Estate Trust & Gift
The IRS has had a major change of heart that is good for taxpayers. They recently issued Revenue Procedure 2016-47 which established a “self-certification” procedure enabling a taxpayer to complete a retirement plan rollover (despite missing the 60-day deadline) by … read more
Think about the number of online accounts you have. There are social media accounts, financial accounts, e-mail accounts, cloud storage accounts, membership or professional accounts, music accounts and many others. Online accounts require less physical storage space, allow the user … read more
Part 2 discusses additional tax and non-tax reasons why putting your personal residence in an irrevocable trust (that is not a QPRT) is bad planning. Loss of basis step up on death ~ Since Arizona is a community property state, … read more
Do you remember the old commercials for V-8 juice where the man or woman would hit himself/herself on the head and say, “What was I thinking? I could have had a V-8!” That expression came to mind as I was … read more
In the past, beneficiaries who sold inherited assets may have reported different (higher) values of assets than what was originally reported on the estate tax return. To stop this, the IRS issued proposed and temporary regulations that now require a … read more
An executor who is required to file a federal estate tax return (Form 706) is also required to file the new Form 8971, Information Regarding Beneficiaries Acquiring Property from a Decedent, with the IRS to report the final value of … read more
On August 2, 2016 the U.S government proposed making it harder for wealthy business owners to transfer assets to heirs without paying estate and gift taxes. The Treasury Department’s plan would place new limits on a common tactic used to … read more
Back in 1916, Congress wanted to boost U.S. revenues in case America joined in on World War I in Europe. Lawmakers voted for a new tax on a person’s assets at death, which we now call the Estate Tax aka … read more
Prince Rogers Nelson, American singer, songwriter, and actor, passed away on April 21, 2016. Cities, social media, and fans showed their support and solidarity in a sea of purple. Prince resided in Minnesota at the time of his death. As … read more
Generally, miscellaneous itemized deductions may be deducted to the extent they exceed 2% of adjusted gross income (AGI). Miscellaneous itemized deductions can include tax preparation fees, investment fees, estate planning legal fees, and safe deposit box charges, to name a … read more
There is nothing more complex than the world of taxes. We know this and yet we chose careers where we face these issues everyday. We get questions day in and day out about new tax laws, forms and news items and how they affect everyday people and businesses. Well, here at Henry & Horne we have set out to do what we do best; help everyday people understand what is going on in the world of state, local, federal, estate and international taxation. We will provide these weekly posts and we encourage you to give us feedback on those posts as well as letting us know what else you would like to know more about. Welcome to "Tax Insights." We hope you find this blog informative and worthy of your time.
Before posting a comment on a blog post please be aware that we do not give free tax advice to non-clients by email, comment response, or phone. Thank you!
- Surviving Recruiting: Land the Job and Keep Your Sanity
- Government Forgives Certain Student Loan Debts
- An Easier, Cheaper 60 Day Rollover Waiver
- Hardship Distributions
- Transfer Pricing, IRC 482 and Control
- Taking on the Tax Court – What Happened to Bruno?
- Sales Tax Audits
- Fiduciary Access to Digital Assets and Accounts
- When You Sell Your Home Impacts Your Taxes
- Irrevocable Trust v QPRT: Part II