It’s an understatement to say that the entire issue of estate tax returns for people who passed away in 2010 is a confusing mess. IRS is even more confused and behind than anyone, so they just issued this news release.
Form 8939, to reflect carryover basis info, isn’t even available yet; but it’s now due to IRS by 1/17/2012 instead of the previously announced deadline of 11/15/2011.
Luckily, the estate tax for 2010 decedents only applies to estates of over $5,000,000, so it won’t affect most people, including our clients who passed away last year.
Posted in Estates | Comments Off on 2010 Estate Tax Returns
This week’s episode of Breaking Bad had a sub-plot where the hero’s wife had to deal with her former boss cheating on his taxes. While this is very amusing, it is very unrealistic. I’ve encountered plenty of dense IRS auditors, but any agent would be able to see that the company’s books weren’t being kept on Quicken.
One good thing about the current group of presidential wannabes is the growing public acknowledgment of the Ponzi Scheme nature of the Social Security system. The harder next step is actually doing something about it.
Rush had a good discussion about this on today’s show, including the point that, unlike Bernie Madoff’s Ponzi Scheme, which was voluntary to participate in, Social Security is mandatory, with the IRS’s guns at our heads to enforce participation.
Warren Buffett has made the transformation in his public image from the epitome of a capitalist to a laughing stock Marxist who wants higher taxes on everyone.
Tax Guru - Ker$tetter Letter 