The wait is over. The taxpayer got dangled over the Fiscal Cliff and was allowed to have a controlled fall. For the high income taxpayer, the fall resulted in a broken ankle, bruised ribs and a minor...more
Most of us are about ready to fall off the Fiscal cliff. Is there an 11th hour idea that can make some impact in the taxpayer’s situation. The situation may be even worse for a W2 employee. The following idea...more
As we approach the edge of the fiscal cliff over the last two weeks of 2012, some of you may be wondering if there is any last minute tax planning that might be done to avoid sending a large check to Uncle...more
In October, the IRS dropped its appeal of the Tax Court decision in Wandry v. Commissioner, T.C. Memo 2012-88. That does not mean the IRS accepts the holding of the Court. In fact, the IRS just announced that it will not do...more
The Family Pension Plan -
This “Cliff-Hanging” series has focused on strategies to reduce taxation for the current tax year and the impending fall off the Cliff next year.
In case you are...more
Now that the election is over, we anticipate having some guidance soon with respect to the numerous tax and planning issues that have been mired in uncertainty for the past two years. Many tax benefits are scheduled to...more
Maximizing Charitable Strategies When Cash is Short
1. Overview -
This series has focused on strategies to reduce taxation for the current tax year and the impending fall off the Cliff. This installment will...more
Originally published in Tax Management Estates, Gifts, and Trusts Journal, x, 11/08/2012.
The current tax environment suffers from a lot of economic and political uncertainty. The general consensus...more
In This Issue:
- Use It or Lose It - Increased Gift and GST Exemption Amounts Expire on 12/31/12
- Income Tax Deductions for Charitable Donations May Be Denied Without a Qualified Appraisal Mohamed v....more
The last three years have witnessed substantial changes in federal estate and gift tax laws and more changes are undoubtedly coming. Such changes offer a number of opportunities for clients to achieve their estate planning...more
Bay Area families that have yet to take advantage of the current gift tax exemption are running out of time. As of midnight on December 31, 2012, the $5 million exemption disappears and will be replaced by a $1 million...more
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