Category Estates & Trusts

8
Jul

The NYSE Shut Down… and It Was a Big Non-Event

Late this morning, the NYSE shut down due to an IT malfunction. The SEC, FBI, the Treasury Department, and the White House have released statements indicating that this was not an act of cyber terrorism. All of the agencies continue to monitor the situation. The glitch was solely due to an internal malfunction of the …

30
Jan

Who is MyRA and why is Everyone Talking about Her?

In his recent State of the Union Address, President Obama introduced America to MyRA (or, “My Retirement Account”) for people who lack employer-sponsored retirement plans. He signed a presidential memorandum in Pennsylvania to make America’s new Savings Sweetheart official. The concept behind a MyRA is relatively simple: Taxpayers can sock away up to $15,000 into …

1
Oct

IRS Offices, Call Centers Closed… Taxpayer Requirements Unaffected

The IRS offices and call centers are closed! But don’t get excited yet… it’s not going to be a tax holiday. If you call the IRS, you’ll hear the following greeting: “Due to the current budget situation, all IRS offices are closed. We will resume normal operations as soon as possible. All tax payment and …

27
Jun

U.S. Supreme Court Changes the Tax Game for Same-Sex Married Couples

Earlier Wednesday, in United States v. Windsor, the U.S. Supreme Court overturned the Defense of Marriage Act (DOMA) in a 5-4 vote led by Justice Kennedy who was joined by the four liberal members: Justices Ginsburg, Breyer, Sotomayor, and Kagan, affecting the potential tax situation in which same-sex couples will find themselves.  The ruling can …

4
Jan

Fiscal Cliff Tax Webinar

Congress has acted to avert the Fiscal Cliff by passing the American Taxpayer Relief Act, but the result is a tax increase for nearly 80% of all Americans and a confusing mess of tax brackets for income, investment income, capital gain and dividend income, in addition to complications due to new limits and phase outs …

2
Jan

Fiscal Cliff Deal Reached

Late at night on New Years day, Congress voted to approve the Fiscal Cliff deal worked out by the Senate late the night before.  In a last minute vote, Republicans were able to add enough votes to pass the bill and send it on to the President.  The result of the deal is an extension …

8
Nov

GunnChamberlain, PL Merger News

In an effort to provide you with the best and most comprehensive services, Chamberlain & Associates, PA has merged with Gunn and Company, PA to form GunnChamberlain, PL.  Our new contact information is as follows: GunnChamberlain, PL 4350 Pablo Professional Court, Suite 200 Jacksonville, FL 32224 p: 904-296-2024   f: 904-296-0054 You can also reach …

13
Jul

What To Do If You Are Audited

Have you received a notice from the IRS telling you that your tax return has been selected for examination? Selection for examination means that you are being audited by the IRS.  Here’s what to do if you are audited. If your tax return is selected for examination by the IRS, you may receive the audit …

26
Jan

2011 & 2012 Estate Planning Opportunities

The Tax Relief, Unemployment Insurance Re-authorization, and Job Creation Act of 2010 provided much needed direction in the area of U.S. estate tax law. This act, which had lawmakers on both sides of the isle compromising and defending themselves to constituents, has provided a window into some of the most exciting estate planning opportunities in …

17
Dec

Tax Compromise Bill Passes!

The tax compromise bill passes! After the House defeated an amendment to remove the Estate Tax fix and an all nighter of debate, they passed the original Senate bill 277-148.  What are the implications?  Tax rates will not go up for anyone until 2013.  The Estate Tax will have an exemption of $5 million starting …

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