November 2014 - The Tax Adviser

This article describes the calculation of the Sec. 1411 net investment income tax on estates and trusts, demonstrating that the additional complexity and burden of the tax may give tax professionals pause in advising that a trust is a viable means for accumulating and preserving wealth from one generation to the next.

The IRS recently issued regulations authorizing a new type of annuity contract for certain tax-favored retirement plans and IRAs: Qualified longevity annuity contracts.

The IRS’s new revenue procedure revised the rules for taxpayers who request equitable relief from joint and several tax liability under Sec. 6015(f) or from tax liability arising from the operation of community property laws under Sec. 66(c).