PRESENT VALUE OF ESTATE DEDUCTION RULES

Present value of estate deduction rules. The IRS and Treasury issued new regulations incorporating present value principles by which an estate may deduct certain expenses and claims against an estate under Section 2053. The primary issue addressed in the proposed regulations, Reg. 130975-08, had been left reserved at Regs. Section 20.2053-1(d)(6) by final regulations issued […]

PELOSI SIGNALS PROPOSAL NOT ADEQUATE

Pelosi signals proposal not adequate. Speaker Nancy Pelosi signaled that there has been limited progress in negotiations with the White House over a coronavirus relief package, saying in a letter to her Democratic colleagues that a proposal presented by the Trump administration amounted to “one step forward, two steps back.” “When the president talks about […]

SECOND RELIEF CHECK HOW MUCH MONEY.

Second relief check how much money. How much money could you get if you qualify for a second stimulus check ? We can begin to count it up given what we know so far, especially now that there’s hope that another coronavirus relief bill with a new round of stimulus money could pass before the […]

YOUR TAXES WHILE RECEIVING UNEMPLOYMENT

Your taxes while receiving unemployment. Millions of Americans have lost their job during the COVID-19 outbreak and are relying on unemployment benefits as they pay their bills and re-start their career. That’s a serious challenge they face right now. Without some planning, they could also face a future problem–an unanticipated, unbudgeted tax bill in 2021. […]

MICRO CAPTIVE INSURANCE SCHEMES

Micro captive insurance schemes. The Internal Revenue Service has announced the mailing of a time limited settlement offer for certain taxpayers under audit who participated in abusive micro captive insurance transactions. Taxpayers eligible for this offer will be notified by letter with the applicable terms. Taxpayers who do not receive such a letter are not […]

TAX INCREASE TAX DECREASE

Tax increase Tax Decrease. Whether a taxpayer has a tax increase tax  decrease is the new talk among tax professionals. We have heard stories of people who thought they would get a decrease the way the new legislation was being proposed, framed, and sold tot he public, only to find out after having a tax […]