The IRS presently has a 75-year retention period for estate tax returns and related gift tax returns. It is going to reduce that period to 40 years. They are advising taxpayers who want copies of returns older than 40 years
Gutter Chaves Josepher Rubin Forman Fleisher Miller P.A.
Gutter Chaves Josepher Rubin Forman Fleisher Miller P.A. is a law firm that publishes the blog "Rubin on Tax," which focuses on legal and tax issues primarily related to federal and Florida tax law. The blog covers topics such as estate planning, probate, business matters, and recent legislative changes affecting taxation and legal compliance. It provides analysis and summaries of tax legislation, court cases, and practical guidance for legal practitioners and clients. The firm addresses specialized areas including gambling tax regulations, estate planning for cognitively impaired clients, and commercial lease tax reforms, reflecting a focus on tax law and related legal fields within Florida and federal jurisdictions.
Latest from Gutter Chaves Josepher Rubin Forman Fleisher Miller P.A. - Page 3
Indirect Loans Between a Private Foundation and a Disqualified Person Are on the IRS’ Radar
Code Section 4941(d)(1)(B) treats lending transactions between a private foundation and disqualified person as an act of self-dealing (although an interest-free loan by the disqualified person to the private foundation is not self-dealing) subject to an excise tax. What happens…
Foreign Grantor Trust Making a Distribution to Owner/Beneficiary – One or Two Penalties for Nonreporting?
A U.S. grantor of a foreign trust that is a grantor trust that receives a distribution from the trust as a beneficiary has two U.S. filing requirements attributable to the foreign trust status:
…
New Homestead Laws in Florida
In its most recent legislative session, the Florida legislature enacted a number of additions and modifications to Florida statutory law relating to Florida’s homestead exemption. These provisions can be summarized as enhancing or clarifying the exemption. The following is a…
Maltese Pension Plan in the Sights of the IRS
The Maltese pension plan is a planning device for U.S. taxpayers to use the U.S. – Malta tax treaty to obtain tax deferral and tax avoidance benefits similar to a Roth IRA, but without many of the limitations of a…
Q&A on Florida’s New Directed Trust Act
Below is a copy of article to be published this evening on Leimberg Information Services:Florida’s version of the Uniform Directed Trust Act (the “FUDTA”) has passed both houses of the Florida legislature and is expected to be signed into law…
No "All Going to Charity" Exception for Chenoweth/Ahmanson Funding Issue
Taxpayers and planners love to use valuation reductions for partial interests in entities as a method for reducing transfer taxes. Such reductions and discounts can be a two-edged sword, however.The Ahmanson and Chenoweth cases point out that when a majority interest…
Cryptocurrency and the IRS – Some Important Updates
Cryptocurrency is treated like any other investment asset for federal income tax purposes and not “money.” Therefore, taxpayers that sell cryptocurrency for a gain incur taxable capital gains for income tax purposes.It is likely that a fair amount of cryptocurrency…
Applicable Federal Rates – March 2021
For the applicable federal rates for the above month, preceding months, and a data table that visually shows trends, click here! Direction of rates: moving up
Follow @crubincrubin
!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0];if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=”//platform.twitter.com/widgets.js”;fjs.parentNode.insertBefore(js,fjs);}}(document,”script”,”twitter-wjs”);
!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0];if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=”//platform.twitter.com/widgets.js”;fjs.parentNode.insertBefore(js,fjs);}}(document,”script”,”twitter-wjs”);
Beware the Last Minute Signing of a Prenuptial Agreement [Florida]
Marital attorneys know that upon divorce, spouses who signed a prenuptial agreement will often raise arguments of coercion and duress to void the agreement. Factually, such allegations and arguments may or may not be true, and in either case may…