The deadline for filing the Employer Information Report (also known as the EEO-1 Report) with the Equal Employment Opportunity Commission (EEOC) is September 30th. The report must be filed by: (1) employers with federal government contracts of $50,000 or more who have 50 or more employees; and (2) employers who do not have a federal government contract but have 100 or more employees. The report requires employers to provide a count of their employees by job category, ethnicity, race, and gender. Employment numbers may be obtained from any pay period in July through September of 2011.
IRS issued revised Circular 230
The updated Treasury Department Circular 230 (Rev. 8-2011) is now available online. According to IRS, Circular 230 was revised to reflect the new return preparer oversight program and other changes.
Beliveau Law Group: Massachusetts | Florida | New Hampshire
The attorneys at the Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state), and civil litigation (in connection with these practice areas). The law firm has offices and attorneys in Naples, Florida; Boca Raton, Florida; Danvers, Massachusetts; Waltham, Massachusetts; Quincy, Massachusetts; Manchester, New Hampshire and Salem, New Hampshire.
Transfer of debt instruments for nonrecourse “loan” was disguised sale
In Landow, TC Memo 2011-177, the Tax Court has determined that a 90% “loan transaction program” was in fact a taxable sale of the debt instruments that purportedly collateralized the loan. The Court also rejected the taxpayer’s argument that he should qualify for nonrecognition of gain under Code Sec. 1042, noting that the fact that the debt instruments were ultimately sold by the “lender” was irrelevant since the operative sale for Code Sec. 1042 purposes was from the taxpayer to the lender.
Beliveau Law Group: Massachusetts | Florida | New Hampshire
The attorneys at the Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state), and civil litigation (in connection with these practice areas). The law firm has offices and attorneys in Naples, Florida; Boca Raton, Florida; Danvers, Massachusetts; Waltham, Massachusetts; Quincy, Massachusetts; Manchester, New Hampshire and Salem, New Hampshire.
Continental Airlines could not recover pension distributions paid to pilots’ ex-spouses, despite “sham” divorces
Continental Airlines in Brown v. Continental Airlines, Inc., (2011, CA5) 2011 WL 2780505 was not entitled to recover pension plan distributions that were paid to the ex-spouses of a group of divorced plan participants, even though the payments were made on account of alleged “sham” divorces, since ERISA does not authorize plan administrators to consider the subjective intentions or good faith underlying a divorce.
Beliveau Law Group: Massachusetts | Florida | New Hampshire
The attorneys at the Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state), and civil litigation (in connection with these practice areas). The law firm has offices and attorneys in Naples, Florida; Boca Raton, Florida; Danvers, Massachusetts; Waltham, Massachusetts; Quincy, Massachusetts; Manchester, New Hampshire and Salem, New Hampshire.
In Zapara v. Comm, Court orders IRS to credit taxpayer with amount lost by its failure to timely sell seized stock
In Zapara v Comm (CA 9 7/18/2011) 108 AFTR 2d ¶ 2011-5084 , the IRS appealed Tax Court’s ruling to the Court of Appeals for the Ninth Circuit. This appeal presented the question, inter alia, of whether the Tax Court had jurisdiction in a hearing conducted pursuant to 26 U.S.C. § 6330 to review the Internal Revenue Service’s failure to comply with its statutory mandate under 26 U.S.C. § 6335(f). The Appeals Court conclude that it did and affirmed the judgment of the Tax Court. [Read more...]
AARP’s new study shows huge tolls on family caregivers
The AARP has published Valuing the Invaluable 201:1 Update The Growing Contributions and Costs of Family Caregiving showing huge tolls on family caregivers. The 2009 estimated economic value of family contributions was approximately $450 billion.
See National Public Radio article relating to the study. (audio available)
The Beliveau Law Group: Massachusetts | Florida | New Hampshire
The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state), and civil litigation (in connection with these practice areas). The law firm has offices and attorneys in Naples, Florida; Boca Raton, Florida; Danvers, Massachusetts; Waltham, Massachusetts; Quincy, Massachusetts; Manchester, New Hampshire and Salem, New Hampshire.
IRS formally ends gift tax probe of 501(c)(4) contributors
On July 7, IRS announced on its website that it will no longer pursue the issue of whether the gift tax applies to contributions made to Code Sec. 501(c)(4) social welfare organizations. An accompanying memo from IRS’s Deputy Commissioner for Services and Enforcement formalizes the decision with instructions to IRS personnel to stop pursuing the issue. IRS’s decision to throw in the towel on the issue comes in the wake of withering criticism from Congressional Republicans that the gift tax probe was a reversal of long-standing policy and was politically motivated.
