Securities brokers and other registered representatives often develop close relationships with their clients. Those clients may make provision for them to become a fiduciary or beneficiary in trusts and wills due to these relationships.For those representatives who are subject to
Rubin On Tax
Rubin On Tax, published by Gutter Chaves Josepher Rubin Forman Fleisher Miller P.A., focuses on federal and Florida tax law, estate planning, probate, and business legal matters. The blog covers tax legislation changes, such as modifications to gambling loss deductions and sales tax repeals on commercial leases, and discusses their practical impacts on individuals and businesses. It also addresses estate planning challenges, including capacity and ethical considerations for cognitively impaired clients, and analyzes relevant case law affecting tax penalties and compliance. The content is aimed at keeping readers informed about tax policy developments, legal strategies, and regulatory interpretations relevant to tax and estate planning practitioners and affected taxpayers.
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FBAR Reporting to Be Expanded to Include Foreign Accounts Holding Virtual Currency
Presently, for U.S. persons a foreign account holding virtual currency is not a reportable account for purposes of having to file an FBAR.In a recent announcement FinCEN has advised that it intends to amend the FBAR regulations to include those…
Applicable Federal Rates – February 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
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Antideferral Tax Legislation on the Horizon? What is Antideferral Tax Legislation?
President Biden has made no secret of his plans to raise taxes. One possible avenue is through the adoption of antideferral rules, along the lines recently outlined in a report by Senator Ron Wyden, the ranking member of the Senate…
IRS Is Proposing a User Fee for Estate Tax Closing Letter
Executors and personal representatives of estates of decedents can be held personally liable for distributing or applying estate assets when there are unpaid estate taxes due, if the IRS does not get paid. When an estate tax return is filed,…
Applicable Federal Rates – January 2021
For the applicable federal rates for the above month, preceding months, and a data table that visually shows trends, click here!
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CARES ACT COVID MODIFICATIONS – IMPORTANT UPDATE
I posted on the pending modifications in an earlier posting this evening.However, a few minutes ago President Trump issued a video statement effectively threatening to veto the entire bill unless Congress rewrites it to eliminate much of the non-COVID related spending…
CARES ACT COVID MODIFICATIONS WILL ALLOW DEDUCTIONS
H.R. 133 was recently passed by Congress. Under the CARES Act, many businesses were able to receive Paycheck Protection Program loans. If the proceeds were used to pay employee compensation and otherwise meet requirements, the debt is forgiven and need…
FBAR Penalties Survive Death
The IRS may assess penalties for a person’s failure to file a required FBAR. If the person’s failure to file was willful, the IRS can impose a penalty equal to 50% of the account balance or $100,000, whichever is greater. …
A Co-Maker of a Promissory Note Is Not Always Liable to the Co-Signer [Florida]
In an interesting case, two doctors co-signed a promissory note with others of an LLC where they were members, and that was their employer, payable to a bank. They later left the practice, and the LLC sought to collect from…