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TAX LAW NEWS - TAX LITIGATION
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The United States Congress passed and President Obama signed into law on December 17, 2010 the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.
Included in this act were significant changes to existing estate tax law.
This law is effective until Dec. 31, 2012. Estate and business succession planning requires thinking many years into [...]
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The National Pork Producers Council today urged Congress to fix the estate tax law saying U.S. pork producers and other farmers deserve more for their hard work than to be “taxed in death, to death.” NPPC joined nine other agricultural organizations calling on Congress to act on estate-tax reform before current exemptions expire at the [...]
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In 2001, the Federal Government passed the Economic Growth and Tax Relief Reconciliation Act.
It provided for the gradual increase of your federal estate tax exemption amount from $675,000 in 2001 to $3.5 million in 2009, and a decrease of the tax rate for remaining assets above the exemption amount subject to federal estate tax from [...]
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While Congress dilly dallies, the states are racing to come to the aid of families whose estate plans have been thrown into disarray by the Jan. 1 lapse of the federal estate tax. That lapse could, among other things, lead to the unintended disinheritance of spouses, which could in turn lead to expensive legal fights [...]
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The expiration of the estate tax at the beginning of the year, and the threat of it returning with a vengeance in 2011 at a 55 percent rate for estates over $1 million, is giving estate planners fits.
Senate Finance Committee Chairman Max Baucus, D-Mont., had attempted to get at least a temporary extension in place [...]
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NCBA leaders are disappointed the U.S. House ignored repeated calls for estate tax reform by passing a bill that permanently extends the tax at 2009 levels. According to NCBA President Gary Voogt, a cattleman from Michigan , by keeping the current flawed law in place, representatives have done America ’s family farmers, ranchers and small [...]
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Job creation will probably have to wait until next year but the House is determined to extend the estate tax break permanently before leaving for the holidays, Majority Leader Steny Hoyer (D-Md.) told reporters Tuesday.
House Democrats also want to see an extension on unemployment insurance signed into law by Christmas, Hoyer said during his weekly [...]
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With Congress facing a deadline to act on the estate or inheritance tax, which taxes property as it passes from one generation to the next, farmers, ranchers and others who participated in an online discussion of the issue last week stressed the need to support the Family Farm Preservation Estate Tax Act.
H.R. 3524, introduced by [...]
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Scheduled for Oct. 27, people will have an opportunity to discuss how farm families deal with the federal estate tax on Twitter’s #AgChat, a live, online chat where agriculturists and others discuss issues important to agriculture. The online discussion happens every Tuesday from 5 p.m. to 7 p.m.
The purpose of the Oct. 27 #AgChat will [...]
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Connecticut residents will no longer have to flee to Florida to avoid the Connecticut estate tax because of a new law enacted Sept. 8 (House Bill 6802).
Beginning with deaths occurring on or after Jan. 1, 2010, estates (and gifts) of as much as $3.5 million will be exempt from Connecticut estate (and gift) tax. That [...]
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