Attorneys for the Rich Anxiously Await Trump’s Plan for Estate Tax
Chances are most people will never have to worry about paying a federal estate tax, since the value of most people’s estates don’t exceed $5.34 million. However, if president Trump has his way, not even the very few taxpayers that would have otherwise been affected by this law, will have to worry about it either.
Some of the nation’s wealthiest taxpayers, the roughly 5,000 people affected by the federal estate tax are excited to hear of Trump’s plan to eliminate this tax completely. In addition, several attorneys who represent this group of taxpayers are waiting to see what happens. That’s because with change comes many dominos, like filing new paperwork and other documents to make those changes legal and binding.
Other attorneys who represent wealthy clients expect to see other taxes on the wealthy even if the estate tax is repealed. As one attorney noted, “there will always be taxes on high-net worth individuals.” Plus, even if the estate tax is repealed, the wealthy could still get hit by high taxes upon death in other ways, such as paying capital gains tax on appreciated property.
Meantime, Trump has not stated how his plan would or would not affect the gift tax, which also plays an important role in estate planning. In any case, if the estate tax is repealed, the Tax Foundation estimates that it would cost the government about $240 billion over the next decade. It might still be too soon to know the exact effects of eliminating the estate tax, but those changes could be coming soon.
http://www.americanlawyer.com/id=1202775297806/Lawyers-for-the-Wealthy-Await-Trumps-Estate-Tax-Plan?slreturn=20170010133322
Believe it or Not, So Far the IRS Is Refunding More Money This Year
It’s a rarity that anyone ever has anything good to say about the IRS; just as it’s a rarity that the federal tax agency has good news for taxpayers. However, according to recent reports, the IRS does have some very good news to share in regards to tax returns so far in 2015. While earlier…
IRS Guilty of Questionable Hiring and Rehiring Practices
How confident are you that the IRS is going to handle your tax return properly? Even if you’ve already filed, this latest news could affect you. According to new reports, the IRS apparently used some questionable hiring practices as it prepared to begin reviewing the roughly 150 million individual tax returns it expected to receive…
Tax Season Got You Down? Blame Obamacare
What do you hate the most about taxes? Is it the simple fact that you have to file them? Is it the fear of being chosen for an audit? Is it all the confusing changes on tax laws and policies that drive you nuts? There are a lot of reasons people hate dealing with taxes,…
Have a Tax Issue With the IRS? You Could Always Take Them to Court
What would you do if the IRS makes a decision you don’t agree with? For example, let’s say you file a tax return and send it in expecting to receive a refund of $1,500. However, a few weeks later, instead of receiving your refund, you get a letter in the mail informing you that you…