
Asbestos, Acutane, Vioxx, Paxil Settlement? You may need a Tax Attorney!
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!
Throw Momma From Her Private Jet–Not From The Train
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
Free at Last…Cost of Goverment Day 2010
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
Bush Tax Cuts Expire in 2010…Will You Pay Higher Taxes?
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?
The Uncertain Future of Death and Taxes in 2010
“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
IRS Customer Un-Satisfaction…Facebook a Close Runner-Up
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
Wesley Snipes is Headin’ to Prison for Tax Fraud – Despite Claiming he was Never a US Citizen
With the US Court of Appeals recent decision to affirm Wesley Snipes’ criminal tax conviction, it looks like Wesley Snipes may have to rely on the royalties from his cheesy “Total Gym” Infomercials to pay off his substantial legal fees and restitution incurred from his long battle with the IRS. I wonder if the Federal… Continue reading Wesley Snipes is Headin’ to Prison for Tax Fraud – Despite Claiming he was Never a US Citizen