Trustees interested in managing the tax burden of a complex trust should be familiar with the 663(b) election, also known as the “65 Day Rule”. Making this election can often help to lower the overall tax burden of the trust … read more
Did you know that if a child receives investment income they are required to file a federal tax return for 2012? If a child cannot file his or her own tax return for any reason, such as age, the child’s … read more
I’d like to think I don’t eavesdrop drop on other peoples conversations but when the diner next to me exclaimed “I can’t be the fiduciary of that trust-I’m a beneficiary”, my interest was immediately peaked. As much as I wanted … read more
What is a qualified personal residence trust? A qualified personal residence trust, also known as QPRT, is a good estate planning technique to transfer your personal residence from one generation to the next. The QPRT is an irrevocable trust and … read more
Severe penalties to the tune of $10,000 and up as well as unclear requirements have prompted additional guidance on foreign bank account reporting. Proposed regulations were issued on February 26, 2010, but won’t go into effect until they are finalized. … read more
Beginning January 1, 2011, paid tax return preparers who prepare income tax returns for individuals, trusts and estates, such as Forms 1040, 1040A, 1040EZ, and Form 1041, and who reasonably expect to file 100 or more of these income tax … read more
Initial Stages:Depending on where you are in the process, deciding to purchase a second foreign property usually evolves something like this: One year you decide to rent a house in a quaint seaside village. Several years go by and you … 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 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.
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