Estate Planning: Gone With the New Tax Deal?

With the significant increase in the personal exemption for federal estate tax (albeit temporary), many folks believe that they no longer need a will. That couldn’t be further from the truth: there are a lots of non-tax reasons to have a will (I just rolled back in from Center City with three of them: my … Read more

Permanent Federal Estate Tax Repeal: Making a Comeback?

Quick pop quiz: what form of tax do most Americans claim to hate the most? Income taxes? Nope. Payroll taxes? Nope. Tax on alcohol? Tax on cigarettes? Nope and nope. It’s the federal estate tax. That’s a pretty remarkable statement considering that fewer than 2% of Americans are generally subject to the federal estate tax … Read more

Fix the Tax Code Friday: Tax Cut-a-palooza

This week, Congress has been sparring over the best way to fix the economy. It looks like, one way or the other, we’re going to have some tax cuts. The specifics have yet to be worked out. Many are pushing for individual tax rate cuts while others believe that cutting corporate tax rates (something Speaker … Read more

Guest Post: PAYGO, the estate tax and the Bush Tax Cuts

This week, I’ve asked readers to chime in on the Bush tax cuts. This guest post is courtesy of Stuart C. Wardlaw, CPA (for more on the topic, see the original post): On January 20, 2009, the Bush Administration handed over not only the keys to the White House; but also a box full of … Read more

What the Heck is Basis, Anyway?

Last week, I committed a terrible tax blogging sin: I used jargon. I try not to use jargon on my blog. I find it annoying, for one, because who wants to actually sound like a tax attorney (no offense to my esteemed colleagues). But more importantly, what’s the point of reading a blog that you … Read more

Are Taxpayers Moving to Avoid More Taxes?

It’s funny, my line of work. I practice tax law alongside my husband who practices international and corporate law. A significant portion of his practice involves business immigration work for companies who are interested in setting up shop here in the US. It’s always interesting to me, then, to read about taxpayers who are interested … Read more

Fix the Tax Code Friday: Federal Estate Tax

This week, the death of George Steinbrenner rekindled discussions about the federal estate tax. As you may be aware, there is no federal estate tax for 2010. However, assuming that Congress doesn’t take action, next year the federal estate tax returns with a personal exemption of $1 million and a flat rate of 55%. Under … Read more

Federal Estate Tax Gets Some Interest

On July 14, US Senators Blanche Lincoln (D-AR) and Jon Kyl (R-AZ) released a press release with a proposal to “permanently reform the federal estate tax.” Under the current scheme, there is no federal estate tax for 2010 but decedents’ estates for this year are subject to a set of complicated capital gains rules. Beginning … Read more