Estate Tax, IRS | JD Supra Law News

High Net Worth Family Tax Report, Vol. 8, No. 2 -- May 2013

by Loeb & Loeb LLP on 5/18/2013

President’s fiscal year 2014 budget contains numerous tax provisions - President Barack Obama released his proposed budget for the government’s fiscal year 2014 on April 10, 2013, and, not surprisingly, the budget...more

‘Accidental’ Americans Still Owe Income Tax

by Michele Bowman | Lawyers.com on 4/15/2013

Most people who are born in the United States or who purposely become citizens here know they are U.S. citizens. But many people who’ve spent their lives abroad and are citizens of other countries may be shocked to learn that...more

Grandfathered Buy-Sell Agreements

by Charles (Chuck) Rubin on 4/8/2013

Code §2703 severely restricts the ability of a buy-sell agreement to control estate tax values in a closely held entity. A recent private letter ruling reminds us that older agreements are not subject to Code §2703....more

Wealth Management Update - February 2013

by Proskauer Rose LLP on 2/12/2013

In This Issue: - February Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - IRS Issues Revenue Procedure 2013-15 - Private Letter Ruling...more

New Tax Act Provides Long-Awaited Clarity and Certainty on Estate, Gift and Generation-Skipping Transfer Taxes, and Income Tax...

by Patrick McCabe, Danielle Zaragoza | Morrison & Foerster LLP on 1/15/2013

On January 1, 2013, the Senate and the House of Representatives passed the American Taxpayer Relief Act of 2012 (ATRA), averting the so-called “fiscal cliff.” The legislation, which was signed by President Obama on January 2,...more

It’s Official – Exclusion Amount Confirmed At $5.25 Million

by Charles (Chuck) Rubin on 1/14/2013

For federal estate and gift tax purposes. This was the figure projected by some tax service publications – now the IRS concurs....more

Gift and Estate Tax Changes in the American Taxpayer Relief Act of 2012

by Scott Adams | Bradley Arant Boult Cummings LLP on 1/3/2013

On January 1, 2013, President Obama signed into law the American Taxpayer Relief Act of 2012 (the “2012 Act”) that was passed by Congress during the past 72 hours, bringing closure to the main tax aspects of the so-called...more

Late Gift Filing Could Not Use Unified Credit

by Charles (Chuck) Rubin on 12/17/2012

In a recent Chief Counsel Advice, a taxpayer made a gift in the prior year, but did not file a gift tax return. The taxpayer later died. On the estate tax return for the taxpayer, the earlier unreported gift was reported....more

Wealth Management Update - December 2012

by Proskauer Rose LLP on 12/7/2012

In This Issue: - December Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - Estate of Thouron v. United States, E.D. Pa., No. 2:11-cs-04058...more

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Estate Tax › Internal Revenue Service