March 16, 2011

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The latest news on the Alternative Minimum Tax
Do you consider yourself wealthy? Most people do not, especially during these challenging economic times. But just because you don't feel like a high-earner doesn't mean you are immune to something that was originally created to ensure that the rich and powerful paid their fair share of taxes: the alternative minimum tax or AMT. The Texas Society of CPAs explains what it's all about and provides an update on the newest tax laws affecting the AMT.
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Using EPAct to reduce payback and offset tax liability
Welcome to the Energy Policy Act of 2005 (EPAct), aka Section 179D, which is a government method to encourage U.S. building owners, lease holders, and designers of government buildings to be more efficient for commercial buildings or residential properties with four or more stories.
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Plenty of reasons to hang on to a credit shelter trust
Previously, clients would often use a credit shelter trust to maximize the estate tax exemptions of both spouses. Upon the death of the first spouse, an amount equal to the maximum exemption could be transferred to a trust for the children. When the second spouse died, his or her estate (which would also usually go to the children) would be sheltered by his or her separate exemption. The new rules seem to eliminate the need for a credit shelter trust. But be aware.
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IRS sticks former Duke lacrosse player and falsely accused rapist with $6.5M tax bill
The name Reade Seligmann has been out of the headlines for awhile, but lately he's been back in the limelight. He was one of three Duke University lacrosse players who were accused – and eventually exonerated – in a racially charged rape case. Seligmann is now a law student at Emory University in Atlanta. And… according to public records, he now owes nearly $$6.5 million in federal taxes.
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Eva Rosenberg: Kiddie tax taxes more than you might think
Does Congress really think they can clear up the deficit by penalizing children's earnings? Are there SOOOO many children with unearned income that their earnings should be penalized by having them pay taxes at their parent's higher tax rate?
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Celebrities and their tax woes: Young Buck, Joe Francis, Jaime Pressly, and Richard Hatch
The latest celebrity tax round-up features several repeat offenders. It's great to be in the spotlight, but is sparring with the IRS the best way to stay in the public eye?
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This month's tax roundup includes a primer on the Alternative Minimum Tax, thanks to the Texas Society of CPAs, and lots of juicy gossip about your favorite celebrities who can't seem to stay out of the news due to various attempts at playing fast and loose with the tax laws.
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Best wishes,
Gail Perry, CPA

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