Bill on Bankruptcy: Lawyers Easily Make Simple Words Complicated
In This Issue: - New 3.8% Medicare contribution tax: Do you know how to reduce or eliminate your liability? - Estate planning for adopted children and stepchildren - Shipping your trust over the state line to...more
One of the funding mechanisms for health care reform is a new 3.8% Medicare contribution tax on net investment income (NII) going into effect this year. The tax applies to higher-income individuals as well as to trusts and...more
Most doctors loath dealing with financial reports and generally dealing with the business side of the practice of medicine. ...more
On May 24, 2013, the U.S. Department of Labor (DOL) proposed to amend ERISA Prohibited Transaction Class Exemption 80-26 (PTE 80-26) to allow an indemnity, security interest or other cross-collateralization agreement with a...more
Splitting up marital assets in a divorce is challenging enough when you are dealing with property in the here and now. When it comes to assets accrued for the purposes of future retirement, things can get even more...more
When couples divorce, they divide up their “marital assets.” These include retirement accounts created or added to during the course of the marriage. Retirement accounts (along with the family residence) can be one of the...more
Tax-qualified pension, savings and retirement plans and individual retirement accounts (“IRAs”) are subject to complex prohibited transaction rules under § 4975 of the Internal Revenue Code of 1986, as amended (the “Code”...more
In Peek v. Commissioner (May 9, 2013), the U.S. Tax Court ruled that two taxpayers had engaged in an indirect “prohibited transaction” with their individual retirement accounts (IRAs) when they provided personal guarantees...more
Various promoters have suggested to entrepreneurs that they use the assets in their 401(k) plans or IRAs to finance a new business. These programs are sometimes known by the acronym ROBS, or Rollovers as Business Start-ups....more
The Obama Administration recently released its budget proposal for the federal government’s upcoming fiscal year of October 1, 2013 to September 30, 2014. The budget proposal contains a variety of changes to the tax laws...more
The President’s recent budget proposal would impose a new cap on tax-favored retirement benefits. Annual contributions and accruals under tax-favored plans are already limited, but this would be a complex new limit...more
In This Issue: ATRA 2012 – How Does it Affect You?; Planning and Paying for Long-Term Care; and Obama Revenue Raising Proposals. Excerpt from ATRA 2012 – How Does it Affect You?: The American Taxpayer...more
On April 10, 2013, the White House released its Fiscal Year 2014 Budget (the Budget), which includes a number of proposals related to employee benefit plans. Although it is unlikely that all of the proposals will ultimately...more
From time to time, we hear about threats to the Social Security System – even talk about eliminating it for younger workers. Some reports indicate that about half of Americans have less than $10,000 in savings, while other...more
April 24 (Bloomberg) -- With $64 million at stake for creditors of Lehman Brothers Holdings Inc., lawyers can find complexity even in simple words like "immediately proceeding," as Bloomberg Law's Lee Pacchia and Bloomberg...more
Would you leave money on the table for the government to take instead? Would you not maximize your retirement savings because your accountant or third party administrator (TPA) told you that you had to give the same amounts...more
For many couples, Pension plans, IRAs, 401ks and other retirement plans represent a significant portion of their net worth. These assets are addressed as marital property in divorce settlement agreements, to be divided...more
The Internal Revenue Service (the Service) recently released PLR 201310043 (December 11, 2012), which addresses account - opening bonuses credited to an individual retirement account (IRA) or section 529 college tuition...more
The following are select tax topics affecting individuals and businesses for tax year 2012. Individuals - Personal Exemptions: The personal exemption is $3,800 for 2012, an increase of $100. Alternative...more
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
For the first time in more than a decade, clients and advisors can plan their estates with a significant degree of certainty. The new tax law passed by Congress on January 1, 2013 and signed into law by President Obama...more
Table of Contents: Remember to file your gift tax return and other follow-up related to 2012 gifts; Review estate plans in light of $5 million exemption becoming permanent; Annual exclusion amount for gifts increased for...more
Originally published in the AICPA Tax Insider on January 17, 2013. After months of senseless haggling, the Senate early in the morning of Jan. 1, 2013, by a vote of 89–8, and the House of Representatives late in the...more
The American Taxpayer Relief Act of 2012 (the "Act") extends for two more years — 2012 and 2013 — a popular provision that enables an IRA owner to make gifts to charity directly from his or her IRA account without causing the...more
The American Taxpayer Relief Act of 2012 (the “Act”), signed into law by President Obama on January 2, 2013, extends favorable tax treatment for qualified charitable distributions made from IRAs (”Individual Retirement...more
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