crescendowashington.blogspot.com
Crescendo Washington News: Tax Talk During Ohio Debate
http://crescendowashington.blogspot.com/2015/08/tax-talk-during-ohio-debate_10.html
Rate of the Month. Monday, August 10, 2015. Tax Talk During Ohio Debate. The first debate of the Presidential campaign season was held in Cleveland, Ohio on August 6, 2015. Seventeen Republican candidates for President spoke in two debates – seven presented in the late afternoon debate and 10 leading candidates participated in an evening debate. In the afternoon debate Former Virginia Governor Jim Gilmore promised a “Growth Code.” His system creates tax rates for individuals of 10%, 15% a...Our readers a...
crescendowashington.blogspot.com
Crescendo Washington News: Estate Liable for Decedent's Income Tax Bill
http://crescendowashington.blogspot.com/2015/08/estate-liable-for-decedents-income-tax.html
Rate of the Month. Monday, August 10, 2015. Estate Liable for Decedent's Income Tax Bill. In United States v. Robert L. Sadler III. No 2:13-cv-07207 (2 Aug 2015), the Tax Court required an estate to pay in full an IRS deficiency for taxes, penalties and interest. Decedent Robert Sadler III passed away in 2009. He filed IRS Forms 1040 in 2001 and 2002 and claimed zero dollars of income tax payable. He also filed his 2003, 2004 and 2005 tax returns after the April 15 due date.
crescendowashington.blogspot.com
Crescendo Washington News: IRS Settlement Final Even With Subsequent Estate Litigation
http://crescendowashington.blogspot.com/2015/08/irs-settlement-final-even-with.html
Rate of the Month. Monday, August 3, 2015. IRS Settlement Final Even With Subsequent Estate Litigation. In Marcia Billhartz v.Commissioner. No 14-1216 (7th Cir., 2015) the Court held that a subsequent state court action did not change a settlement between the IRS and an estate. The estate assets were held either in joint tenancy or in a trust. The successor co-trustees were wife Marcia and son Ward. In June of 2012, the three daughters sued the estate in state court. The estate asked the Tax Court to...
crescendowashington.blogspot.com
Crescendo Washington News: Applicable Federal Rate of 2.2% for August
http://crescendowashington.blogspot.com/2015/08/applicable-federal-rate-of-22-for-august_10.html
Rate of the Month. Monday, August 10, 2015. Applicable Federal Rate of 2.2% for August.
crescendowashington.blogspot.com
Crescendo Washington News: NIMCRUT Valued Using IRS Tables
http://crescendowashington.blogspot.com/2015/08/nimcrut-valued-using-irs-tables.html
Rate of the Month. Monday, August 3, 2015. NIMCRUT Valued Using IRS Tables. In Estate of Arthur E. Schaefer v. Commissioner. Arthur passed away March 9, 2007. The Applicable Federal Rate under Sec. 7520 for that month was 5.8%. When the estate filed IRS Form 706 on April 16, 2008, it did not claim a charitable deduction under Sec. 2055 for the two unitrusts. However, it reduced the estate value by the calculated charitable value of the trust using the March 2007 AFR. However, the IRS noted that the requi...
crescendowashington.blogspot.com
Crescendo Washington News: Tax Extenders and Dynamic Scoring
http://crescendowashington.blogspot.com/2015/08/tax-extenders-and-dynamic-scoring.html
Rate of the Month. Monday, August 10, 2015. Tax Extenders and Dynamic Scoring. On July 21, the Senate Finance Committee passed the Tax Relief Extension Act of 2015. This bill extends the IRA charitable rollover, the research and development credit and 50 other provisions for 2015 and 2016. The bill will make the extensions retroactive to January 1 of this year. The tax extenders bill received a static score of $97 billion in net cost over the next decade. However, the business deductions in the bill ...
crescendowashington.blogspot.com
Crescendo Washington News: 34th Highway Fund Extension
http://crescendowashington.blogspot.com/2015/08/34th-highway-fund-extension_3.html
Rate of the Month. Monday, August 3, 2015. 34th Highway Fund Extension. On July 30, by a vote of 91-4, the Senate passed a three-month extension for the Highway Trust Fund. The House had previously approved The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (H. R. 3236). The bill extends highway funding for 3 months and is the 34th short-term extension of the Highway Trust Fund. 8211; Comprehensive reporting requirements will lead to more accurate home interest deductions.
