Publications

By Alison E. Lothes, co-written by David A. Handler Originally written for WealthManagement.com Internal Revenue Service Issues Draft of New IRS Form 8971 to Report Basis In the summer of 2015, President Obama signed what’s known as the “Highway Bill” (Surface Transportation and Veterans Health Care Choice Improvement Act of...

By Alison E. Lothes, co-written by David A. Handler Originally written for WealthManagement.com Inflation Adjustments Released In Revenue Procedure 2015-53, the Internal Revenue Service issued the new inflation-adjusted tax amounts for 2016. The adjustments include the following, effective Jan. 1, 2016: The annual exclusion remains at $14,000 under Internal Revenue...

By Alison E. Lothes, co-written by David A. Handler Originally written for WealthManagement.com • Ruling on gift-splitting and generation-skipping transfer (GST) tax allocations —In Private Letter Ruling 201523003 (released June 5, 2015), the taxpayer sought a ruling to clarify the gift tax and GST tax treatment of transfers he’d...

By Alison E. Lothes, co-written by David A. Handler Originally written for WealthManagement.com • New law enacts consistent basis reporting rules and new reporting obligations for executors —President Obama recently signed what’s known as the “Highway Bill” (Surface Transportation and Veterans Health Care Choice Improvement Act of 2015) into law....

By Alison E. Lothes, co-written by David A. Handler  Originally written for WealthManagement.com • Proposed regulations regarding tax imposed on U.S. citizens and residents relating to gifts and bequests from certain expatriates —The Internal Revenue Service has published proposed regulations under Internal Revenue Code Section 2801 (REG 112997), which...

By Alison E. Lothes, co-written by David A. Handler  Originally written for WealthManagement.com • Estate denied charitable deduction for remainder interests in a NIMCRUT —In Estate of Arthur E. Schaefer, 145 T.C. No. 4 (July 28, 2015), the Tax Court ruled on the proper method for calculating the value of...

By Alison E. Lothes, co-written by David A. Handler  Originally written for WealthManagement.com • Recent taxpayer victories regarding the state law taxing of trust income —Two recent cases have come out in favor of the taxpayer regarding the constitutionality and fairness of states taxing trust income when a trust...

By Alison E. Lothes Originally written for WealthManagement.com No Loss of Generation-Skipping Transfer Tax Exemption In Private Letter Ruling 201528014 (released July 10, 2015), a decedent’s will established two trusts, dividing the residue of his estate equally for the benefit of his daughter and son and their respective children. ...

Professional fiduciaries need to be aware of their exposure to claims for multiple damages and attorneys fees, particularly since their insurance may not provide any coverage for multiple damages....