March 22, 2011
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E-File or Else: What’s New for Tax Season
March 19th, 2011 Tax season is in full swing. But something is missing: the forms the Internal Revenue Service sends out in the mail every year. It isn’t a mistake. As part of a push to have more taxpayers file electronically, this year the IRS ended its decades-long practice of mailing paper packages to taxpayers. […]
Read more- March 21, 2011
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Estate Tax Lawyers Push IRS to Clarify Automatic Allocation of GST Rules
March 17th, 2011 With the April 18 deadline for filing some 2010 Form 709 returns looming, estate tax attorneys have asked the Treasury Department to issue formal guidance that will clarify that there will be no automatic allocation of the generation-skipping transfer tax (GST tax) exemption where there can be no benefit. The 2010 Tax […]
Read more- March 18, 2011
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March 14, 2011 FASB/IASB Joint Videoconference Board Meeting
Insurance contracts. The IASB and the FASB continued their discussions on insurance contracts by considering the following topics: Alternative presentation models Recognition of the composite margin in earnings Whether the Boards should permit or require a practical expedient for the discount rate. Alternative Presentation Models The Boards discussed several presentation approaches for the performance statement […]
Read more- March 17, 2011
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IRS Issues Final Regs on Disclosing Return Information to Whistleblowers
March 14th, 2011 On Monday, the IRS released final regulations regarding disclosure of return information by the Treasury Department in connection with written contracts among the IRS, whistleblowers and, if applicable, their legal representatives. The new IRS Whistleblower Office may determine during the course of an investigation that it needs the assistance of a whistleblower […]
Read more- March 04, 2011
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Gift Tax Exemption Raised to $5,000,000
The President has signed the compromise tax bill, imposing a levy of 35% on estates valued in excess of $5,000,000 for people dying in 2011 and 2012 – that’s right; the new law is effective for only two years. Starting in 2013 the estate tax reverts to 2002 levels and is imposed at a rate […]
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