I recently heard a former celebrity tax lawyer speak. And while much of his talk involved some pretty grim issues of tax fraud, he started his talk by discussing the practice of celebrity tax law.

One interesting question he presented was the issue of whether celebrities should be taxed on the many goodies they receive by virtue of their celebrity status. While many of these items seem gifts, on the surface, a true gift is really characterized by detachment and disinterest.

Can we really say that many of these items given to celebrities are ”gifts”?  Read more... (336 words, 1 image, estimated 1:21 mins reading time)

If you’re a Los Angeles tax lawyer, you might know the names Robert Jason and Matthew Krane.

I mentioned in a previous post that the Office of Professional Responsibility of the IRS was cracking down on bad tax preparers, in a move to raise the overall standard of quality in the industry. But what happens when the issue involves something a little more than bad tax advice and inadequate return preparation?

What happens when a tax attorney is involved in a real tax scam, say, one of the largest tax evasion schemes in U.S. history?  Read more... (523 words, estimated 2:06 mins reading time)

What’s the scoop on the state of the Bush tax cuts?

Word on the street is that the Bush tax cuts, which were infamous for their effect on the pocketbooks of the wealthy, will be coming to an end as of next year.

Yes. The word is that President Barack Obama is hoping to let these tax cuts fade away into oblivion.

Well, before we let the talking heads on CNN, MSNBC and FOX tell us what to believe, we should have some idea of what exactly this means. If things go as the Obama Administration anticipates, the tax cuts for those making $250,000 and more will lapse.  Read more... (390 words, estimated 1:34 mins reading time)

There are many kinds of charitable trusts out there but you won’t hear much about charitable lead trusts, largely for the reason that they are often overlooked by many estate planning lawyers and financial planners.

The charitable remainder trust still remains the charitable giving tool of choice, but the charitable lead trust can still have many benefits for the right people and in the right situations.

In a manner of speaking, the charitable lead trust (CLT) is the inverse of a charitable remainder trust (CRT). But it’s more technical than that, so I’ll do what I can to simplify the concepts in a short blog post.  Read more... (430 words, estimated 1:43 mins reading time)