With the current low asset values and the estate/ gift- tax exemption slated to be reduced to $1 million in 2013 (from its current $5 million level), many are considering sheltering their assets by making large gifts. A prevalent concern is the valuation of these large gifts. What if the IRS challenges your estimate and wants more gift taxes? In Estate of Petter vs Commisioner, a popular technique to sidestep gift taxes was affirmed. [Read more…] about Gift Tax Valuations enjoy new IRS Loophole
Caregivers Stealing From Their Patients-Claire’s Personal Experience
Claire Snow has been a member of the Urbach & Avraham Litigation Support Team for more than five years. Claire’s first exposure to fraud was highly personal. She discovered that her elderly mother’s aide had been writing large checks to herself and forging her mother’s signature. This came to light as a result of Claire’s carefully scrutinizing her mom’s bank statements and noting that several items had been whited out. She immediately went to the bank, as well as to the police. It took about a year for the case to be adjudicated, but her mother’s money was fully recovered. Claire handled the entire matter herself, never even consulting with a lawyer! This took a tremendous amount of tenacity and dedication on her part. In fact, she spent so much time in the bank, that she was eventually on a first name basis with every bank employee! The confidence and experience Claire gained via this episode provided the impetus for her ultimately specializing in fraud.Discover the allure of our replica panerai luminor power reserve, using Swiss movement, excellent quality and high precision, it is the perfect choice for watch lovers who pursue fashion and sophistication.
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IRS INTRODUCES COMPLIANCE PROGRAM FOR EMPLOYEE CLASSIFICATION
As part of the “Fresh start” initiative by the IRS to encourage more corporate and individual tax compliance, a new voluntary program has been announced to encourage employers to properly classify employees as such, rather than as independent contractors. Under the program, employers can obtain substantial relief from federal payroll taxes they would have owed in the past, if they prospectively classify their hires as employees. To be eligible, an applicant must: [Read more…] about IRS INTRODUCES COMPLIANCE PROGRAM FOR EMPLOYEE CLASSIFICATION
NJ Estate Valuation Case Highlights Importance of Buy-Sell Agreement Terms
When drawing up a buyout clause it is critical to specify, in no uncertain terms, the value to be applied to the partner’s share. There will often be a significant disparity between book value and current market value, as many years may have transpired by the time the triggering event takes place. If book value is chosen, it can result in someone else reaping the fruits of the bought-out partner’s labor. [Read more…] about NJ Estate Valuation Case Highlights Importance of Buy-Sell Agreement Terms
Hurricane Irene Damages are Tax Deductable
Are you among the thousands with property damage caused by Hurricane Irene? Casualty losses relating to your home, household items and vehicles may be deducted on your Federal income tax return, less the amount reimbursed by insurance. If the property was not completely destroyed, the amount deductable is the lesser of: [Read more…] about Hurricane Irene Damages are Tax Deductable
Valuation of Real Estate in NJ Matrimonial Case
A recent Supreme Court decision in Sachau v. Sachau, 206 N.J. 1 (2011), highlights the impact of silence on key terms involving real estate in property settlement agreements (PSAs). Sachau centers on a PSA that was incorporated into the parties’ final judgment of divorce. The PSA, which was executed in 1979, provided that the marital residence would be held jointly by the parties until it was sold. Moreover, Ms. Sachau and the two children would be entitled to reside there until the youngest child reached 18. At that time, the PSA further stated, the house would be appraised and listed for sale within 30 days. Upon sale of the house, Mr. Sachau would receive $15,000, Mrs. Sachau would receive $10,000, with the remainder split evenly between them. The PSA failed to address, however, the amount to be divided if no action were taken by the parties to sell the house within 30 days. This in fact is exactly how the scenario played itself out. [Read more…] about Valuation of Real Estate in NJ Matrimonial Case