Apr 272012
 
IRS Files Lien Against Anna Nicole Smith’s Estate For Back Taxes

The Estate of Anna Nicole Smith is finding out the hard way that taxes are as certain as death.  It seems that the IRS has filed a lien against the late Ms. Smith’s estate seeking back taxes in the amount of $289,123.48.  Smith, a former actress, model, and playmate, passed away on February 8, 2007, from an accidental prescription drug overdose.  At that time she had been locked in a longstanding legal battle with the estate of her late husband, Texas oil billionaire J. Howard Marshall.  The Smith estate would ultimately go on to lose this contest. A review of More…

Feb 172012
 
IRS Releases 2012 List Of The  “Dirty Dozen” Tax Scams

Once again, tax season is upon us and the IRS has issued the annual “dirty dozen” tax scams. Topping this year’s list is identity theft.  In response to growing identity theft concerns, the IRS has declared its intent to embark on a comprehensive strategy that is focused on preventing, detecting and resolving identity theft cases as soon as possible.  In addition to the law-enforcement crackdown, the IRS has stepped up its internal reviews to spot false tax returns before tax refunds are issued and has been working to help victims of the identity theft refund schemes. The entire list is More…

Feb 142012
 
Examining The Tax Consequences Of Whitney Houston’s Death

On February 11, 2012, artist Whitney Houston was found dead in her suite at the Beverly Hilton Hotel, in Beverly Hills, California, submerged in the bathtub.  At this time, the cause of death is not known, although prescription drug abuse has been speculated. So what can be expected tax-wise, following her death?  Two important concerns may be the estate tax, as well as the issue of income in respect of a decedent. Currently, the estate tax rate is 35% and applies only to estates worth more than $5 million (or $10 million for couples).  Perhaps as famous as her singing More…