Don’t Let Your Nonprofit Be a “Day Late and a Dollar Short” For Failure to File Its Form 990

KYEstates has previously noted that when the mainstream media covers matters of interest to the T&E Community, results can be spotty in quality or usefulness.  Last week, the New York Times published an exception to this rule – a very important article warning that up to 400,000 nonprofit organizations (i.e., up to one-fourth of the nation’s nonprofits) are [...]

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Choice of Residency – Kentucky Home or Sunshine State?

Readers, thank you for your patience. A tax season full of 1065s, 1041s, and 709s reduced posting frequency at KYEstates during the last two weeks. But we have been hard at work on something really good, something we hope will be quite useful. We’re proud to present our KYEstates Florida v. Kentucky residency planning chart. [...]

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Breaking News: The Delta Has Closed

KYEstates has received first-hand eyewitness reports today that after nearly 47 and a half years of operation, The Delta Restaurant and Lounge has closed its doors.  The restaurant was an institution for Louisville’s legal community in general and for the T&E Community in particular.  A notice posted on the door cites the owner’s desire to [...]

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Fisher v. U.S. – Taxpayers Denied Gift Tax Annual Exclusion for Gifts of LLC Interests

We’re never happy to report IRS wins at KYEstates, but if we have to bring you news of taxpayer defeat, we like it when the defeat breaks no new ground in favor of the government. KYEstates previously discussed the denial of the annual exclusion for gifts of limited partnership interests in Price, which was sort of [...]

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IRS Notice 2010-32 Allows Full Deduction of Bundled Fiduciary Fees on 2009 Returns

Good news, T&E Community, particularly for fiduciaries: 2009 investment advisory fees charged to nongrantor trusts or to estates continue to be fully deductible without regard to the two percent floor under section 67(a) of the Code. IRS Notice 2010-32 extends the interim guidance provided in Notice 2008-116 and Notice 2008-32 regarding investment advisory costs subject to the [...]

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Announcing the KYEstates Estate Tax Forecasting Contest

KYEstates readers, do you miss the halcyon days of 2003, when Howard Dean told us that “you have the power“? We can’t bring those days back, but we are happy to report that in 2010: You have the power…to let your own voice be heard about what is going to happen with the estate tax. [...]

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House Passes Bill on 10-Year GRAT Terms; Craziest Probate Case of the Year?

As other T&E bloggers have capably noted (e.g., Gary Beyer here and Hani Sarji here), the House passed H.R. 4849 (the Small Business and Infrastructure Jobs Tax Act of 2010) on March 24. The vote was 246-178 in favor of the bill (see the full report on the vote from the New York Times here). KYEstates alerted [...]

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KYEstates Announces The “Glom On” Prizewinner; Kentucky Enacts UPMIFA

KYEstates issued a high-stakes challenge here in our discussion of the taxpayer FLP win in Estate of Petter v. Comm’r, T.C. Memo. 2009-280, 2009 WL 4598137 (U.S. Tax Ct. 2009).  We said: Count not your day a loss: you have now read the phrase glommed onto in a Federal court’s opinion.  Find that phrase in another [...]

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In re Chilton – Bad News for Creditor Protection for Inherited IRAs

As previously discussed in this post, KYEstates strives to provide fair and balanced coverage, so when we are biased, we will let you know.  To that end, we previously warned readers that we are biased in favor of the taxpayer.  (Apparently, when we made this (not-so-shocking) disclosure, the IRS noticed, because shortly afterwards we started [...]

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Mr. Filburn, Meet Mr. Attlee – Taxes, The Health Care Bill, and You

Unless you are a truly basketball-crazed KYEstates reader, by now you are well aware that the Health Care Bill passed the House last night.  This legislation is significant, and that is an understatement. Both supporters and detractors of the bill might see this as America’s analogue to July 5, 1948, when the Attlee Cabinet’s National [...]

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