The estate planning landscape radically changed when the Tax Relief Act of 2010 authorized estates of decedents dying after 2010 to elect to transfer any unused exclusion to the surviving spouse and when the act drastically raised the exclusion amount … read more
The IRA is often overlooked when individuals meet with an attorney for estate planning. Perhaps this is because the IRA owners fill out the beneficiary designation form themselves and they believe they are capable of completing it on their own. … read more
Are you eligible? This is the first hurdle when considering whether to convert your IRA to a Roth IRA. Before 2010, Roth conversions were limited to those individuals with modified adjusted gross income of $100,000 or less. In 2010, the … read more
Are you a third year law student currently going through the interview process for a position after law school? The interview process can be time consuming, and nerve- wracking at times. During fall semester when I was finishing up my … read more
It is a special year for Individual Retirement Accounts (IRAs). In 2010 any individual, regardless of their income level, can elect to convert a regular IRA to a Roth IRA. While many people are contemplating whether or not to do … read more
The Economic Growth and Tax Relief Reconciliation Act of 2001 (2001 Act) repealed the estate tax and the generation-skipping transfer (GST) tax for estates of individuals dying in 2010. To comply with budgetary rules, the 2001 Act contained a so-called … read more
Taxes play a part in just about everything we do or considering doing. Succession planning is no different and there are a multitude of techniques that are used to save taxes and to help one accomplish some of the family’s … read more
In 2001, as part of the Economic Growth and Tax Relief Reconciliation Act of 2001, Congress repealed the estate and generation skipping transfer tax effective for persons dying in 2010. However, after this one-year repeal the taxes are scheduled to … read more
Even if your children are now grown with families of their own, I’ll bet that you can remember scenes of passionate sibling rivalry during their younger years. In some families the rivalry dissolves as the children age and mature, but … 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, LLP 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!
- Temporary Regulations Provide Guidance on Form 5471
- New Like-Kind Exchange Reporting Required for California (IRC 1031)
- Survey Suggests Taxpayers are Overconfident in Their Tax Prep Skills
- Timing Rules for SEPs and SIMPLE-IRAs Part II
- Timing Rules for SEPs and SIMPLE-IRAs Part I
- Are You an Identity Theft Victim?
- Supreme Court Decides Severance Pay is Subject to FICA Tax
- Mamma Mia! Who Can Deduct That?
- IRS Releases New Requirements to Claim the Earned Income Tax Credit
- AMT Facts with Exemption Amounts Updated