Is that the sound of the air being let out of the tires of the growing trend towards S corporations? Perhaps. The IRS announced plans on Monday, July 25, to randomly audit 5,000 S Corporation returns (federal forms 1120S) this year as part of a study to “assess compliance.” In IRS speak, that means that…
It’s true. David Kelley’s new reality TV show, The Law Firm, doesn’t have any tax or estates lawyers participating. Thanks to Paul Caron over at Tax Prof Blog (Celebrity Tax Lore) for pointing that out.
In what can only be considered an attempt to make a statement, a handful of Senators is introducing a new bill to make the federal estate tax repeals permanent. Those Senators have admitted that they are several votes short of those needed to be successful; nonetheless, the Boston Globe has reported this morning that the…
On July 15, 2005, the Fifth Circuit released a decision in the Strangi case affirming the Tax Court’s decision to include family limited partnership assets in the decedent’s taxable estate. This latest ruling, referred to as Strangi V, is the last (?) in a long list of cases involving the Strangi family and creation of…
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