When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can pursue either spouse to collect the entire tax — not just the part that’s...

As a result of the current estate tax exemption amount ($12.92 million in 2023), many people are no longer concerned with federal estate tax. This article points out that before 2011, a much smaller dollar amount resulted in many people attempting to avoid estate tax....

Dividing a marital estate is rarely easy. But it’s made much harder if a divorcing spouse owns a private business and attempts to deflate profits or hide assets. Divorcing spouses — or their attorneys — who suspect this type of deception should engage a forensic...

Because of the current estate tax exemption amount ($11.7 million in 2021), many estates no longer need to be concerned with federal estate tax. As a result, more energy can be devoted to other aspects of estate planning. This article looks at important issues to...

Most people have April 15 “tattooed on the brain” as the deadline for filing their federal income tax returns. What many forget is that the gift tax return deadline is on the very same date. This article explains the filing requirements and why some taxpayers...

The clock is ticking down to the tax filing deadline. The good news is that individuals may still be able to save on their impending 2017 tax bills by making contributions to certain retirement plans. This article looks at deadlines, limits and phaseout ranges for...