Archive for Tax Code

Tax Incentives for Property Owners

Accountants and tax advisors preparing tax returns for the following types of taxpayers should look at the recent tax incentives below and consider utilizing these incentives on the 2009 tax return or amending prior year returns to claim these incentives:
Multi-Family Residential Developers & Homebuilders
IRC 45L – Allows for a $2,000 tax credit per qualified apartment, [...]

New Revenue Procedure on Qualified Intermediary Bankruptcy

The Internal Revenue Service has released Revenue Procedure 2010-14 in which it provides guidance and a safe harbor for reporting capital gains and losses arising out of certain failed or incomplete tax deferred exchange transactions. The Procedure covers situations in which the taxpayer’s failure to complete the exchange resulted from the failure of the taxpayer’s [...]

Unique Estate Tax Issues Possible in 2010

Beginning January 1, 2010, the 45% estate tax on estates over $3.5 million for individuals or $7 million for married couples is eliminated (temporarily). However, the estate tax returns in 2011 — at a higher 55% tax rate and applied to even smaller estates.
NO ESTATE TAXES IN 2010 BUT HIGHER CAPITAL GAIN TAX CONSEQUENCES
Along [...]

Estate Wise Planning February 2010

2010 Transfer Tax Update
Reporting Large Transfers at Death: For estates of decedents dying after December 31, 2009, and before January 1, 2011, the federal estate tax is repealed. Accordingly, no United States Estate (and Generation-Skipping Transfer) Tax Return (“Form 706”) will be required for estates of decedents dying during that period. Does this mean, then, [...]

ESTATE WISE PLANNING with Doug H. Moy

Knowledge promotes understanding . . . understanding breeds creativity. . . .
By: Doug H. Moy
Consulting Specialist in Estate and Gift Taxation and Planning Member, National Association of Tax Professionals (NATP)
2010 Transfer Tax Update
In view of the unprecedented confusion brought about in the waning hours of the 1st Session of the 101st Congress, this issue of [...]

The Internal Revenue Tax Code – Section 1031 – “The Tax Deferred Exchange”

Abe Lincoln reportedly stated “A person who represents himself has a fool for a client”
Nelsonian Theory would agree with that concept.                                                                                                                                    However, it is wise to be well informed on critical technical subjects so that you can detect potential flaws and lapses in understanding of those who act on your behalf.
That being said… here is the Internal Revenue Code – [...]


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