Taxation Law

Taxation Law

Section Blog

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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