Source: Federal Tax Updates on Checkpoint Newsstand tab 7/8/2011
The Beliveau Law Group: Massachusetts | Florida | New Hampshire
The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state), and civil litigation (in connection with these practice areas). The law firm has offices and attorneys in Naples, Florida; Boca Raton, Florida; Danvers, Massachusetts; Waltham, Massachusetts; Quincy, Massachusetts; Manchester, New Hampshire and Salem, New Hampshire.
Tax Court ruling holds CEO could deduct legal fees incurred in defending against suit by disgruntled investor
In Ramig, TC Memo 2011-147, the Tax Court has concluded that a chief executive officer (CEO), who was also a board member and minority shareholder, could deduct legal fees in defending against charges that he made misrepresentations to an investor in the company. The legal fees were deductible under Code Sec. 162 as the ordinary and necessary expenses of his business of rendering services to his company as an employee. The IRS argued that the suit
was against Ramig personally, not as CEO of the company, and that the expenses of defending the suit were therefore unrelated to the conduct of a trade or business.
The Beliveau Law Group: Massachusetts | Florida | New Hampshire
The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state), and civil litigation (in connection with these practice areas). The law firm has offices and attorneys in Naples, Florida; Boca Raton, Florida; Danvers, Massachusetts; Waltham, Massachusetts; Quincy, Massachusetts; Manchester, New Hampshire and Salem, New Hampshire.
Ninth Circuit Affirms Tax Court in Estate of Jorgensen v. Commissioner
The Ninth Circuit Court of Appeals has affirmed a March 2009 memorandum opinion of the U.S. Tax Court which held that a decedent’s estate included assets that she transferred to two family limited partnerships. There was no bona fide sale, and she retained control over the assets transferred.
The Beliveau Law Group: Massachusetts | Florida | New Hampshire
The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state), and civil litigation (in connection with these practice areas). The law firm has offices and attorneys in Naples, Florida; Boca Raton, Florida; Danvers, Massachusetts; Waltham, Massachusetts; Quincy, Massachusetts; Manchester, New Hampshire and Salem, New Hampshire.
IRS offers nationwide “Fresh Start” open house on Saturday July 16, 2011
The Internal Revenue Service will open the doors to dozens of its Taxpayer Assistance Centers across the country this coming Saturday, July 16, 2011, to answer taxpayer questions and provide help with tax filing issues. [Read more...]
Illinois has revised its power of attorney statute to address elder abuse
Illinois has enacted Public Act 96-1195 in an effort to curb the rise of financial abuse on elders by their agents under the power of attorney.
The Beliveau Law Group: Massachusetts | Florida | New Hampshire
The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state), and civil litigation (in connection with these practice areas). The law firm has offices and attorneys in Naples, Florida; Boca Raton, Florida; Danvers, Massachusetts; Waltham, Massachusetts; Quincy, Massachusetts; Manchester, New Hampshire and Salem, New Hampshire.
Ins and outs of multi-state estate planning and probate
July 2011
Author: Attorney David M. Beliveau
Published by: Massachusetts Lawyers Weekly
It is becoming more common for estate planning attorneys to have clients who own real estate in multiple states. Whether it is a cottage on a lake in New Hampshire or a snowbird getaway in Florida, understanding the similarities and differences of estate planning and probate law in the states most commonly encountered by Massachusetts attorneys is essential to competently managing such matters.
All three states have common estate-planning documents, including revocable trusts, last wills and testaments, financial durable powers of attorney and health care directives.
IRS issues private letter ruling on disclaimer executed by an estate
In PLR 201125009, IRS has privately ruled that a disclaimer made by a decedent’s estate of her deceased husband’s retirement benefits (including benefits that would have been payable under a disclaimer trust set up by his will) was a qualified disclaimer under Code Sec. 2518 of those benefits that were not yet accepted. As a result, the disclaimed benefits passed outright to the couple’s children.
Margaret L. Cross-Beliveau, Esq., LL.M.
The Beliveau Law Group: Massachusetts | Florida | New Hampshire
The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state), and civil litigation (in connection with these practice areas). The law firm has offices and attorneys in Naples, Florida; Boca Raton, Florida; Danvers, Massachusetts; Waltham, Massachusetts; Quincy, Massachusetts; Manchester, New Hampshire and Salem, New Hampshire.
Florida Legislature Says “No” to Millions in Federal Funding for Aging in Place
A Florida legislative panel Friday rejected millions in federal money designed to help remove patients from nursing homes and provide them with similar care in their own homes.
Source/more: Associated Press/Bradenton.com (June 24, 2011)
The Beliveau Law Group: Massachusetts | Florida | New Hampshire
The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state), and civil litigation (in connection with these practice areas). The law firm has offices and attorneys in Naples, Florida; Boca Raton, Florida; Danvers, Massachusetts; Waltham, Massachusetts; Quincy, Massachusetts; Manchester, New Hampshire and Salem, New Hampshire.
