Philadelphia, PA
Probate Lawyer at Philadelphia, PA
Practice Areas: Probate, Estate Planning, Tax
TRUST MUST BE VALID The trust must be valid under the laws of the state in which it is created. MUST BE IRREVOCABLE OR WILL BECOME IRREVOCABLE The trust must be irrevocable or will become irrevocable...
See Full GuideALL TAX RETURN PREPARERS ARE IMPACTED All paid tax return preparers who “prepare all or substantially all of a tax return” are required to obtain a PTIN. NEW RULES APPLY TO THOSE WHO CURRENTLY HAVE A...
See Full GuideThe American Recovery and Reinvestment Tax Act of 2009 (ARRTA) is loaded with various tax incentives for individuals for 2009 and 2010. Among the individual tax breaks in the new law are incentives for...
See Full GuideCIRCUMSTANCES NOT ANTICIPATED This first test reqiures a showing that there are now circumstances that exist that were not anticipated by teh settlor of the trust. FURTHER PURPOSES OF TRUST This seco...
See Full GuideTHE PERSONAL REPRESENTATIVE The personal representative of the decedent's estate. The return must disclose property of the decedent administered by the personal representative and additional propert...
See Full GuideINVENTORY Taxpayers that are required to use inventories must report on the accrual basis. , So since you are not subject to accrual under these exceptions then you are free to report on the cash bas...
See Full GuideINTEREST DEDUCTION IS LIMITED TO NET INVESTMENT INCOME Your investment interest deduction is limited to your net investment income. Net investment income is generally taxable interest, non-qualified...
See Full GuideUS GOVERNMENT BONDS Taxable on federal returns but usually exempt from state and local taxes. STATE AND LOCAL BONDS Not taxable at the federal level. Interest from bonds issued in your home state is...
See Full GuideWORKERS COMPENSATION Compensation received under a workers compensation act for personal injuries are exempt from tax under Section 104(a)(1) of the Internal Revenue Code. A POLICY OF ACCIDENT AND HE...
See Full GuideREVOCABLE TRUSTS AND PAYABLE ON DEATH Totten trusts are payable on death but are considered to be informal revocable trusts until death of the depositor. SET UP BY BANK SIGNATURE CARD DESIGNATING BEN...
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