Blog

Follow IRS Rules to Ensure You Receive Your Charitable Tax Deductions
If reducing your taxable estate is an important estate planning goal, making lifetime charitable donations can help achieve that goal and benefit your favorite organizations. In addition, by making donations during your lifetime, rather than at death, you can claim income tax deductions. But some of your charitable deductions could be denied if you don’t ...

Read The Full Post


If You Made Gifts Last Year, You May (or May Not) Need to File a Gift Tax Return
Gifting assets to loved ones is one of the simplest ways of reducing your taxable estate. However, what may not be as simple is determining whether you need to file a gift tax return (Form 709). With the April 17 filing deadline approaching, now is the time to find out an answer. Return Required A ...

Read The Full Post


IRS Simplifies Procedure for Obtaining Extension to Make Portability Election
Earlier this month, the IRS issued a Revenue Procedure that allows certain estates to make a late portability election without first filing a ruling request. Portability is a tax law provision that permits a surviving spouse to take advantage of the deceased spouse’s unused combined gift and estate tax exemption (currently $5.49 million). But portability ...

Read The Full Post


EVERY WORD COUNTS (IRS Busts Discretionary Support Trust for Child)
(Duckett v. Enomoto, D. Ariz. 2016) “BE SURE WHEN YOU STEP, STEP WITH GREAT CARE AND GREAT TACT.  AND REMEMBER THAT LIFE’S A GREAT BALANCING ACT.” ~Dr. Seuss Dr. Dennis Enomoto was a gifted and dedicated physician, but a terrible business person.  After failing to meet his tax obligations in 2007 through 2011, the IRS ...

Read The Full Post