by Christine | Nov 6, 2015 | Family Limited Partnership, IRS |
New regulations are coming from the IRS regarding family partnerships and limited liability companies. Perhaps in search of revenue, or trying to overcome a legally-permitted loophole, the IRS will soon make changes to capture some otherwise lost revenue on these...
by Christine | Oct 17, 2013 | Art, Estate Law, IRS, Taxation, Valuation |
Whenever a U.S. taxpayer dies or gives away valuable art—or any time it changes hands other than through a sale—Uncle Sam has an interest in knowing its true value. The art panel protects that interest, by vetting values submitted by taxpayers or executors; in...
by Christine | Sep 9, 2013 | Art, Bequeath, Charitable Giving, Gift Law, IRS, Taxes |
The purpose of the panel meetings is to discuss and make recommendations regarding the acceptability of taxpayers’ appraisals of works-of-art. If the Panel recommends rejection of a taxpayer’s appraisal, it may also recommend a different valuation, the securing of...
by Christine | May 16, 2013 | Estate Tax, Gift Tax, IRS |
In 1972, President Richard Nixon cruised to re-election. “The Waltons” premiered on CBS. And Sumner Redstone, who wasn’t yet a global media mogul, (allegedly) made a taxable gift to his children and failed to file a return. Why wouldn’t you file a gift tax return if...
by Christine | Aug 31, 2012 | Gift, Inheritance, International Taxation, IRS |
What about foreign gifts and inheritances? These rules aren’t as well publicized but the stakes are huge. Have you received a gift or inheritance from a loved one living in a different country? The IRS wants to know about it, and failing to notify them could cost you....
by Christine | Jul 17, 2012 | Audit, Beneficiary, Estate Tax, IRS |
When you inherit money or property you shouldn’t have to pay taxes. It’s not subject to income tax. Plus, if there’s an inheritance tax to pay, the estate or person giving it to you has already paid it or provided for its payment. At least that’s how it’s supposed to...
