Soon we will have some much needed changes to Pennsylvania’s Probate, Estates and Fiduciaries Code which will clarify rights of inheritance when a divorce is pending, interpret funding clauses dependent on the federal estate tax, and curtail some abuses prevalent in the use of powers of attorney.
As of October 14, 2010, Senate Bill 53
The IRS estimates that U.S. taxpayers under report and underpay about $400 billion in taxes each and every year. The IRS operates a Whistle blower Program where the agency will give monetary awards to individuals who provide information that results in the collection of significant un-reported tax dollars.
The IRS Whistleblower Office was established by
Much ink has been spilled on the subject of our President and Congress’s failure to address the federal estate tax in a coherent way. Last year there was a $3.5 million exemption. This year there is no federal estate tax at all. And it looks like there is a good chance there will be an
They appear on late night television and on the internet promising to reduce your tax debt, remove tax liens, and settle your unpaid taxes, interest and penalties for pennies on the dollar. Do you really believe you can pay a fee to a tax relief company and reduce your $50,000 tax bill to $2,000?
Apparently
Remember when Treasury Secretary Timothy Geithner ran into trouble because he hadn’t paid his self-employment tax? There was quite a political stir because it meant a tax-evader would be in charge of the IRS.
Geithner had worked at the International Monetary Fund from 2001 to 2004. During those four years, he paid no social security
"Amnesty
(from the Greek amnestia, oblivion) is a legislative or executive act by which a state restores those who may have been guilty of an offense against it to the positions of innocent people. It includes more than pardon, in as much as it obliterates all legal remembrance of the offense.
“For Better, For Worse; For Richer, For Poorer”
You’ve heard of the “marriage penalty” — two people married to each other with the same income as two single people pay more taxes. Let me tell you about another “marriage penalty.”
If you file a joint return with your spouse and there is a problem and
Your marital status on December 31 determines your filing status for the entire preceding year. If you are still married on December 31, you have a choice. You can file jointly with your soon-to-be ex-spouse or file using married filing separately status. You might qualify to file as Head of Household even though you are
OK so you lost a fortune with Madoff, at least you get a tax write-off.
Steve Dubner explains it in this New York Times article – click here.
See also Prof. Paul Caron’s Post:
In general, any payment, whether called a gift or not, to an employee is taxable income to the employee.
Gifts of nominal value, such as a holiday turkey, are treated as de minimis fringe benefits. A gift to an employee is de minimis if the value is nominal, accounting for the item would be administratively