Basis Consistency Reporting by Estates – Extension Deadline Approaching!
IRS issues Notice 2016-27, giving estate executors until the end of this month, June 30—to meet a new reporting obligation on estate basis consistency. “The Treasury Department and the IRS have received numerous comments that executors and other persons have not had sufficient time to adopt the systemic changes that would enable the filing of an accurate and complete Form 8971 and Schedule A,” the IRS says. See Notice 2016-27, 2016-15 IRB 362. The IRS stated that it has received many comments that executors, among others, have not had sufficient time to, “adopt the systemic changes that would enable the filing of an accurate and complete Form 8971 and Schedule A.” Therefore, the IRS added, statements required under §6035(a)(1) and §6035(a)(2) to be filed with the IRS or furnished to a beneficiary before June 30, 2016, do not need to be filed with the IRS and furnished to a beneficiary until June 30, 2016.Continue reading
Are you planning on making charitable donations before the end of the year? The IRS reminds us that you must itemize deductions on your tax return to claim a deduction for these gifts. In addition, the following five tips can help make those year-end charitable gifts count.
Tip #1 – Give to a Qualified Charity. Only gifts to a “qualified charity” are deductible on your income tax return. The IRS offers a handy website, the Select Check tool, to determine whether your favorite organizations are qualified. You can also deduct donations made to churches, synagogues, temples, mosques, and government agencies even if they are not listed in the Select Check database.Continue reading
While approximately 10,000 cases are appealed to the U.S. Supreme Court each year, only 75 to 80 make it to oral argument. Of those cases, only a handful grab the media’s attention. Below is a summary of three landmark decisions handed down in 2015 that could affect how you are taxed, pay for healthcare, and plan your estate.Continue reading