Gifts That Attract the IRS’ Attention

January 21, 2012 by  | Leave a Comment Filed under: Taxes 

There are a number of estates facing all manners of problems with the IRS as a result of giving out “gifts” without filing them with the revenue service. Due to this, the estates have turned to the U.S. tax Court and filed several lawsuits, challenging the demands by the IRS to have (read on...)

How (And When) to File a Gift Tax Return

October 20, 2011 by  | Leave a Comment Filed under: Taxes 

Form 709, is required to be filed if a gift is made to someone for more than $13,000 in one year. Gifts between spouses are not required to file. Gifts can be made to an unlimited number of people in a year provided they are below the $13,000 per person annual exclusion. The return is due on (read on...)

IRS Targets State Land Transfer Records to Get Gift Tax Noncompliance

June 25, 2011 by  | Leave a Comment Filed under: Taxes 

In its never-ending bid to pursue and find tax cheats, the IRS is now targeting state and local records to get to land transfers that did not have corresponding taxes paid. The IRS is specifically looking for land transfers as gifts in which no gift tax was paid. This is because it is difficult (read on...)

Taxation on Gifts

June 15, 2011 by  | Leave a Comment Filed under: Taxes 

Receiving a gift or giving someone a present may have tax implications. Generally, the person donating the gift pays for the tax if there is tax to be paid. There are various rules that govern the taxation of gifts. Some of these rules are given below: General Donation Rules – Gifts (read on...)

Estate Tax for 2010, 2011 and 2012 Is Finally Settled

January 27, 2011 by  | Leave a Comment Filed under: Taxes 

Finalization of our estate, gift and generation skipping tax took place on Dec. 17, 2010 when the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 was enacted. Its provisions settle our death-related taxes from 2010 to the end of 2012 – but not beyond that. (read on...)

Giveaways Mean Tax Debt in The Show Biz Industry

December 30, 2010 by  | Leave a Comment Filed under: Taxes 

Trendy denim jeans, Mikimoto pearls, and all-inclusive vacations are things we all get (SWAG)… at least you do if you’re famous. “SWAG” is the most desired buzzword among the multitude of Hollywood’s rich and famed. Yet, the ending of swag may very well be in sight. (read on...)

The Best Tax Law Money Can Rent

December 22, 2010 by  | Leave a Comment Filed under: Taxes 

Congress used to give us the best laws money could buy. Nowadays, however, the legislative process is not for sale; it can only be rented. After a mere decade of dithering, last night Congress got around to telling us what income, gift and estate taxes will look like – for the next two (read on...)

Essentials of Estate and Gift Tax Planning

December 3, 2010 by  | Leave a Comment Filed under: Taxes 

There is no estate tax on the estates of people who die in 2010. However, unless Congress repeals the estate tax on a permanent basis, it will return in 2011. Wealthy individuals need an estate tax plan to preserve more of their assets for their families and friends. Financial planners and CPAs (read on...)

2010, A Great Year To Be Generous: Avoiding the Gift Tax Increase

November 25, 2010 by  | Leave a Comment Filed under: Taxes 

It is commonly said that there are only two things certain in life: death and taxes. 2011 seems to be the exception. We are close to the end of 2010 and we still don’t know how dividends and capital gains will be taxed or what the estate tax rate will be in 2011. This makes it difficult for (read on...)

An Accountant Talks Taxes

November 23, 2010 by  | Leave a Comment Filed under: Taxes 

Aren’t all taxes the same? Not really, they all apply to different areas of finances and all need to be handled in specific ways. As an accountant, I want to take a second to discuss the three main taxes for individuals: income, estate and gift. However, before I start I want to make sure (read on...)

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