The Supreme Court held that the Defense of Marriage Act (DOMA) is unconstitutional because it violates the Fifth Amendment’s Due Process Clause
Advertisement
TOPICS
Taxation of Estates & Trusts
AICPA Recommends Changes to Net Investment Income Tax
The AICPA submitted comments to the IRS recommending many changes to the proposed regulations on the new net investment income tax.
Applying the New Net Investment Income Tax to Trusts and Estates
This article discusses how the new 3.8% net investment tax applies to trusts and estates.
A Look at the Estate Tax Provisions in the President’s FY 2014 Budget Proposal
The president’s recently released FY 2014 proposed budget contains a number of estate, gift, and generation-skipping transfer (GST) tax proposals.
Incorrect Expert Advice About Estate Return Filing Deadline Does Not Excuse Penalty
An executor who relied on his accountant’s mistaken advice that he had obtained a one-year extension of the filing due date for Form 706 was nonetheless liable for a large late-filing penalty.
New Decanting Statutes Offer Road Map for Escaping Fiduciary Tax and Updating Trust Terms
As trust decanting statutes proliferate, federal and state taxing authorities must wrestle with the income, estate, and gift tax issues raised by decanting.
Prop. Regs. Govern 3.8% Net Investment Income Tax
The IRS released proposed regulations governing the 3.8% net investment income tax imposed under Sec. 1411.
Formula Clauses: Adjusting Property Transfers to Eliminate Tax
Dispository documents involving lifetime gifts or testamentary bequests often include formula clauses to designate the value of property passing by gift or bequest.
Tax Tables, Other Inflation Adjustments, Issued for 2013
The IRS issued inflation-adjusted items for 2013 as well as the new income tax rate tables now in effect as a result of the American Taxpayer Relief Act.
Reporting Trust and Estate Distributions to Foreign Beneficiaries (Part II)
This two-part article explains the computations, payment, and reporting requirements for U.S. trust and estate distributions to foreign beneficiaries.
Form 706 and Instructions Provide Guidance on Portability Election
The IRS posted Form 706 and its final instructions, which provide guidance for electing the portability of a deceased spouse’s unused estate and gift tax exclusion amount and for the executor’s use of the check box to opt out of electing portability of the unused portion of the exclusion amount.
Reporting Trust and Estate Distributions to Foreign Beneficiaries (Part I)
This article explains the procedures and tax compliance issues that fiduciaries face before domestic trust or estate distributions are paid or allocated to foreign beneficiaries.
Inflation Adjustments for 2013
The IRS released its annual revenue procedure making inflation adjustments to the gift tax annual exclusion and other items for tax years beginning in 2013.
Gift and Estate Tax Planning Considerations
With thoughtful planning, taxpayers can minimize gift and estate taxes while retaining some control of transferred assets by establishing trusts or limited partnerships and using the annual gift tax exclusion.
Advising Nonresidents and Recent U.S. Residents on Estate Tax Issues
Understanding the intricacies of residency and domicile is necessary to understand what will be included in a decedent’s estate for U.S. estate tax purposes.
IRS Announces Inflation Adjustments for 2013
The IRS released its annual revenue procedure making inflation adjustments to the gift tax annual exclusion and other items for tax years beginning in 2013.
Formula Marital Deduction Clause Not a Guaranteed Estate Tax Shelter
The Turner cases highlight the importance of properly transferring FLP interests during life in a way that avoids the trap of creating an estate tax when the decedent planned to have none.
Recent Developments in Estate Planning: Part II
This article covers recent developments in estate tax, including the portability election, proposed regs. on the alternate valuation date, FLPs.
Draft Instructions to Form 706 Provide Guidance on Portability Election
Draft Form 706 instructions provide guidance for electing the portability of a deceased spouse’s unused estate tax exclusion amount and for the executor’s use of the check box to opt out of electing portability of the unused portion of the exclusion amount.
Estate Exclusion Portability Election Regs. Issued
The IRS issued regulations on how to elect to use a deceased spouse’s unused exclusion from estate taxes, also known as the portability election.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
