IRS: No More Estate Tax Closing Letters…Unless You Ask

On the IRS.gov website, the IRS announced that for estate tax returns (Form 706) filed on or after June 1, 2015, estate tax closing letters will be issued only upon request by the taxpayer. Historically, the IRS’s “Frequently Asked Questions on Estate Taxes” website has provided that personal representatives can expect a closing letter to …

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Mom and Dad, help! I want to buy a house!

You’ve finished college, landed a great job, and have identified the perfect starter home. But as you examine your finances, you find you do not have sufficient funds in your bank account to buy a house, and with a minimum down payment, your monthly take home pay is a bit too low to cover the …

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Here We Go Again – The Death Tax Repeal Act of 2015

Is there a possibility the current estate tax will be repealed? This is a debate we have heard over and over again over the past several years, and as we head into the race for the White House, we are bound to continue to hear the pros and the cons for Estate Tax Reform. Co-sponsor …

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The Benefits of an Estate Plan for Your College-Age Children

Have children around the age of 18? There is one thing you are probably unaware of that could save you thousands of dollars and a headache. Once individuals reach the age of majority—18 in most states—their parents are no longer entitled to see their medical and financial records and make decisions on their behalf. As …

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Going to the Chapel… Wedding Tax Tips

Planning that big wedding this summer? While taxes may not be high on your list of things to do before you walk down the aisle, be aware of the tax issues that come along with your marriage. Name change: The name and Social Security number on your tax return must match your Social Security Administration …

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Inherited IRAs … no 60 day rollover window!

Individual Retirement Accounts (IRAs) have many rules, and the penalties for failing to follow the rules can be painful. The taxpayer Elizabeth Beech found this out the hard way with her inherited IRA. Elizabeth Beech inherited an IRA from her deceased mother. In 2008, Ms. Beech took a $35,348 distribution from the IRA. She took …

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