Tax Warrior Chronicles

Biden Tax Proposals & Highlights from the Green Book:  Retroactive Capital Gains Tax Increase and the Repeal of the Step-up in Basis, Among Others

Posted on Fri, Jun 11, 2021

With Democrats needing to convince 10 Republicans to cross the aisle to enact a tax proposal in the Senate, President Biden’s tax proposals are most likely to move into, and take shape within, the budget reconciliation process where a simple majority of 51 votes are needed. In a practice not seen since 2016, on May 28, 2021, the Biden Administration reviewed and issued an accompaniment to the Administration’s Budget, referred to as the Green Book, that offers general explanations of the revenue proposals. The Green Book contained more detail, insight, and a couple of surprise changes to proposals in The American Jobs Plan and the American Families Plan, which President Biden released

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Taxation at Birth/Taxation at Death – The Circle of Life

Posted on Thu, Sep 19, 2019

By: Matt Lebo


As Disney’s live-action The Lion King plays in theaters all around the world, we are reminded of the fable’s signature song, “The Circle of Life.” Taxes are certainly a part of our lives at the beginning and at the end of life. Contemplating this truism, I thought I’d share six (6) tax considerations for those who have welcomed a newborn in 2019, as well as six (6) tax considerations for those who may have regrettably lost a loved one. 

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IRS Formally Withdraws Proposed Estate Transfer Regs

Posted on Fri, Nov 03, 2017

By: Karolyn Banks, CPA, MT


The IRS recently withdrew controversial proposed regulations under Internal Revenue Code (IRC) section 2704 that would have placed restrictions on the ability to use discounts for lack of marketability and control.  The Tax Warrior perspective of the originally proposed regulations was that family business planning would be more challenging. Here’s why we believe family businesses dodged the proverbial bullet.

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Law Makes Dying Less Expensive for NJ Residents

Posted on Thu, Mar 09, 2017

By: Nastassja Markham Coletta, JD, LLM


New Jersey has long been considered one of the worst states to die in because of its dual death taxes. New Jersey is one of only two states that levies both an inheritance tax and an estate tax. With the enactment of the P.L. 2016, c.57 and subsequent phased repeal of its estate tax, New Jersey is trying to rebrand itself and stop wealthy families and individuals from retiring in more tax-friendly states.

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The Walking Dead – How Celebrity Estates Are Taxed

Posted on Fri, Feb 10, 2017

By: Joseph Brunell, CPA


Making a dollar from the grave isn’t easy.  Some celebrities manage to do just that for their beneficiaries, to the tune of millions each year.   In honor of the return of The Walking Dead this weekend, we decided to shed some light on how the likes of Michael Jackson, Elvis Presley and Marilyn Monroe continue to pay Uncle Sam long after they departed from this life. We’ve even included a list of the top 10 deceased earners of 2016 (some will surprise you).

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NJ, MD and PA See Changes in Laws That Affect Taxes

Posted on Thu, Aug 28, 2014
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New York Estate Tax – Watch Out for That Cliff!

Posted on Tue, May 27, 2014

With the passage of the New York State Executive Budget legislation in April 2014, Governor Cuomo may get his wish to keep wealthy New Yorkers in New York.  But maybe not . . .

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Crummey Trusts – An Effective Wealth Transfer Vehicle

Posted on Thu, Feb 27, 2014

Taxes are all we think about this time of year as we plan to file our previous year’s returns. Those with significant wealth often look for ways to transfer assets to the next generation with little or no transfer taxes. No one wants to add Uncle Sam to their estate beneficiary list.

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Booming Stock Market Puts Spotlight on Zeroed-Out GRATs

Posted on Mon, Jan 20, 2014

Grantor retained annuity trusts, or GRATs, have historically been used by wealthy individuals to save transfer tax (estate, gift, and inheritance tax). Sometimes, individuals have structured GRATs in such a way that substantial amounts of wealth can be transferred to family members at zero estate or gift tax cost. This may be especially true for those who have set up GRATs in the past few years and took advantage of the spectacular stock market returns in 2013. A provision in the President's Fiscal Year 2014 Budget would crack down on such zeroed-out GRATs and other perceived abuses in relation to GRATs. While this provision has been included each year in the President's annual tax

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Posted on Wed, Jun 26, 2013


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