Tax & Estate Planning Newsletter Index

October 1, 2002
   The IRA Refund Switch
   The New Blackout Rules
   Executive Loans
   Giving that Old Ford to Charity
   Standard Mileage Rates Will Drop
   Tax Relief for Small Business

October 15, 2002
   Professional Service Corporations
   IRA Distributions to Charities
   Family Limited Partnerships and the Annual Gift Tax Exclusion
   Gifts Included as Part of Taxable Estate

November 1, 2002
   Expenses of Company Paid Fishing Trip Subject to Employment Taxes
   LLC Members Beware
   Nanny Tax Threshold Rises
   Avoid Withholding Penalties

November 15, 2002
   What Do We Need to Do To Qualify for Medicaid?
   Do I Have to Tell My Estate Planning Lawyer Everything?
   QTIP Trust Divided into Separate Trusts is Allowed by the IRS

December 1, 2002
   Year End Tax Tips
   Slow Down and Speed Up (Postpone Income/Accelerate Deductions)
   Stock Losses
   What's Your Basis? (Increase basis for S Corps, Partnerships, etc.)
   Take My Taxes, Please (Increase withholdings)
   Thanks a Bunch (Bunching Strategy for Income Taxes - Itemized Deductions)
   About That Bonus
   To Your Credit (Use of credit card to pre-pay expenses)
   Retirement Plans
   Don't Forget the AMT (Alernative Minimum Tax)
   Give a Little (Estate and Gift Tax)

December 15, 2002
   Republican Tax Change Fever
   Vehicles for Charity
   Gifting Stock Options or Warrants to Charity
   Partial Property Tax Charitable Exemption
   Social Security Wage Base for 2003

January 2003
   President's Tax Plan Features Accelerated Rate Cuts, Marriage Penalty Relief and Tax Free Dividends
   2003: First Opportunity for Earnings from Roth IRAs to be Withdrawn Free of Tax
   IRS Explains When it Will Automatically Waive 60-Day Rollover Rule for Qualified Plans and IRAs

February 1, 2003
   An Attempt to Disinherit a Child by Trust Amendment is Held Invalid
   Trust Amendment Must be Delivered to the Trustee to be Effective
   No Change in Oklahoma's Estate Tax Lineal Exemption for 2003
   Changes in the Federal Estate and Gift Tax for 2003

February 15, 2003
   Another Shot at 2002 Taxes
   Reversing Course (Rollover Contribution to IRA)
   Backing Out of a Roth
   More Details About the Bush Dividend Proposal

March 1, 2003
   Stock Pledge for Cash Avoids Tax
   Family Partnership Interest Subject to Estate Tax
   Avoiding Tax on Sales of Residences
   Eighty Million Dollars in Refund Checks Not Delivered

March 15, 2003
   Choices for Taxpayers Who Do Not Have Cash to Pay Their Taxes
   IRA Not Discounted for Estate Tax Purposes

April 1, 2003
   If I Move to Another State, Will I Have to Redo my Durable Power of Attorney?
   If I Move to Another State, Do I Have to Redo My Advance Directive for Health Care?
   Arbitration Clause in Account Agreement Does Not Bind Trust Beneficiary
   Do Your Want to Terminate a Charitable Remainder Trust Early?

April 15, 2003
   The Bush Plan
   The Wash Sale Rules and Your IRA
   AMT Effects of Refinancing Your Home
   Profit Sharing Pans After April 15
   Your Audit Odds
   Confidentiality Clause After the New Tax Shelter Rules

May 1, 2003
   When is a Gift of a Residence a Gift for Tax Purposes?
   Trying to Convert Wages to Royalties for Tax Purposes
   Home Sale Exclusion Rules Clarified
   When Educational Expenses are Tax Deductible
   Is a Security Debt or Equity for Tax Purposes?