Florida Governor Signs Bill on Public Employee Pensions; Lawsuit Looms
Despite a lawsuit from the Florida Education Association and other public worker unions, Gov. Rick Scott signed Senate Bill 2100 into law, and now all government employees must contribute three percent of their salaries to the Florida Retirement System. Scott said that the new bill will save taxpayers and employers roughly $2 billion a year. The new law will be in effect starting July 1, 2011.
Source/more: WTSP News Channel 10 (June 23, 2011)
The Beliveau Law Group: Massachusetts | Florida | New Hampshire
The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state), and civil litigation (in connection with these practice areas). The law firm has offices and attorneys in Naples, Florida; Boca Raton, Florida; Danvers, Massachusetts; Waltham, Massachusetts; Quincy, Massachusetts; Manchester, New Hampshire and Salem, New Hampshire.
IRS releases draft version of Form 8938 for foreign financial asset holders
IRS is seeking comments on new draft Form 8938, “Statement of Specified Foreign Financial Assets,” which is available on IRS’s website. Form 8938 will be used by individuals to report an interest in one or more specified foreign financial assets under Code Sec. 6038D. [Read more...]
New Statutory Notice Requirements for Trustees in Florida effective June 21, 2011
Effective June 21, 2011, Section 11 of Ch. 2011-183, Laws of Florida, amended s. 736.0813(1)(a) and (b) to require trustees to give notice to the qualified beneficiaries of the trust that “the fiduciary lawyer-client privilege in s. 90.5021 applies with respect to the trustee and any attorney employed by the trustee.
The Beliveau Law Group: Massachusetts | Florida | New Hampshire
The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state), and civil litigation (in connection with these practice areas). The law firm has offices and attorneys in Naples, Florida; Boca Raton, Florida; Danvers, Massachusetts; Waltham, Massachusetts; Quincy, Massachusetts; Manchester, New Hampshire and Salem, New Hampshire.
Wells Fargo stops making reverse mortgages
Wells Fargo has announced that it will no longer issue new reverse mortgages but will continue to service its current mortgages citing that home prices are too unpredictable.
Margaret L. Cross-Beliveau, Esq., LL.M.
The Beliveau Law Group: Massachusetts | Florida | New Hampshire
The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state), and civil litigation (in connection with these practice areas). The law firm has offices and attorneys in Naples, Florida; Boca Raton, Florida; Danvers, Massachusetts; Waltham, Massachusetts; Quincy, Massachusetts; Manchester, New Hampshire and Salem, New Hampshire.
June 10, 2011 MassHealth Medicaid Bed Hold Hearing & June 15, 2011 Written Testimony Deadline
MassHealth (Medicaid) is holding a public hearing on Friday, June 10, 2011 at 10:00AM to discuss the termination of the 10-Day Bed Hold which will become effective July 8, 2011.
For further details: click here
Hearing Location:
China Trade Building; Daly Conference Room, 5th Floor; Two Boylston Street; Boston, MA
1) Get signatures in support of reinstating the Bed Hold (for signature form click 2011 Bed Hold Signature Sheet). Ask residents, friends, family, colleagues – anyone you know! Mail forms to MANHR by June 14th: MANHR, POB 560224, Medford, MA 02156.
2) Provide written or oral testimony. This is easier than it sounds — a short one or two paragraph response is fine, and please limit to one page.
a) Tell your story to put a face on Medicaid nursing home residents who will be hurt by not having the Bed Hold provision. With these stories, advocates can better demonstrate what Medicaid Bed Holds really mean to the well-being of nursing home residents.
b) Or simply voice your concerns/recommendations!
c) If you are giving oral testimony at the June 10th hearing, call 617-573-1770 by 5:00PM on Thursday, June 9th to notify Medicaid and get an early speaker’s slot at the hearing.
d) Letter or email comments will be accepted up until 5:00PM on June 15, 2011.
Mail To:
Executive Office of Health and Human Services
Office of Medicaid; One Ashburton Place, Room 1109; Boston, MA 02108
Email To:
masshealthpublicnotice@state.ma.us
Include sender’s name, mailing address, and organization or affiliation, if any.
Center on Budget and Policy Priorities issues a Report entitled New Estate Tax Rules Should Expire After 2012
The Center on Budget and Policy Priorities’ report espouses the position that the estate tax rules should be let to expire after 2012.
Among the reasons list are that (1) the 2009 rules were more than generous since less that one quarter of one percent of the estates incurred and an estate tax and (2) with the step-up in basis a substantial amount of income would go untaxed as there would no longer be a capital gain. For the full report, click here.
Margaret L. Cross-Beliveau, Esq., LL.M.
The Beliveau Law Group: Massachusetts | Florida | New Hampshire
The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state), and civil litigation (in connection with these practice areas). The law firm has offices and attorneys in Naples, Florida; Boca Raton, Florida; Danvers, Massachusetts; Waltham, Massachusetts; Quincy, Massachusetts; Manchester, New Hampshire and Salem, New Hampshire.
