More than four years after Michael Jackson's death, the tug of war between his estate and the IRS seems to be heating up rather than nearing agreement. Some estate specialists wonder if the IRS is looking to tax assets they haven't generally taxed before.
When a truly wealthy person dies - like Minnesota Twins owner Carl Pohlad - the IRS doesn't give up easily on the possibility of collecting more taxes. Pohlad's heirs are now fending off the IRS, which wants more than the taxes already paid.
Same-sex spouses in New York who had to pay estate taxes following the death of their partner will get refunds from the state as a result of the recent US Supreme Court decision that found a section of DOMA unconstitutional.
Anyone wealthy enough to own a major sports franchise is probably steeped deep in serious estate planning. William Davidson was no exception. In 2008, the year before he died, his net worth was $5.5 billion.
The will left by "The Sopranos'" lead actor James Gandolfini is causing attorneys to scratch their heads. Some can't help but wonder - did the man who accumulated an estate worth about $70 million seek any legal advice at all before making his will?
The Supreme Court's landmark decision striking down the Defense of Marriage Act (DOMA) will have far-reaching implications on many fronts. In particular, you may be scrambling to figure out the resulting tax impact under federal and state laws.
In a tough economy, it's not likely that any fiscal changes will be met with cheers, and the $3.78 trillion budget proposed by President Obama on April 10 was no exception. His plan seeks to trim the deficit by $1.8 trillion over the next decade, leaning heavily on high-income earners to fill the gaps.
The IRS scrutinized estate tax returns more than any category of individual tax returns in tax year 2011, at close to a 30 percent rate of examination, while individual income tax returns with $1 million or more in income saw a slight decline in audit coverage.
The IRS announced January 11, 2013, annual inflation adjustments for tax year 2013, including the tax rate schedules and other tax changes from the recently passed American Taxpayer Relief Act of 2012.
In the final hour of January 1, 2013, Congress passed the American Taxpayer Relief Act of 2012, which in part addressed the dramatic sunset of favorable federal estate, gift, and generation-skipping tax exemption limits.
The agreement hammered out in the Senate, and subsequently approved by the House on January 1, pulled the nation back from the edge of the fiscal cliff. President Obama signed the "American Taxpayer Relief Act" into law on January 2. Here's an overview of the key tax provisions in store for individual and business clients in 2013.
Earlier in the year, the Tax Court allowed a taxpayer to use a formula clause to determine the value of a business interest for gift tax purposes (TC Memo 2012-88). But the IRS refuses to knuckle under to the court.
With all the talk about income tax increases and cuts, you'd think there would be more discussion about a pending estate tax bombshell. But the prospect of higher estate taxes in 2013 doesn't appear to be a concern on the Hill.
The AICPA has requested that the IRS issue a blanket extension of time to file the 2010 Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, and the 2010 Form 8939, Allocation of Increase in Basis for Property Acquired from a Decedent, for the estates of persons who died in 2010.