As this article from the Wall Street Journal details, the IRS recently lost another case, this time in the Ninth Circuit, dealing with gift tax issues. Where family members are trying to make signficant lifetime transfers to loved ones, there is frequently some uncertainty over how to value the assets, especially business or real estate [...]
Joseph T. Hahn
All posts tagged IRS
IRS Loses Gift Tax Battle
Posted by Joseph Hahn on September 20, 2011
http://hahnestateplanning.com/2011/09/20/irs-loses-gift-tax-battle/
Tax Deadlines Set For 2010 Deaths
As detailed in this article from Forbes.com, the IRS has finally issued its rules and guidance regarding opting out of the estate tax system for deaths that occurred in 2010. If a $5 million personal exemption is sufficient to cover the estate of the 2010 decedent, most executors will not choose to opt out of [...]
Posted by Joseph Hahn on August 18, 2011
http://hahnestateplanning.com/2011/08/18/tax-deadlines-set-for-2010-deaths/
IRS To Gay Newlyweds: You’re Not Married As Far As We’re Concerned
As this BusinessWeek piece illustrates, many of the recently-married same-sex couples in New York and other states permitting same-sex unions are facing a rude awakening. While they might be married in the eyes of their home state, the IRS isn't having it. Those couples must continue to file individual "single" returns and cannot file as [...]
Posted by Joseph Hahn on August 5, 2011
http://hahnestateplanning.com/2011/08/05/irs-to-gay-newlyweds-youre-not-married-as-far-as-were-concerned/
IRS Extends Time to File Form 8939 For Deaths in 2010
As this Bloomberg article explains, the IRS recently announced that it was extending the time for heirs of 2010 decedents to file Form 8939. That form will NOT be due on April 18, 2011, but rather, will be due at some point in the future after the IRS finalizes the form and issues further guidance. [...]
Posted by Joseph Hahn on April 5, 2011
http://hahnestateplanning.com/2011/04/05/irs-extends-time-to-file-form-8939-for-deaths-in-2010-2/
IRS Extends Time to File Form 8939 For Deaths in 2010
As this Bloomberg article explains, the IRS recently announced that it was extending the time for heirs of 2010 decedents to file Form 8939. That form will NOT be due on April 18, 2011, but rather, will be due at some point in the future after the IRS finalizes the form and issues further guidance. [...]
Posted by Joseph Hahn on April 5, 2011
http://hahnestateplanning.com/2011/04/05/irs-extends-time-to-file-form-8939-for-deaths-in-2010/
IRS Extends Time to File Form 8939 For Deaths in 2010
As this Bloomberg article explains, the IRS recently announced that it was extending the time for heirs of 2010 decedents to file Form 8939. That form will NOT be due on April 18, 2011, but rather, will be due at some point in the future after the IRS finalizes the form and issues further guidance. [...]
Posted by Joseph Hahn on April 5, 2011
http://hahnestateplanning.com/2011/04/05/irs-extends-time-to-file-form-8939-for-deaths-in-2010/
IRS Releases Draft Allocation of Basis Form For 2010
Kudos to North Carolina Estate Planning Blog for discovering and posting a draft form from the IRS (Form 8939) that permits executors to allocate basis for property inherited from decedents dying in 2010. Many in the estate planning field as well as folks who have inherited property in 2010 have been wondering how they were [...]
Posted by Joseph Hahn on November 3, 2010
http://hahnestateplanning.com/2010/11/03/irs-releases-draft-allocation-of-basis-form-for-2010/
IRS Finally Working on 2010 Estate Tax Questions Re Capital Gains
As this article from the Wall Street Journal discusses, the IRS is finally acknowledging that it has to do some work to address lingering questions about how to deal with assets inherited from decedents who died in 2010. The main issue is how to deal with the capital gains questions. With the temporary estate tax holiday, stepped [...]
Posted by Joseph Hahn on October 5, 2010
http://hahnestateplanning.com/2010/10/05/irs-finally-working-on-2010-estate-tax-questions-re-capital-gains/
IRS: “Do Not File Estate Tax Returns For 2010″
As this article from WebCPA notes, the IRS has told attorneys and CPAs not to file estate tax returns (Form 706) for any deaths taking place in 2010 until further notice. If you do, they will just return them because the estate tax has been repealed for 2010 and "they don't have a place to [...]
Posted by Joseph Hahn on August 12, 2010
http://hahnestateplanning.com/2010/08/12/irs-do-not-file-estate-tax-returns-for-2010/
No Holiday For Estate Tax Audits
While the estate tax might be taking a one year holiday, the IRS isn't. As Financial Advisor reports, estate tax audits are as tough as ever and are reaping significant additional tax for Uncle Sam. The IRS's favorite target: family limited partnerships and the aggressive valuation discounts frequently taken by taxpayers. The average audit has [...]
Posted by Joseph Hahn on April 22, 2010
http://hahnestateplanning.com/2010/04/22/no-holiday-for-estate-tax-audits/