May 15, 2003
   Executors' Innocent Spouse Claims
   Asbestos Removal Costs
   Widow's Elective Share of IRA is Taxable to Her Estate

June 2003
   What the New Tax Bill Means to You
   Meanwhile in Oklahoma (2003 Oklahoma Legislative Notes)
   New Charitable Contribution Check-Offs Added

July 2003
   Home Sale Exclusion
   IRS Issues Guidance for Qualified Personal Resident Trust Documents
   More Families Hide Income and Assets to Qualify for Educational Financial Aid
   Further Tax Reform

August 2003
   How Can I Leave a Bequest of Specific Property?
   Trustees Must Begin Withholding from Out of State Members

September 2003
   A Trust's Investment Advice Expense are Subject to the Two Percent Floor
   Recovery of Litigation Costs Not Barred by Settlement of Qualified Offer

October 2003
   Selling Your Home
   Split-Dollar Rules
   Executive Compensation and Pension Rules

November 2003
   529 Education Plans
   Discounts for Gifted Family Limited Partnership/Limited Liability Company Interests
   Attractive New Benefit for Flexible Spending Accounts
   Lower Tax Rates on Dividends Help Cash-outs

December 2003
   Tax Deficiency Interest Deduction Denied to Business
   Debtor's Extravagant Lifestyle Bars Discharge of Tax Debt in Bankruptcy

January 2004
   How Much Influence is Undue Influence?
   Change in Law Means Not All Oklahoma Estate Tax Returns Will be Audited
   Oklahoma's Lineal Exemption Increases

February 2004
   Tax Law Changes for 2004
   Estate Tax-Exemption $1.5 Million
   Gift Tax Exemption Still $1 Million
   Oklahoma's Exemption Increases
   More Tax Exempt Interest on EE Bonds
   Bigger Deferrals in Retirement Plan
   IRA Deductions
   Health Savings Accounts

March 2004
   Consider Strategy to Eliminate Oklahoma Corporate Franchise Tax
   Reasons to Revise Revocable Living Trust and Power of Attorney
   Important Strategy to Obtain Maximum Use of Both Spouses Estate Tax Exemptions
   Employer Sponsored Retirement Account Not Allowed a Discount for Estate Tax Purposes

April 2004
   Stock Option Loan Reduction Triggers Income
   Employment Tax Assessent Against Partnership Extends to General Partners

May 2004
   Oh, That 4.5 Million Dollars (Estate Tax Return and Failure to Report Tangible Personal Property)
   What is Common Law Marriage?
   What Do I Do With My Pets When I'm Gone?

June 2004
   Sweepstakes Winner Must Share with IRS
   Health Savings Accounts
   Bigger Automatic Sign-Up for 401(k) Plans
   Bankruptcy is No Shield Against the IRS

July 2004
   Be Careful About Choosing Investments for Your IRA
   IRS Relaxes 60-Day Rollover Rule for IRAs and Qualified Retirement Plans
   Things to Do When a Person Dies

August 2004
   Asset Protection Planning - Oklahoma Passes Family Wealth Preservation Trust Act

September 2004
   Final Regulations Issued on Education Loan Interest Deductions
   Guidance Issued on Charitable Donations of Automobiles
   IRS Clarifies When Disability Benefits are Excluded from Income

October 2004
   Joint Will Created a Binding Contract
   Effect of Divorce on IRA Beneficiary Designation
   Chances of Federal Audit of Estate Tax Return Shrinking

November 2004
   Huge Tax Law Will Affect Individuals in Many Ways:
     Charitable Gifts of Vehicles
     Incentive Stock Option Withholding Rules
     Tighter Rules for Deferred Compensation

December 2004
   IRS Releases Inflation Adjustments for 2005
   Taxpayer is Denied Discount for Income Taxes Due on Retirement Accounts
   Be Careful About Relying Upon Joint Tenancy to Avoid Probate

January 2005
   Possible Tax Changes
   Estate Tax Valuation of Property Sold After Death
   Buy-Sell Agreements Do Not Determine Transfer Tax Value of Family Business Interests

February 2005
   Charitable Donations Made in January 2005 to Tsunami Victims May Be Deducted On 2004 Tax Returns
   Iraq and Libya Now Off List of Countries Subject to Special Foreign Tax Restrictions
   Payments Received for Signing or Canceling Employment Contracts Now Subject to Payroll Taxes
   Proposed Benefits for Oklahoma's Army and Air National Guard Include Tax Benefits

