Tag Archives: Federal income tax
If you’re curious about the effects of the new federal tax law (i.e., the reconciliation act of 2017, formerly known as the Tax Cuts and Jobs Act), I’ve created an on-line calculator that shows the impact of the new tax … Continue reading
This is an updated list of software that was originally published as an appendix to my book Wills, Trusts, and Technology, published by the American Bar Association and now in its second edition. In addition to updating names, publishers, and … Continue reading
With the release of the Consumer Price Index for August 2017, it’s possible to calculate various inflation adjustments for 2018. The following are the significant federal estate planning numbers, with the numbers for 2017 shown in parentheses: The base applicable … Continue reading
I’ve created a new on-line service that provides specialized calculators for certain estate and tax planning issues. Currently, the following calculators are available: Cost/Benefit of Gifts of Appreciating Property Cost/Benefit of Grantor Trusts Gift Tax on Net-Net Gifts Income Tax … Continue reading
With the release of the Consumer Price Index for August 2016, it’s possible to calculate various inflation adjustments for 2017. The following are the significant federal estate planning numbers: The base applicable exclusion amount (and generation-skipping tax exemption) will be … Continue reading
The American College of Trust and Estates Counsel (ACTEC) has sent comments to the Internal Revenue Service on the proposed regulations for basis reporting by estates. Comments on Proposed Regulations Under Sections 1014(f) and 6035 (5/27/2016). These comments should be … Continue reading
The IRS has announced that the deadline for filing Form 8971, and for providing Schedule A to beneficiaries, previously postponed to February 29 by Notice 2015-57, and then postponed to March 31 by Notice 2016-19, has again been postponed, this … Continue reading
In Notice 2016-19, , 2016-09 I.R.B. ___, the IRS has again postponed the due date for basis reporting (i.e., filing Forms 8971), this time to March 31, 2016. The notice (which is stated to be effective February 11, 2016) also … Continue reading
The Internal Revenue Service has released a 12/18/2015 draft of a new Form 8971 for reporting basis information in accordance with new IRC section 6035 for assets held by a decedent and reported on a federal estate tax return (Form … Continue reading