The IRS has added a rare spot of good news this summer. On July 8, the Internal Revenue Service released procedures extending the time when a surviving spouse can file an estate tax return to elect portability without a private letter ruling from two years after death to five years after death. Revenue Procedure 2022-32 […]
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Are You Ready for the SECURE Act’s Next Act? SECURE 2.0 Update
The latest version of SECURE Act 2.0, Securing a Strong Retirement Act of 2022, made it through the House of Representatives on March 29. Next is getting through the Senate, which is expected soon. Once it does, and after President Biden signs the bill into law, here’s what will change: Employees will be automatically enrolled […]
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When Can You Use E-Signatures on IRS Forms?
In the past two years, many traditional processes in the world of taxes and the law have been transformed by necessity, using digital signatures, or e-signatures, for many financial and legal documents. With many offices and courts re-opening and returning to pre-COVID processes, the IRS has recently reported that it will continue to allow taxpayers […]
Continue reading…The House passed “SECURE 2.0’ on March 29 – Now It’s Up To the Senate
The other day, we sent out information about the SECURE Act and your estate plan. Now the law is on the verge of changing again. The Securing a Strong Retirement Act (H.R. 2954), known as the SECURE Act 2.0, was approved in the House on March 29 with the most bipartisan approval in recent memory […]
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Football’s Hall of Fame and Estate Law Changes Both Moving to the End Zone
The Pro Football Hall of Fame recently announced the finalists for the Class of 2022, and it occurred to me that estate law legislation is a lot like the Pro Football HOF. The list is announced, some fall by the wayside, but eventually, fifteen names make it and the number of bronze statues in Canton, […]
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Why it’s Time to Convert Mega-IRAs to Mega-Roth IRAs
Congress is in session, with Democrats working to create a social policy plan with a $3.5 trillion price tag. Where’s the money coming from? CNBC reports that a new type of required distribution from individual retirement plans, based on the account’s value and not the owner’s age, is on a discussion list. Specifics are meager, […]
Continue reading…Tax Proposals in Real Time – What You Need to Know Right Now
On Monday, September 13, a tax bill was sent to the Ways and Means Committee. Notably, there was no proposal to kill basis step up or repeal the SALT deduction limitation. The contents are already shaking the IRA world. It’s only been 35 hours since this bill has been made public. Here are the headlines: […]
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Here’s How Wrong the IRS Can Be: Michael Jackson’s Estate Big Tax Court Win
Seven years after it began, the estate of Michael Jackson has won big in U. S Tax Court. Following a ruling that found the singer’s name and likeness was worth far less at his time of death than what the IRS had claimed, the estate will pay far less than the $700 million initially deemed […]
Continue reading…Proposed Legislation “For the 99.5% Act” Takes Direct Aim at Estate Taxes
Last week, Senator Bernie Sanders (I, VT) and Senator Shelton Whitehouse (D, RI) introduced the “For the 99.5% Act,” which includes a reduction in the estate tax exemption to $3.5 million per individual and $7 million per couple. Sanders also introduced a bill to raise the corporate tax to 35% and reduce a corporation’s ability […]
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IRS Extends Tax Deadline to May 17 – Note: New York State Deadlines Have Not Changed
The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. It is important to note that this deadline change is only for federal taxes. As of this writing, New York […]
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