The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act which was signed into law in 2010 increased the amounts of the estate, gift and generation skipping tax exemptions and, at the same time, lowered the tax rates for each of these taxes. However, unless Congress takes some action before the end of the year,… Continue reading →
gift tax
IRS Tax Debt – Avoid a Tax Liability When Helping Friends or Relatives
With credit so tight and banks unwilling to loan to small businesses and individuals, more and more family members are faced with the difficult decision of how or when to help out. Once you decide to lend a hand, you have to consider the potential tax implications. You ask yourself would it be better to… Continue reading →
New York Yankee Fan Catches Jeter’s Ball and Gets Hit With Gift Tax
On Saturday, July 9, 2011, Derek Jeter achieved his 3,000th hit at Yankee Stadium. It was even a home run and one lucky fan caught the ball—a six dollar item now worth hundreds of thousands. The fan, Christian Lopez, uncharacteristically returned the ball to Jeter. His unselfish gesture was rewarded with a luxury suite for… Continue reading →
