Category Archives: Uncategorized

The Internal Revenue Service announced today the tax benefits that will be adjusted for inflation in 2012. Details on these inflation adjustments are in Revenue Procedure 2011-52 which will be published in Internal Revenue Bulletin 2011-45 on November 7, 2011. … Continue reading →

The Internal Revenue Service last week released Form 8939 (Allocation of Increase in Basis for Property Acquired From a Decedent) and the related instructions. This form and the circumstances surrounding its release were discussed in my posts of September 2 … Continue reading →

The Internal Revenue Service issued new and favorable guidance today on the tax treatment of cellular telephones or other similar telecommunications equipment (hereinafter collectively “cell phones”) that employers provide to their employees (Notice 2011-72). The Service has finally recognized that … Continue reading →

As a further update to my post below dated September 2, the Internal Revenue Service on September 13 extended the due dates of certain forms for estates of decedents who died in calendar year 2010. Because of late 2010 enactment … Continue reading →

In an April 4 post, this blog briefly reported on the change in estate tax reporting rules for 2010. Readers unfamiliar with this issue should refer to that post below for background. This post will update and correct the April … Continue reading →

Whether you’re a recent graduate going to college for the first time, a returning student, or the parent of a student, school begins soon and payment deadlines for tuition and other fees are not far behind. The Internal Revenue Service … Continue reading →

Like you, I was appalled at Congressional behavior over the past several weeks. We shouldn’t have been surprised, however. Congress has behaved this way for the past two years. Although we finally got legislation that purports to reduce the federal … Continue reading →

The Internal Revenue Service recently announced that it is revising the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, or moving expense purposes and for determining the reimbursed amount of these expenses … Continue reading →

Executors of estates of persons dying in 2010 are faced with somewhat of a reporting dilemma. For most of 2010, we thought that there was no estate or gift tax for the year. In late 2010, however, Congress reinstated these … Continue reading →

The Internal Revenue Service continues to be very concerned with unreported offshore banking and investment accounts. To this end, the Service announced yesterday a special voluntary disclosure initiative designed to bring offshore money back into the US tax system and … Continue reading →