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Articles

Beneficiary and Fiduciary Liability for Income, Gift and Estate Taxes

Submitted By: Marc J. Soss On: Oct 28^th 2009

Category: Fiduciary, Estate Planning

It can be either a blessing or a curse to be appointed as the Personal Representative of an estate or Trustee of a trust (collectively a “Fiduciary”). One of the most over looked aspects of the job...

Roth IRA Conversion: Opportunities for 2010 and Beyond

Submitted By: Marc J. Soss On: Oct 26^th 2009

Category: IRA Planning, United States, estateplanninglawfirms.com

January 1, 2010 opens a new window of opportunity for taxpayers to convert an existing Individual Retirement Account (IRA) to a Roth IRA. The conversion can be made without regard to the taxpayer’s annual income or marital...

The Bicycle Commuter Act

Submitted By: Marc J. Soss On: Oct 7^th 2009

Category: Tax Basics, United States, taxationlawfirms.com

Beginning Jan. 1, 2009, bicycling commuters became eligible for employer reimbursement of workplace transportation costs. Under the “Bicycle Commuter Act” cyclists are provided tax-free fringe benefit status, similar to workers who receive qualified transportation benefits, for utilizing public transit...

Beneficiary and Fiduciary Liability: Part Three

Submitted By: Marc J. Soss On: Aug 31^st 2009

Category: Fiduciary, Estate Planning

Every estate and trust beneficiary (heir, legatee, and devisee) must be appraised of their potential for personal liability for unpaid estate taxes under...

Beneficiary and Fiduciary Liability: Part Two

Submitted By: Marc J. Soss On: Aug 31^st 2009

Category: Fiduciary, Estate Planning

While the IRS may pursue collection of an estate tax deficiency from the beneficiaries, the Fiduciary will only retain a right of subrogation if the IRS elects to pursue collection of the tax def