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Rather Than Tackle Tough Tax Reform, Congress Focuses On The Death Tax. Again.

19 July 2013

Congress introduces two more bills to repeal the estate tax.

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House Passes Senate Budget Bill Convincingly: We Have A Tax Deal!

2 January 2013

Well, color me surprised. The House voted on the budget after all, and they voted up or down, rather than amending the Senate bill. The House voted “Yea” and they did so quite convincingly (257 YEA to 167 NAY). Here’s what the bill does: Income tax The tax cuts were extended – permanently – for […]

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IRS Announces Increase In Annual Exclusion For Gifts, Rest Remains a Mystery

25 October 2012

Nobody has a crystal ball. I’ve sat through presentation after presentation (and given a couple myself) on the state of the federal estate and gift tax for 2013 and beyond. There are all kinds of theories about what might happen. But the reality is, we know very little. Quite frankly, much of it hinges on […]

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Federer’s Wimbledon Win Pays Off For Some In Britain

12 July 2012

While many across Britain were devastated last week by Roger Federer’s victory at Wimbledon over hometown darling Andy Murray, others had something to celebrate: money for charity. In 2003, Nick Newlife (no, I’m not making up his name) placed a £1,520 bet that Roger Federer would win the Wimbledon crown seven times by the year […]

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Obama’s Budget Proposal: What’s Old Is New Again

16 February 2012

You don’t grow up as a middle child without learning a few tricks of the trade. One of the most notable: if you have something to say that you know won’t go over very well, you wait until there’s a distraction. And with two brothers, there was always a distraction. This week, President Obama (who […]

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What’s Mine is Yours: IRS Issues Estate Tax Portability Guidance

30 September 2011

Last December, Congress pushed through a whole set of changes meant to make them look good on Election Day things easier for taxpayers. One of the changes was the new portability provision which allows spouses to “share” their federal estate tax exclusion amounts with each other. Each person is allowed an exclusion for federal estate […]

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IRS Issues Extension for Form Not Yet Available (Thanks?)

14 September 2011

If you lost a loved one in 2010, my sympathies are with you. If you lost a loved one in 2010 that might have a taxable estate, my sympathies are really with you. The “surefire vote getting” one year repeal of the federal estate tax for 2010 has turned into one of the biggest administrative […]

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IRS Releases Guidance (But No Form) for 2010 Estates

16 August 2011

Whew. It has taken awhile but the IRS has finally issued guidance for the treatment of basis for certain estates of decedents who died in 2010. As you’ve probably heard, there was no federal estate tax due for decedents who died in 2010. Well, er, sort of… Under the Economic Growth and Tax Relief Reconciliation […]

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If At First You Don’t Succeed: Another Vote Scheduled for Tax Deal

10 December 2010

This one isn’t going down without a fight. After Democrats in Congress publicly defied President Obama by refusing to endorse the tax deal he negotiated with Republicans, the measure is going to another vote. On Monday, the Senate will take up a procedural vote to attempt to bring the deal to the floor. In response, […]

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The Morning After: The Tax Deal Hangover

8 December 2010

I’ll admit that I didn’t see yesterday’s tax deal coming. I was fairly certain that the drama would play out through this week. We still have drama but now it’s more of the “let me explain” variety. Let me see if I can sort out for you what happened and why. First, let’s talk timing. […]

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