Tax Court concludes that taxpayer recognized taxable income on the surrender of his life insurance policy when the insurance company applied the policy’s maturity value to the outstanding balance of his policy loans.
Nathan Moccia, shareholder of Rack & Moccia P.C., will conduct a national teleconference for the National Business Institute on Tuesday April 30, 2013, titled “Estate Planning Basics”
On January 1, 2013, Congress passed the American Taxpayer Relief Act (“2012 Taxpayer Relief Act”), which the President has vowed to sign as soon as it is ready for his signature. The 2012 Taxpayer Relief Act will prevent many of the tax hikes scheduled to go into effect this year and retain many favorable tax … Continued
Treasury has answered a letter from Democratic Representatives voicing suspicions that the contribution limits for tax-deferred retirement accounts are being avoided by undervaluing the contributed assets. Treasury highlighted the IRS’s enforcement efforts, opined that current tax rules provide little incentive to shift investment gains to IRAs and SEP-IRAs by using undervalued assets, and highlighted current … Continued
On appeal, the court reversed a lower court ruling by determining that the caregiver child exemption for the transfer of a house still applied because the Medicaid applicant’s attorney-in-fact transferred the house, not the Medicaid applicant himself.
A U.S. Court of Appeals held that a nursing home patient was not entitled to coverage from her health insurance plan for her nursing home stay because she received primarily custodial care, not skilled nursing services.
Nathan Moccia Shareholder of Rack & Moccia, P.C., will conduct a national teleconference for the National Business Institute on Wednesday August 1, 2012, titled “Estate Planning for Blended Families”.
A U.S. district court rules that a Medicaid applicant whose son gave him a promissory note in exchange for rental property had excess resources.
The 2010 Patient Protection and Affordable Care Act, which the Supreme Court largely declared constitutional last month, contains several new taxes. Among the most significant is the new 3.8% Medicare surtax on investment income which takes effect January 1, 2013.
IRS has issued long-awaited temporary and proposed regulations providing guidance on the requirements for electing portability of a deceased spousal unused exclusion amount (“DSUEA”) to the surviving spouse, and on the rules for the surviving spouse’s use of this DSUEA.