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Topic: Estate tax

No Easy Answers as Fiscal Cliff Looms

 

Frazier AllenTax increases and automatic spending cuts that take effect in 2013 will increase government revenue and significantly cut the budget deficit. However, that comes at the cost of economic conditions “that will probably be considered a recession.”

That’s the conclusion reached by the nonpartisan Congressional Budget Office (CBO) in a recent report. The report also documents some of the factors and conditions that make addressing the situation so contentious. (Source: Congressional Budget Office , An Update to the Budget and Economic Outlook: Fiscal Years 2012 to 2022, August 2012.) «Read the rest of this article»

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IRS Offers Filing and Penalty Relief for 2010 Estates

 

Basis Form Now Due January 17th
Extension to March Available for Estate Tax Returns
 
Internal Revenue Service - IRSWashington, D.C. – The Internal Revenue Service announced today that large estates of people who died in 2010 will have until early next year to file various required returns and pay any estate taxes due. In addition, the IRS is providing penalty relief to certain beneficiaries of these estates on their 2010 federal income tax returns.
 
This relief is designed to give large estates, normally those over $5 million, more time to comply with key tax law changes enacted late last year. Revised versions of the estate tax forms are now available on www.IRS.gov, and the carryover basis form will be released this fall.

«Read the rest of this article»

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Consumer Reports Money Adviser September Issue

 

What do to when retirement plans go awry
CRMA’s expert advice for unforeseen events including losing your spouse and when you can’t sell your home

Consumer Reports

Yonkers, NY – No matter how carefully you’ve prepared for your retirement, some unforeseen events—such as losing a spouse or not being able to sell your home—could derail your plans. This is a special concern if you’re just a couple of years from retirement, when you don’t have a lot of time to recover from negative setbacks.

Many soon-to-be retirees learned this the hard way during the recession and are struggling with hardships including lost health insurance, trouble paying the mortgage or rent, and having used up all their savings. «Read the rest of this article»

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Write your own Will

 

Consumer Reports Monday Adviser Tests Three Software Programs

Consumer ReportsYonkers, NY – A well-written will is essential, but you don’t necessarily need an attorney to write it. A number of software providers promise to help you draft a legal will for far less than you’d pay a lawyer.

The experts at Consumer Reports Money Adviser tested three electronic offerings: LegalZoom, Rocket Lawyer, and Quicken WillMaker Plus. The result: All three are better than nothing if you have no will. But unless your needs are very simple—say, you want to leave everything to your spouse with no other provisions—none of them is likely to meet your needs. And CRMA found problems with all three. «Read the rest of this article»

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Letter to Editor about recent Op-Ed on Estate Tax

 

IRS logoLetter to the Leaf Chronicle sent Sunday July 9, 2006:

In “Estate Tax Hurts Black Americans” (Leaf Chronicle July 9), Mr. Deroy Murdock quotes a study that showed that 90% of black business owners “believed” the estate tax hindered long term growth prospects. What people ‘believe’ is irrelevant in the tax code, however, it is a convenient way to spin the issue. «Read the rest of this article»

Sections: Politics | 3 Comments
 



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