IRS CONTINUES TO REJECT FORMULA GIFTS In TAM 200337012 (September 12, 2003), the IRS has specifically rejected the effectiveness for gift tax purposes of a clause attempting to make a gift of whatever percentage of interest in a family limited partnership equal to a...
PRES. BUSH’S STATE OF THE UNION ADDRESS ADVOCATES MAKING TAX CUTS PERMANENT President Bush state that tax cuts had invigorated the economy, and he wants Congress to make permanent the temporary tax reductions passed in 2001 and 2003. Those tax cuts include an...
REVISED FORM 8332 PERMITS NEVER-MARRIED PARENTS TO WAIVE CHILD EXEMPTION IRS has revised Form 8332 (Release of Claim to Exemption for Child of Divorced or Separated Parents) and IRS Pub No. 504 p. 8 (Divorced or Separated Individuals) to permit a never-married...
NO CHANGE IN INTEREST RATES FOR THE FIRST QUARTER OF 2004 WASHINGTON —The Internal Revenue Service today announced there will be no change in the interest rates for the calendar quarter beginning Jan. 1, 2004. The interest rates are as follows: four (4) percent for...
IN MEMORIAM My friend and a mentor in the practice of law, The Hon Joseph M. Nardi, Jr., died on November 23, 2003. He was a wise and generous person. He is missed already. read Judge Nardi’s obituary see: http://www.TaxEsq.com
SECURITY BENEFITS TO INCREASE 2.1% IN 2004 Social Security benefits will increase 2.1% next year, starting with the payments made in January. The maximum wage base for the combined employer/ee12.4% Social Secuirty tax will increase from $87,000 (in 2003) to $87,900...
FED CHAIRMAN SUGGESTS INTEREST RATES HAVE BOTTOMED The increase in job creation and economic growth may mean no further reduction in interest rates. Chairman of the Federal Reserve, Alan Greenspan, indicated that the Fed’s concern is shifting away from fears of...
UNCLAIMED REFUND INFORMATION ONLINE Taxpayers who think they may be missing a refund or advance child tax credit should check IRS.gov, the IRS Web site which lets taxpayers track both their refund and their advance child tax credit. “Where’s My Refund?” provides...
NEW JERSEY CAN’T TAX COMPANIES THAT HAVE NO PHYSICAL PRESENCE IN STATE New Jersey’s corporate tax on businesses that draw revenue from the state but have no employees or tangible property there violates the federal constitution, a state judge has ruled. Tax Court...
INTERNET TAX BAN EXPIRES The Senate failed to re-enact the ban on the States Taxing Internet Sales. The temporary ban was first enacted in 1998 and has previously been extended. The big tax and spend states want to get their hands on sales taxes from internet sales...