Taxation Law

Taxation Law

Section Blog

New Due Date for Carryover Basis Form 8939 for 2010 Decedents (1)

by Caitlin M Cianflone , posted Thu, Sep 22, 2011 9:41 AM

The IRS issued Notice 2011-76 last week which changed the due date of Form 8939, the special carryover basis form for 2010 estates, to January 17, 2012. Since this is a change in the due date of the form, and not an extension, there is no need to file any other forms before filing Form 8939. In addition, estates filing Form 4768, requesting an extension to file the estate tax return and pay the estate tax due, have until March 19, 2012 to file Forms 706 or 706-NA and pay the tax for estates of decedents dying before December 16, 2010. For decedents dying after December 16, 2010 and before January 1, 2011, estates have 15 months from the date of death to file their estate tax returns. Some special penalty relief is also provided for in this notice. Please see the notice for details:

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September AFRs

by Caitlin M Cianflone , posted Mon, Sep 19, 2011 11:29 AM

The §7520 for September is 2.4%

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August AFRs

by Caitlin M Cianflone , posted Mon, Aug 8, 2011 10:43 AM

The §7520 rate for August is 2.2%

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Special Mileage Rate Increases

by Lisa M. Rico , posted Fri, Jun 24, 2011 5:03 PM


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IRS Publishes final regulations (T.D. 9527; 76 F.R. 32286-32312) on the Circular 230 (1)

by Lisa M. Rico , posted Fri, Jun 10, 2011 6:12 PM

IRS Publishes final regulations (T.D. 9527; 76 F.R. 32286-32312) on the Circular 230 standards of practice before the IRS.

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Automatic Revocation of Tax-Exempt Status for Thousands of Organizations Nationwide

by Caitlin M Cianflone , posted Thu, Jun 9, 2011 12:19 PM

            Yesterday, the IRS announced that approximately 275,000 organizations nationwide have lost their tax-exempt status due to failure to file annual reports for the past consecutive three years. A list of all the automatic revocations was released on the IRS website, and it will be updated regularly. Currently, 6,878 formally tax-exempt organizations in Massachusetts appear on that list. While many of these organizations are no longer in existence, the IRS is sending a very clear message to those that still are that tax-exempt status will be monitored more closely from now on.

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June AFRs (1)

by Lisa M. Rico , posted Thu, Jun 9, 2011 8:53 AM

The §7520 rate for June is 2.8%

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April AFRs (1)

by Lisa M. Rico , posted Mon, Mar 28, 2011 12:43 PM

April AFRs

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IRS Revokes Relief From Late QTIP Election (1)

by Lisa M. Rico , posted Tue, Mar 15, 2011 8:13 PM

On March 4, 2011 the IRS released Private Letter Ruling 201109012, which revokes Private Letter Ruling 201025021.  Private Letter Ruling 201025021 granted an extention of time to make an inter vivos QTIP election under IRC sec. 2523(f)(4) pursuant to Treas. Regs. secs. 301.9100-1 and 301.9100-3. 

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PTINs...What are they? (1)

by Caitlin M Cianflone , posted Mon, Mar 7, 2011 2:44 PM

Starting this year all paid tax return preparers are required by the IRS to obtain a Preparer Tax Identification Number (PTIN), so that the IRS can begin to implement its plan to regulate the tax preparation industry. Currently, there are no requirements for being a paid tax return preparer. A lawyer, CPA, enrolled agent, or average Joe is free to prepare tax returns and charge any fee that the customer will pay, regardless of training, skill, or oversight.

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Form 709 Traps for the Unwary By: Bunker L. Highmark, Esq (1)

by Lisa M. Rico , posted Tue, Mar 1, 2011 9:04 AM

Every year Forms 709 are prepared to report, among other things, the latest gift to a grandchild, contribution to a trust, or transfer of an interest in a family controlled entity.  Is the gift split with a spouse?  How much exemption has already been used?  Is the gift to a skip person? Simple enough, right?  Many times, yes, it is.  Unfortunately, that isn’t always the case.  Quite often the mistakes made on Form 709 aren’t related to complex transfers, but rather to gifts that on their face seem quite ordinary.  Below, some of these common mistakes are identified along with strategies to address them, as well as unique approaches for certain 2010 transfers.

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2010 Income Tax Filing Deadlines

by Lisa M. Rico , posted Fri, Feb 4, 2011 2:20 PM

Due to Emancipation Day, a holiday recognized in Washington D.C., the Federal tax filings are due on April 18, 2011, for 2010 tax filings. Since Massachusetts celebrates Patriots Day on April 18, Massachusetts state tax filings are not due until April 19, 2011, for the 2010 tax year

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February AFRS

by Lisa M. Rico , posted Fri, Feb 4, 2011 1:30 PM

The Section 7520 rate for February is 2.8%.

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Portability Should Not Replace Lifetime Transfer Tax Planning by Brian T. Liberis, Esq

by Lisa M. Rico , posted Thu, Feb 3, 2011 5:08 PM

Portability Should Not Replace Lifetime Transfer Tax Planning

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Recent DOR Announcements

by Lisa M. Rico , posted Wed, Jan 12, 2011 4:02 PM

Seven important announcements were made recently by the Massachusetts Department of Revenue. The State Tax Practice Group continues to provide MBA members with summaries of important announcements. The full text of these releases can be found on the Department’s website. ( Any questions can be sent to Rick Stone, Chair of the State Tax Practice Group at rick or phone (617) 848‑9360.

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Tax Relief, Unemployment Insurance Authorization, and Job Creation Act of 2010

by Lisa M. Rico , posted Thu, Jan 6, 2011 9:04 AM

Welcome to the Taxation Law Section's blog.  We will be using the blog as one method providing information on recent tax law developments to our section members.  We are pleased to provide our members with our first post that provides an overview of the recently enact federal tax law.

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