NEWS ALERT: House Ways and Means Committee Proposed Tax Legislation to Be Enacted Before the End of 2021 – The Good, The Bad and The Very Ugly!
On September 15, 2021, the House Ways and Means Committee (House W&M) passed out their 881-page proposed tax legislation (Proposed House Bill) to fund President …
UPDATED 3/30/20: Gift Tax Return Due Dates Extended to July 15, 2020
UPDATE 3/30/20: The IRS has extended the deadline for gift tax return filings, too – July 15, 2020. You may read Notice 2020-20 under “Guidance” on the …
NEWS ALERT: The 2019 Secure Act Becomes Law and Estate Plans Likely Need to be Modified! Yes, This is a Very Big Deal!
Effective as of January 1, 2020, our tax laws have changed in some very significant ways, especially as to the rules applying to the distribution of assets remaining in Individual Retirement Accounts (“IRAs”) and Qualified Retirement Plans (“QPs”) after the death of the owner/participant/employee (“participant”). The one significant change to the Secure Act made after our July 2019 Newsletter will be discussed in this News Alert, which provides more favorable rules to benefit disabled and chronically ill beneficiaries.
NEWS ALERT: Federal Government Quietly Threatens Attorneys, Regardless of Practice Area, with Significant Penalties & Jail Time For Assisting Those with Special Needs Family Members (Updated April 2023)
On June 25, 2019, the Social Security Administration (the “SSA”) published changes to its interpretive guidance, known as its Program Operation Manual System (the “POMS”).
NEWS ALERT: Big and Important Changes to GA Law Become Effective on July 1, 2018!
The 2018 GA Legislative Session turned out to be a very big deal for those living in GA. This new legislation was enacted at the end of March 2018, but the GA Governor had until the end of May 8, 2018 to veto any legislation he did not like. This time has now passed, and all of the 2018 legislation (with one exception discussed below) impacting the estate planning world will now officially become effective on July 1, 2018.
NEWS ALERT: Coming Tax Law Changes May Effectively Eliminate the Deduction for Charitable Contributions – Consider Making Your Charitable Gifts Before 2017 Ends!
People who regularly make charitable contributions generally expect that those contributions will be deductible on their income tax returns. However, some of the currently proposed tax law changes would effectively eliminate this deduction for a huge portion of U.S. taxpayers.
NEWS ALERT: With Revenue Procedure 2017-34, the IRS Effectively Allows a Two-Year Window for Portability Elections in Smaller Estates and Grants an Easy Second Chance at the Election for Some of Them
by Loraine M. DiSalvo –
Prior to 2010, the federal estate tax exemption (now known more commonly as the “Basic Exclusion Amount”) was a use-it-or-lose-it benefit…
NEWS ALERT: Another Important IRS Filing Due by May 1, 2017, for Those Involved with Conservation Easements (IRS Notice 2017-10)
The Internal Revenue Service (IRS) has moved to put a yield sign in front of anyone wanting to invest in a syndicated conservation easement to …