IRS | Law Firm Newswire

Fairfax, VA (Law Firm Newswire) October 19, 2016 – Many people are of the opinion that if they bequeath money to charity upon their death, there will be a lesser amount left for their family. However, an experienced estate planning attorney is able to create an estate plan that includes charitable bequests and, in several cases, divert funds that are earmarked for the IRS, back to the family and charities that are important to the client. One method of accomplishing this objective is to transfer the funds that were intended to be left to charity, to a charitable remainder trust […]


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Fairfax, VA (Law Firm Newswire) June 23, 2016 – Given the disclosure that pop music icon Prince left no will, there has been a renewed interest in estate planning. His lack of estate planning demonstrates the importance of creating a will, or even a trust if privacy is important to the grantor. What is most surprising is the fact that Prince missed an opportunity to continue to engage in philanthropy and in discovering methods of releasing artists from restrictive recording contracts, two issues that were important to him. Instead of leaving his estate to his siblings, charities or other beneficiaries, […]


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Harrisburg, PA (Law Firm Newswire) January 29, 2016 – The Internal Revenue Service (IRS) has relaxed its regulations for new accounts that will permit people with disabilities to save money without risking loss of their government benefits. In 2015, the IRS proposed rules governing how accounts created under the Achieve a Better Life Experience (ABLE) would function. However, the agency met with a considerable amount of opposition from disability advocates and state officials who stated that the proposed rules would be unduly onerous. In response, the IRS has issued preliminary guidelines pending release of the final regulations that include less […]


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Fairfax, VA (Law Firm Newswire) August 14, 2014 – For many years, wealthy families have used family-limited partnerships and limited liability companies to help leave family-owned businesses to their heirs in a way that could lower their gift or estate taxes. Recently, they have also been used to leave portfolios of publicly traded securities to their heirs at a discount. However, according to estate attorneys, the Internal Revenue Service (IRS) is planning to discontinue the use of such a discount. Generally, a married couple would establish a family-limited partnership to own securities or a business that they believe will rise […]


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Chicago, IL (Law Firm Newswire) December 15, 2014 – Everyone with a job should have benefits of some kind. The law mandates that an employer must provide them. “Working full-time usually means you get a paycheck – cash to be put into the bank. But you get more than that; you also receive benefits. Those benefits may take the form of paid vacation or health insurance, referred to as non-cash benefits,” stated Timothy J. Coffey, a Chicago employment attorney. Benefits received are to provide for family and improve quality of life. The IRS allows certain tax breaks for many employment […]


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Brandon, FL (Law Firm Newswire) September 3, 2014 – There are tax implications involved with filing for bankruptcy. Individuals faced with overwhelming debt often consider filing for bankruptcy. The debts discharged in bankruptcy can include taxes, but Brandon, Florida bankruptcy attorney O. Reginald Osenton warns that rules and limitations apply. “The good news is that some taxes can be discharged in bankruptcy proceedings,” said Osenton. “However, it is important to be aware of the limits that apply.” First, Osenton notes, people considering filing for individual bankruptcy should know that if they are going through a tax audit, the bankruptcy will […]


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Virginia Beach, VA (Law Firm Newswire) March 12, 2014 – The Internal Revenue Service (IRS) recently extended a tax break for married couples. The ruling, announced in Revenue Procedure 2014-18, extends the deadline to take advantage of an estate tax break known as “portability.” The break went into effect on an interim basis in 2011, and it was made permanent under the American Taxpayer Relief Tax Act of 2012. “The IRS grants every U.S. citizen a “basic exclusion,” which is a lifetime exclusion amount from estate and gift taxes,” Andrew Hook, a Virginia Beach estate planning attorney, explained. “For 2014, […]


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Northville, MI (Law Firm Newswire) October 10, 2013 – The White House has announced that the same-sex spouses of military vets are now granted spousal benefits. The Supreme Court’s rejection of the Defense of Marriage Act (DOMA) means that the spouses of vets can collect federal benefits, regardless of their gender. Prior to this ruling, both the Defense departments and Veterans Affairs only granted benefits to the heterosexual spouses of veterans. “There has long been a statutory requirement which states that spousal benefits must be determined through the law of the state where the couple resided during the marriage, or […]


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Virginia Beach, VA (Law Firm Newswire) September 24, 2013 – Estates that do not use their entire estate tax exclusion allowance may pass on the remainder to a surviving spouse, but the process is not automatic. Called “portability,” the rule was made permanent as part of the American Taxpayer Relief Act of 2012 (ATRA). But Virginia estate planning attorney, Andrew Hook, cautions that an estate tax return must be filed in order for the surviving spouse to claim portability. “Not every estate is required by law to file an estate tax return,” Hook said. “But the IRS has made it […]


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Tampa, FL (Law Firm Newswire) August 21, 2013 – The Internal Revenue Service (IRS) accidentally posted tens of thousands of Social Security numbers online, prompting identity theft concerns. The numbers released were those of individuals who donated money to several political tax-exempt organizations. Political transparency requires non-profit organizations dubbed “527s” (for Section 527 of the tax code which gives those groups a tax-exempt status) to report to the IRS their contributors. Donors to 527s are required to be listed publicly, but their Social Security numbers are not supposed to be included. The IRS posted names and the Social Security numbers […]


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Virginia Beach, VA (Law Firm Newswire) July 11, 2013 – A recent court decision illustrates the potential pitfalls of investing in “alternative” assets with an individual retirement account. Lawrence Peek and Darrell Fleck of Colorado used assets held in their self-directed IRAs to purchase a fire-safety business. In a May 9, 2013 ruling, a judge for the U.S. Tax Court said that the pair’s actions were not allowed and effectively terminated their accounts when they made the transaction. The two now owe taxes amounting to nearly half a million dollars. “IRA funds can be invested in a number of ways […]


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