The recent tax bill passed by Congress and signed by the President is generally being referred to as the Tax Cuts and Jobs Act of 2017 and makes some sweeping changes in income tax laws. The intent of this post is simply to educate you on one broadly touted change in the tax law that…
Author: James V. Roberts
More on New Tax Act
This is another letter to update you on an aspect of the new tax act. This one deals with the new limitations on deductions for state and local taxes, and, in particular, property taxes. This is not intended as legal advice for your particular situation, so please consult your tax advisor ASAP. Much has been…
Tax Cuts and Jobs Acts of 2017
The recent tax bill passed by Congress and signed by the President is generally being referred to as the Tax Cuts and Jobs Act of 2017 and makes some sweeping changes in income tax laws. The intent of this letter is simply to educate you on one aspect of its impact on charitable giving (this…
Merry Christmas!
The year has gone by so quickly! Now we are in the middle of the holidays and the end of 2017 is just a couple of weeks away. For me and my family, this is the Christmas season during which we celebrate the birth of Jesus. If you too are celebrating Christmas, we wish you…
Thank You, Veterans
At 7:55 AM (11:55 AM Dallas time), on December 7, 1941, Japanese planes attacked the US at Pearl Harbor. Over the next few years, an epic struggle ensued, and our freedoms here were protected by the men and women of America’s armed forces. Fewer than ten percent of those who served then are still with…
Election to Board of Governors of the Dallas Estate Planning Council
Glast, Phillips & Murray, PC is pleased to announce that James V. “Jim” Roberts has been elected to a two-year term on the Board of Governors of the Dallas Estate Planning Council 2016-2018 Jim is Board Certified in Estate Planning and Probate Law by the Texas Board of Legal Specialization, and has been honored by…
Deducting Business Expenses – Factors to Consider
Getting the IRS to approve your business deductions is not always easy and sometimes you have to take them to court. An interesting case was decided by the US Tax Court and the opinion released on April 20, 2016 in Amy Ndiaye Delia v. Commissioner of Internal Revenue, T.C. Memo 2016-17. It’s a fun case…
Woelbing Settled
Adam Wiensch, one of the attorneys representing the taxpayer in the Woelbing case, reported that the IRS has settled. In that case, Mr. and Mrs. Woelbing had created an insurance trust which held policies with a cash value of $1.6 million. The Woelbings sold $59 million of stock in Carma Laboratories (Carmex lip balm, etc.)…
Deadline Extended AGAIN for Basis Reporting
Once again, the Treasury and the IRS have delayed the filing deadline for Form 8971 now required under 26 USC 6035 (along with 26 USC 1014(f)), new provisions enacted under the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. Those new provisions require “basis consistency” between what is reported on a decedent’s…
Deadline Extended for Basis Reporting
Under the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, signed into law on July 31, 2015, Congress enacted new provisions requiring “basis consistency” between what is reported on a decedent’s federal estate tax return and what the beneficiaries of the estate can use as their cost basis for assets inherited from…