From the May 2007 issue of Investment Advisor • Subscribe!

The Buzz

More On Tax Planning

from The Advisor's Professional Library
  • Annuities: Estate Tax The value of certain types of annuities may be included in an estate’s value. Understanding the intricacies of these inclusions is a critically important aspect of estate planning.
  • Annuities: Variable Annuities Annuities are hot. The tax rules vary with the circumstances. Advisors must be aware of these intricacies when discussing annuities with clients.

The following quotes of note were made by IRS officials and tax professionals on recent Tax Talk Today webcasts.

"They have taken all of the penalties and taxes that apply under Chapter 42 and essentially doubled them."

--Theresa Pattara, project manager, Internal Revenue, Tax-Exempt and Government Entities Division, Office of Exempt Organizations, IRS, on the big changes for tax-exempt organizations found in the Pension Protection Act of 2006.

"If you're planning on claiming a tax deduction, you better be sure that the item is in good used condition."

-- Patricia Read, senior vice president, Public Policy and Government Affairs, Independent Sector, on the new rules governing charitable donations.

"For very small organizations, that's a very scary thought."

--Read commenting on the stiffer penalties, including loss of tax-exempt status, for tax-exempt organizations that fail to file required returns for three years.

"I'm glad it's a pilot program. The jury's still out."

--Marianna Dyson, Miller & Chevalier, on the Attributed Tip Income Program

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