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Tax

Tax Alert: Pending Repeal of the Net Investment Income Tax

Posted on: April 6th, 2017
The Net Investment Income Tax may be repealed at the end of 2017. Two proposals released by the Joint Committee on Taxation in March 2017 advise removal of the 3.8 percent NIIT, which has been in effect since 2013. ...

IRS Estate Tax Transcript in Lieu of Closing Letter

Posted on: March 22nd, 2017
The IRS recently issued Notice 2017-12 describing new procedures for closing federal estate tax returns. Estate tax closing letters are not recognized as a formal closing agreement. Taxpayers must request a transcript....

3 New Tax Scams to Avoid

Posted on: March 21st, 2017
While some tax scams have become routine each year—such as fraudulent calls from parties claiming to be the IRS, and ads for “free money” from con artists—modern times provide more opportunities for scammers to swindle innocent people. Read on for W2 scams, email hacks, and tax preparer cyberattack information....

3 Points About Unpaid Estate Tax and Automatic Liens

Posted on: February 13th, 2017
The United States Tax Court filed a memorandum shortly after the New Year pertaining to an estate tax case. The case highlights three important tax matters that executors might misinterpret or otherwise overlook during estate administration. ...

3 Tips for Filling Out Form 1041, Income Tax Return for Trusts and Estates

Posted on: January 27th, 2017
Virtually all estates and most trusts require filing of the Form 1041 to report income earned by the estate and/or trust. Our tax attorneys routinely assist trustees and executors with preparing the Form 1041. From these experiences we noticed that certain issues surfaced more frequently than others. Review these tips before filing....

Income-Producing Assets in Estates and Trusts

Posted on: January 26th, 2017
Certain tax forms are required for estates and trusts that earn income. The executor or trustee is responsible for identifying necessary forms, completing proper accounting, and filing and paying any tax due by the deadline....

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