Taxes punish success. They are a consequence of hard work or, in some cases, ingenuity. Even seemingly common business transactions can trigger this type of punishment, and the consequences can be sizeable. This is especially true when it comes to the Federal estate tax. The tax itself can amount to 40% of the value of……
Tag: Estate & Gift
Gift Tax Return for Wrong Year Starts IRS Statute of Limitations
The IRS receives a vast amount of information, which can make it challenging for them to act on all the information they possess. However, taxpayers have the ability to alert the IRS to potential tax issues and wait for the IRS’s response. The IRS generally cannot ignore information it has received. For example, in the……
Court Recasts Gift of LLC Interests
Real estate has been a great investment. In addition to the potential for appreciation of the property, it may also have the added benefit of producing rental or other income. Real estate can also have income tax advantages. This can help reduce one’s income tax liability during their peak earning years. Many taxpayers buy real……