Penalties imposed for misclassifying employees as independent contractors
As reported in RIA Tax Newsstand: Employers that misclassify employees as nonemployees or independent contractors will face substantial financial penalties as the result of not withholding income tax, failing to withhold and pay employment taxes, and failing to file the correct reports and returns with the IRS, Social Security Administration (SSA), and state government agencies. The IRS penalty for unintentionally failing to withhold federal income tax is 1.5% of the wages paid. This assessment is doubled to 3% if the employer failed to file an information return (Form 1099-MISC) for the worker with the IRS. [Read more...]
Real Estate Newsletter May 2011
To view our most recent real estate newsletter as e-mailed to our clients, click Real Estate Newsletter May 2011
The Beliveau Law Group: Massachusetts | Florida | New Hampshire
The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state), and civil litigation (in connection with these practice areas). The law firm has offices and attorneys in Naples, Florida; Boca Raton, Florida; Danvers, Massachusetts; Waltham, Massachusetts; Quincy, Massachusetts; Manchester, New Hampshire and Salem, New Hampshire.
IRS encourages tax professionals to participate in one of its 2011 Nationwide Tax Forums
As reported in RIA Newstand: IRS is heavily promoting the importance for tax professionals to attend one of the events scheduled as part of the 2011 IRS Nationwide Tax Forums. As described by the agency, the tax forums are three-day events presented by IRS experts and partner organizations that offer up-to-date information on federal and state tax issues. Those who register early will receive a significant discount on the registration fee. The early registration period closes two weeks prior to each forum. Forums will be held in the following cities on the dates indicated: Atlanta, June 28-30; Orlando, July 12-14; Dallas, July 26-28; San Jose, Aug. 9-11; Las Vegas, Aug. 16-18; and National Harbor, MD (Washington, DC area), Aug. 30- Sept. 1. Attendance at one of the forums carries benefits for enrolled agents, certified public accountants, certified financial planners and other tax professionals, IRS said. These benefits include the opportunity to receive up to 18 continuing education credits, access to 40 separate seminars and workshops on relevant tax topics, and the chance to sign up to become an Authorized IRS e-file Provider. “Tax professionals attending a forum can bring their toughest unresolved case to meet with IRS personnel who may be able to help,” IRS stressed. Complete details and registration are available at http://www.irstaxforum.com/index
Look Before You Leap into Summer Rentals
According to a recent Boston Globe article entitled Owners out, vacationers in, more and more Cape Cod residents are opting to move out of their homes for the summer to share in the lucrative summer rental market. However, as discussed in the upcoming Beliveau Law Group June Tax newsletter there are tax implications that you need to consider before renting out your home. There are contractual pitfalls which need to be considered as well. What are the ramifications if a renter either harmed your property or reneged on the agreement? We are happy to discuss the pros and cons of your entering into such a rental agreement. Please feel free to contact us.
Paul Mansur, Esq.
Boston Globe’s Owners out, vacationers in
Elder Law Newsletter May 2011
To read the May 2011 Elder Law Newsletter as e-mailed to our clients, please click below.
IRS Live presents The Examination Process for Employment Tax Returns
The IRS has announced a live webinar on June 22, 2011 at 2 p.m. EST on the examination process for employment tax returns.
Clink on the link below for more information:
Kaiser Family Foundation issues a brief regarding proposed Medicaid overhaul
The Kaiser Family Foundation has issued a brief on Chairman Paul Ryan’s proposal to overhaul Medicaid and convert federal funding to a block grant.
Implications for a Federal Block Grant for Medicaid
Naples FL Attorneys
The Beliveau Law Group provides legal services for estate planning (wills and trusts), elder law and Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state), and civil litigation (in connection with these practice areas).
The lawyers at our Naples, Florida law office serve all of Florida including the local communities of Marco Island, Naples Manor, Golden Gate, Bonita Springs, San Carlos, Cape Coral, Fort Myers, and the entire Naples region.
Salem NH Attorneys
The Beliveau Law Group provides legal services for estate planning (wills and trusts), elder law and Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state), and civil litigation (in connection with these practice areas).
The lawyers at our Salem, New Hampshire law office serve all of New Hampshire including the towns and cities of Derry, Londonderry, Pelham, Windham, Nashua, Manchester, Hampstead, Atkinson, and the entire Salem region.
Waltham MA Attorneys
The Beliveau Law Group provides legal services for estate planning (wills and trusts), elder law and Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state), and civil litigation (in connection with these practice areas).
The attorneys at our Waltham, Massachusetts law office serve the Greater Boston Metro region including Arlington, Boston, Brookline, Chestnut Hill, Concord, Dedham, Dover, Lexington, Needham, Newton, Waltham, Wayland, Wellesley, Weston, and the entire Boston region.
