Archive for Estate – Tax
H&A Successful in another Estate Tax Audit
H&A has again successfully settled an estate tax audit. In this case, the IRS confronted the Estate with an additional assessment of nearly $2.4 million dollars in estate taxes. The IRS assessment was based largely on three issues. First, the IRS argued that an LLC created prior to death should be included in the estate under IRC [...]
2011 Year End Tax Letter
December 7, 2011 Dear Tax Clients: As the 2011 tax year comes to a close, now is the time to review your financial situation and determine what tax planning opportunities exist to decrease your 2011 taxes. We are ready to help you plan efficiently and effectively for 2011 and future years. Individual Income Tax While [...]
Rumor Has it…Possible Reduction in Gift Tax Exclusion Amount
http://www.forbes.com/sites/peterjreilly/2011/11/09/reduction-in-gift-tax-exclusion-may-have-a-november-23-effective-date/
Deadline: Act Quickly to Take Advantage of Tax Savings
Direct your Georgia income tax dollars to private elementary and high schools (receive dollar for dollar tax credit for amounts contributed to charity) and still get a federal tax deduction to save more federal tax. If you itemize, this is a “no brainer”! Georgia Statute 48-7-29.16 establishes an income tax credit for taxpayer funds used [...]
Estate Planning Awareness Week, October 17-23, 2011
Hoffman & Associates, Attorneys-at-Law, LLC joins its Colleagues in Promoting National Estate Planning Awareness Week, October 17-23, 2011 According to a 2010 industry trends survey of estate planners, nearly 70% of the respondents indicated that Americans fail to plan because they lack awareness as to why they should. Hoffman & Associates is passionate about building [...]
Beneficiary Designation Forms
This is a reminder to clients of the importance of executing designated beneficiary forms for your retirement plan accounts. If no designated beneficiary form is executed, the plan administrator will determine who receives the death benefit based on the plan document, which often names the spouse, or, if none, then the estate of the participant [...]
Planificación Patrimonial Una Necesidad para los Pequeños Negocios
A lo contrario de muchos aspectos de sus empresas, los propietarios de pequeñas compañías tienden a pasar por alto la planificación de patrimonio a pesar de las recomendaciones de expertos. “[La planificación] no es tan común como debería ser”, dijo Michael Hoffman, fundador del Hoffman & Associates, Attorney-at-Law, LLC. Hoffman le pregunta a clientes [...]
Summer 2011 Status Wealth Transfer Taxes
SUMMER 2011 STATUS WEALTH TRANSFER TAXES The 2010 Compromise Act changes everything in the estate planning area. The $5,000,000 exclusion level was adopted for 2011 and 2012. The last time Congress reduced an exclusion was in 1936, and only once before that, in 1932. It is estimated that the estate tax will now only apply [...]
55K IRS Penalty Abatement
H&A recently obtained an abatement of $55k of late filing and late payment penalties owed by a taxpayer. The penalties were assessed for tax years 2006 and 2007, and the taxes were not paid until 2010. We cannot guaranty abatement of penalties, and success or failure of any request for abatement of penalties depends on the facts and circumstances of each individual case. [...]
56K Penalty Abatement
H&A has again successfully obtained an abatement of penalties. In this case, the client was assessed penalties for late payment of taxes. The CPA filed a request for abatement, which was denied by the IRS. On appeal of the denial of the abatement request, H&A was able to obtain an abatement of 6 months worth of penalties in [...]