March 2005
   Adult Adoption
   Signing a Will Enters the Computer Age, but Probably Not in Oklahoma
   Guardian Authorized to Pursue a Medicaid  "Spend-Down"

April 2005
   401(k) Roth Accounts
   Automatic 401(k) Rollovers
   Tighter Rules for Bankruptcy Exemptions

May 2005
   Asset Protection for IRAs
   Start to Plan Your Exit Strategy! (Leaving a Business)

June 2005
   Tax Cheating is On the Rise
   Flexibility Added to Section 125 Cafeteria Plans
   New Deferred Compensation Legislation; Can They Go in and Make it Work?
   Esate Planning: Family Business Succession Planning

July 2005
   Sale of Classic Cars Results in Ordinary Loss for Car Dealer
   More Oklahoma Sales Tax Exemptions for Non-Profits
   Check Signing Authority Does Not Make One Liable for Non-Payment of Employment Taxes

August 2005
There was no issue sent this month

September 2005
    Pension Plans in a Divorce
    Stock Options and the New Deferred Compensation Rules
    Oklahomans to Vote on Higher Fuel Taxes
    Roth 401(k) Plans

October 2005
    New Bankruptcy Act Changes Protection for Retirement Benefits from Creditors
    Long-Term Care Analysis Should be Considered as Part of Your Estate Plan

November 2005
    When a Corporation's Loan to an Employee is Not Treated as that for Tax Purposes
    Trusts as Beneficiaries of IRA Accounts
    The Difference in Generations About Discussing Estate Planning

December 2005
     IRS Issues Guidance on How to Make S Corporation Family Shareholder Election
     President's Advisory Panel Announces Tax Reform Proposals
     OTC Seeks Compliance with Disabled Veterans Exemption

January 2006
     Stock-for-Cash Deal Scrutinized
     Employee Relocation Costs
     Reporting Deferred Compensation
     Mileage Rates Down
     Compensating LLC Service Members
     Oklahoma Tobacco Tax

February 2006
     Governor Calls for Small Targeted Tax Cuts
     Proposed Republican Tax Cuts
     2006 Brings Many Tax Law Changes for Individual Taxpayers

March 2006
     An Ethical Will Can Transmit Your Values and Spiritual Beliefs to Your Family

April 2006
      You May Think You Gifts Your Residence to Avoid Estate Tax, but Maybe Not
      Is an Employer Liable for Payroll Taxes if its Payroll Agent Embezzles the Funds?
      Estate Tax Repeal Efforts
      Be Careful about Relying on Tax Basis for Property as Reported in an Estate Tax Return Before the Return is "Finalized"
      A Little-Notices Law Change Made Lease Cancellation Payments Taxed as Capital Gain Overruling a Contrary U.S. Supreme Court Decision

May 2006
     Closely-Held Corporation Permitted to Deduct Interest Payments Made on Shareholder Advances
     Golden Parachute Rules: A Chairman Lacking Executive Authority is not an "Officer"
     Oklahoma's Suspension of Income Tax Credits

June 2006
     New Tax Law Affects Individuals in Many Ways
     Minimum Tax Relief
     Roth IRA Conversions will be Easier
     Kiddie Tax Age Limit Raised from Under 14 to Under 18
     Investor Tax Breaks Extended
     Foreign Earned Income Exclusion

July 2006
     Oklahoma Legislature Passes Large Income and Estate Tax Reduction
     New Oklahoma Advance Directive for Healthcare Form Now Available for Oklahoma Residents

August 2006
     Tax Increase Prevention and Reconciliation Act
     Estate Tax Relief May be on the Horizon
     Hybrid Vehicles Eligible for Tax Credit
     Tax Considerations in Divorce

September 2006
     Encouraging Savings: Pension Protection Act of 2006
     Charitable Gifts: Conditions and Restrictions
     Taxing Emotional Damage Awards Ruled Unconstitutional

October 2006
     Section 409A Rules; Deferred Compensation Plans
     Buy-Sell Agreement; Value of Stock for Estate Tax Purposes
     Taxability of Medical Plan Reimbursements

