A form is required for this year (2010) due to the law that phased out the estate-tax (which law “sunsets” on 12/31/10) to get a “step-up” in basis on a portion of the assets of an estate that might otherwise have been subject to the estate-tax. The need for this form was created in 2001…
Annual Gift Tax Exclusion Rises to $13,000
The annual gift tax exclusion will increase from $12,000 to $13,000 effective January 1, 2009, the Internal Revenue Service (IRS) just announced. The gift tax exclusion is the amount the IRS allows a taxpayer to gift to another individual without reporting the gift. This is not a limit on giving, it is a tax filing…
Don’t Mess with the IRS
My mail box is filled with tax reporting documents at this time of year. All of my banks, brokers and employers are sending the IRS information on what I earned last year. I’ll have to file a return and report them all, or be subject to criminal and civil sanctions. Is there any way out…
More Information on the Economic Stimulus Act
The IRS is mailing special information packages regarding the Economic Stimulus Act to the 20.5 million recipients of Social Security or VA benefits who did not file a tax return in 2006. The 10-page package contains everything you will need to file a 2007 tax form. It has an informational notice, tips for completing Form…