Wednesday, July 06, 2011 New IRS Mileage Rates
An article in Forbes Magazine explains the new IRS mileage rates. They went up and will give many of us a bigger income tax deduction.. Some employers will pay more to employees who use their own cars for employer business, but that increase is not required.
The rate for a tax deduction when you use your car for charitable purposes did not increase. That rate hasn't been changed by Congress since 1998. For all the details, check http://blogs.forbes.com/kellyphillipserb/2011/07/05/midyear-mileage-rate-changes-offer-relief-likely-to-cause-confusion/.. Thursday, June 23, 2011 Confidential Communications
Recently, we had communication with a client about her foreign bank accounts. Can the IRS ask us to reveal what the client told us? The US Constitution allows you to refuse to testify against yourself, but what about a subpoena directed to your professional advisors? A recent article of interest discussed this issue and we thought it made for good reading.
http://blogs.forbes.com/robertwood/2011/06/21/can-irs-force-your-accountant-to-talk/#
In summary, the attorney/client confidentiality rules remain strong. Discussions with other advisors are likely not protected unless the attorney hires that advisor for the client. Sunday, April 11, 2010 Estate Tax Update
The American Society ofChartered Life Underrighters has published an interesting update on this topic of considerable interest to some of our clients:
Several factors continue to shape the outcome of the estate tax. Among these factors are: (1) a packed congressional schedule, (2) a focus on deficit reduction, and (3) the upcoming mid-term elections. These factors, in addition to the unanswered question of how Congress will address the expiring 2001 and 2003 tax cuts, and whether reconciliation instructions will be written into the budget process for a tax bill, have continued to delay the decision on the estate tax. AALU has visited with 34 Senate offices over the last five weeks and this bill presents an analysis of the current environment. At this juncture, the House and Administration support $3.5 million exemption and 45% top rate. However, uncertainty remains in the Senate, where neither those who advocate for permanent reform at $3.5 million exemption and a 45% rate, nor those who advocate for reform at a $5 million exemption and 35% rate currently have the 60 votes needed for passage.
To view the entire report, click on this link:
http://images.magnetmail.net/images/clients/AALU/attach/10_37.pdf |