November 2006
     Older Taxpayers May Use Charitale Contributions from IRAs for Year End Tax Planning
     Oklahomans Approve Quality Investment Act
     Retroactive Relief for Active Duty Reservists for Early Retirement Withdrawals
     Nanny Tax Threshold Unchanged for 2007

December 2006
     Last Minute Tax Bill has Something for All
     Indian Employment Tax Credit
     Depreciation for Business Property on Indian Reservations
     Tuition Deduction
     State and Local General Sales Tax
     Combat Pay and the Earned Income Credit
     Deduction for School Teachers
     Health Savings Account Provisions
     Energy Provisions Extended
     Percentage Depletion from Marginal Wells
     Stock Option AMT
     Self-Created Musical Works
     Premiums for Mortgage Insurance
     Frivolous Submissions
     Research Tax Credit
     Work Opportunity and Welfar-to-Work Tax Credits
     Brownfield Remediation
     Corporate Contributions of Computer Equipment

January 2007
     Real Estate and Individual Retirement Accounts
     New IRA Planning Opportunities

February 2007
     What Employers Should Know About Social Security Number Mismatches
     Highlights of Changes for 2006 Tax Filings
     Telephone Excise Tax Refund
     Change in Decision on Taxation of Personal Injury Awards

April 2007
     Oklahoma Tax Cuts
     Deferred Compensation Final Regulations
     New Statistics Show Increase in IRS Enforcement
     Federal Tax Credit for Qualified Hybrid Vehicles

June 2007
     A Trustee's Duty to Diversify May Trump Directives to Retain Certain Assets
     Charitable Giving Can Benefit a Loved One with Chronic Illness

July 2007
     Vacation Home Swap
     Alimony Can Be Voluntary
     But Calling It Alimony Isn't Enough
     Taxing Wall Street
     Random IRS Audits Return
     The Kiddie Tax Break Going Away
     Employees' Short-Term Lodging Costs
     New IRS Regulations Will Help Firms Keep Older Workers On The Job
     Can A State Tax Another State's Bonds
     Oklahoma 529 Plans
     Beware The IRA Rollover
     Commission Rebates Are Tax-Free
     S Corporations And Health Plans
     Put More In Your Health Savings Account
     Annuity Exchanges

August 2007
     IRS Efforts in the Compliance Area
     Business Deduction for Local Lodging Expenses
     Tax Treatment on Termination of a Distributorship Agreement
     Tax Treatment of Transfers of Life Insurance Policies to Irrevocable Life Insurance Trusts (ILIT)

October 2007
     Congress Addresses Tax Issue in Home Foreclosures
     Court of Appeals Reverses its Position Relating to Certain Personal Injury Awards
     Deadline for Compliance Section 409A Extended Until December 2008

November 2007
Estate Planning for a Noncitizen Spouse

January 2008
Final Regulations Regarding Reportable Transactions: The Transaction of Interest
Tax Technical Corrections Act of 2007 Recently Signed
Letter Ruling: Payment Terminating Contract Did Not Create A Capital Asset
Annuity Tables Used to Value Lottery Payments

February 2008
Homesale Exclusion Liberalized for Surviving Spouse
New Provisions Provide Some Relief from the Alternative Minimum Tax
Tax Bytes: 2008 Tax Law Changes
Tax Relief for Forgiven Mortgage Debt Enacted

March 2008
Caretaker House Qualifies as Qualified Personal Residence Trust
Tax Court Explains The Obvious: No Estate Tax Marital Deduction Unless The Spouse Actually Survives
Don't Forget Those Credits

April 2008
IRS Believes More Workers Should Be Treated as Employees
Late Contributions to Company Pension Plans Are Also a Government Target
A Partnership Can Be Used (Sometimes) In a Tax Free Exchange
Exchange of Development Rights for Real Property Is Tax Free
Alternate Valuation Date for Estate Tax Returns That Are Filed Late
IRS Targets College Savings Plan Abuses
And Yet Another IRS Target: Donations of Overvalued Stock
A Little Help for Donations By S Corporations

July 2008
Sale of Closely Held Business: Certain Basic Income Tax Aspects

November 2008
Financial Bailout Bill Includes Many Individual Tax Provisions