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Category Archives: Tax News & Comment
Tax News & Comment — April 2011
View Issue: Tax News & Comment — April 2011 pril 14, 2011 I. ESTATE TAX RETURNS Calculation and remittance of federal and NYS estate tax is of primary concern in administering an estate. An estate tax return must be filed … Continue reading
Posted in Tax News & Comment
Tagged 1031, applicable exclusion amount, asset protection, asset protection trusts, audit, carryover basis, completed gift, Congress, credit shelter trust, Delaware Asset Protection Trust, disclaimers, division of tax appeals, estate planning, estate tax, form 709, gift, gift tax, gross estate, GST, ILIT, irs, like kind exchange, new york estate tax, probate, QTIP, QTIP election, qualified intermediary, statute of limitations, surviving spouse, tax appeals tribunal, tax legislation, treasury, valuation discount
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Tax News & Comment — June, 2010
To view full issue: Tax News & Comment — June, 2010 To View Full Issue: Tax News & Comment — June, 2010 The June, 2010 issue of Tax News & Comment, in “From Washington,” discusses the new $56 billion tax … Continue reading
Posted in Tax News & Comment
Tagged applicable exclusion amount, asset protection, asset protection trusts, carryover basis, completed gift, Delaware Asset Protection Trust, estate planning, estate tax, form 709, gift tax, gross estate, GST, irs, marital deduction, probate, QTIP, QTIP election, qualified intermediary, surviving spouse, tax appeals tribunal, tax legislation, tax planning
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From Washington — Recent Developments, August 2011
VIEW IN PDF: Tax News & Comment — August 2011 A bipartisan deficit-reduction panel is considering ending the preferential tax treatment of capital gains. Although not explicitly mentioned in the plan which is now being considered in the Senate, the … Continue reading
2010 Tax Outlook
© 2010 Law Offices of David L. Silverman, J.D., LL.M, Lake Success, NY 11042 (516) 466-5900 2010 Tax Outlook For PDF version, press here: PFD file I. Proposals From the White House President Obama favors permanently extending tax cuts enacted … Continue reading
House Passes $56 Billion “Tax Extenders” Bill
The House, on May 29, by a vote of 215-204, approved a $56 billion tax bill, the “American Jobs and Closing Tax Loopholes Act”. The Senate has already approved a similar measure. President Obama is expected to sign the bill. … Continue reading
Article 78 Review of Tax Appeals Tribunal
Printer-friendly PDF: Article 78 Review of Tax Appeals Tribunal II.wpd A. Pre-Tribunal Adjudication The Bureau of Conciliation and Mediation Services (BCMS) comprises a separate operating bureau within the Division of Taxation, and reports directly to the Commissioner of Taxation and … Continue reading
REMOVING FEDERAL TAX LIENS
The filing of a federal tax lien can adversely affect the taxpayer’s ability to secure credit, dispose of property and conduct business. Ultimately, the property may be levied upon by the IRS and sold to satisfy the underlying tax liability. Fortunately, in many cases the filing of a tax lien is not a fait accomplis. For example, at times IRS will voluntarily withdraw a notice of tax lien: Continue reading
Posted in IRS, IRS Liens & Levies, Tax News & Comment
Tagged due process, federal tax lien, irs, levy, NFTL, quiet title action, release of lien
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Northern District Finds Successive Tax Penalties Imposed by NYS-AG and NYS-DTF to be Unconstitutional
Finding that Tax Law § 481(1)(b)(i) effectively operates as a criminal penalty, the Northern District held that the assessment of a tax penalty by the Department of Taxation and Finance under § 481(1)(b)(i) following the taxpayer’s previous prosecution and conviction … Continue reading
Revision of New York Power of Attorney Law Takes Effect
Effective 9/1/09, NY General Obligations Law §5-1501, which governs the content and execution of powers of attorney, was revised and amended. Powers executed prior this date remain valid, but are subject to the amended statute. Continue reading
Tax Court Holds Single Member LLC Not Ignored for Gift Tax Purposes
Pierre v. Com’r, 133 T.C. No. 2 (8/4/09) Continue reading
2009 REGS., RULINGS AND PRONOUNCEMENTS OF NOTE
2009 REGS., RULINGS AND PRONOUNCEMENTS OF NOTE
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2009 Gift & Estate Tax Decisions of Note
2009 Gift & Estate Tax Decisions of Note
Recent Tax Developments — October 2003
The IRS announced on 9/15 that it had reached agreements with 40 states to trade information on unlawful tax shelters. Arthur Roth, Commissioner of the NYS-DTF, said the potential revenue loss was in the “tens of millions.” The IRS is … Continue reading
Posted in Tax Decisions, Tax News & Comment
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Recent IRS Developments
A. Recent IRS Developments Field audits of taxpayers with incomes exceeding $200,000 rose 34 percent in fiscal 2011 to 78,392. IRS Deputy Commissioner Steve Miller stated that “[w]e are looking more at taxpayers at these income levels because we … Continue reading →