May 16, 2012 – Chances are good a tax authority will audit your law practice. In this video, Milwaukee attorney Douglas H. Frazer discusses record keeping best practices and the appeals process if you are not satisfied with the results of the audit.
Nov. 16, 2011 – As of Nov. 4, 2011, Wisconsin employers are no longer required to calculate and impute the fair market value of any employer-sponsored health benefits provided to adult children who will be under age 27 at the end of the tax year. This means Wisconsin employers should immediately stop all fair market value calculations and imputation of Wisconsin income with respect to these children, says attorneys Todd Cleary and Sven Skillrud.
Sept. 7, 2011 – In January 2012, Wisconsin's health insurance requirements for certain adult children will more closely match federal coverage requirements enacted in last year's health care reform legislation. However, according to attorney Andrew Bezouska, the value of coverage provided to individuals who are not tax dependents will still be imputed as Wisconsin income.
Nearly 60 percent of the nation's taxable property may be over assessed. There are many reasons for real estate appraisal inaccuracies, which may affect a property owner's tax assessment. It is important that taxpayers and their attorneys understand how appraisals are conducted and the different types of tax assessment appeals that are available, including their processes and limitations.
Dramatic changes in the federal estate, gift, and generation-skipping taxes occurred in December 2010. But unless congress extends them, the changes will expire at the end of 2012 and will revert to the federal law in place in 2001. This uncertainty makes estate planning even more challenging. Here is a look at the federal changes and the current state of Wisconsin's estate and gift taxes.
There’s a little bit of relief for just about every taxpayer in the 2010 Tax Relief Act, including small and family businesses, working individuals, and wealthy people with substantial estates. The law contains several unique, limited-term planning opportunities but is fraught with peril for those who neglect the details.
- Sometimes what is necessary is not sufficient. That was one lesson learned following the bankruptcy of LandAmerica 1031 Exchange Services.
Sometimes what is necessary is not sufficient. That was one lesson learned following the bankruptcy of LandAmerica 1031 Exchange Services. This article discusses the series of LandAmerica bankruptcy decisions, describes the unanticipated hazards of relying on only one means of protection for clients who desire tax-deferred treatment of their real estate transactions, and explains how to provide more certainty and peace of mind for these clients.
Secret offshore accounts – especially Swiss bank accounts – have a certain cachet, having become synonymous with glamour, financial sophistication, and international intrigue. Following the U.S. Justice Department’s 2009 settlement with the United Bank of Switzerland, increased state and federal enforcement efforts against such accounts might dampen their allure.
Jan. 20, 2010 - Pursuant to Article VII, Section 2(a) of the State Bar of Wisconsin Bylaws, the Taxation Section has submitted a request to the Board of Governors for authorization to file an amicus curiae brief in the pending Wisconsin Supreme Court case of Metropolitan Associates, LP v. City of Milwaukee.
The Working Lands Initiative is a cooperative state and local government and private effort to save farmland, protect the environment, and minimize land-use conflicts. A new law provides enhanced tax credits for farmers whose land is protected for agricultural use and who adopt sound environmental practices. The law provides new opportunities for public-private partnerships, and encourages a renewed community focus on farmland preservation and land-use planning.
Aug. 31, 2009 – The Wisconsin Court of Appeals said vacant land reserved for development belongs to owners of finished condo units so that they pay the property taxes, not the developer. But a dissenting judge warns years may pass before first construction begins, leaving cities unable to collect taxes on the unimproved land.
May 6, 2009 – Last year’s rampant flooding in Wisconsin pointed out a need that this program is designed to meet. Attend an afternoon of free training from 12:30 to 4:10 p.m. on May 21 in Madison to educate lawyers about common legal issues faced by victims of a natural disaster. Hear legal services professionals from the Federal Emergency Management Agency (FEMA), representatives from the Department of Agriculture, Trade and Consumer Protection, as well as private practitioners discuss how disasters af
April 15, 2009 – The next time you plan to attend a State Bar seminar, you can add it to your electronic calendar when you register by using WisBar’s new “Add to My Calendar” feature. Once you have registered, click the “Add to My Calendar” hyperlink. You will receive an email notification of your event with instructions on how to save the event to your electronic calendar. The feature works for Outlook and Google users.
Apirl 15, 2009 – Did you know that the State Bar of Wisconsin is the official record keeper for agencies that regulate the practice of law in Wisconsin? That means, when your State Bar member record is out of date or incorrect, it affects more than just the Bar. It could affect communications from the Wisconsin Office of Lawyer Regulation, Board of Bar Examiners, and Wisconsin Supreme Court.
April 15, 2009 – Today, our country is experiencing one of the most troubling economic periods since the Great Depression, and the legal profession is not immune from the effects. These difficult times make finding cost-effective ways to connect with paying clients more important than ever.
April 15, 2009 – The State Bar Practice411™ Breakfast & Business: Eggs, Ethics and Answers series will be presented on April 22 in Platteville and June 17 in Pembine. Pembine program information is not yet available. Pembine is conveniently located about an hour and a half from Rhinelander, Green Bay, and Marinette, and about a half hour from Iron Mountain, Mich. Both seminars, presented in two sessions, will begin with a hot breakfast at 8:15 a.m. and conclude at 11:15 a.m.
The American Recovery and Reinvestment Act of 2009 makes more than 300 changes to the Internal Revenue Code to provide nearly $300 billion in tax relief and other benefits to individuals, businesses, the environment, and state governments. This summary of the Act’s fundamental tax law changes provides attorneys with the working knowledge they need to advise their clients about the Act’s provisions.
March 18, 2009, – Today, our country is experiencing one of the most troubling economic periods since the Great Depression, and the legal profession is not immune from the effects. These difficult times make finding cost-effective resources to connect with paying clients more important than ever.