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Davis Brown Tax Law Blog

The Davis Brown Tax Law Blog provides clients with updates and analysis of tax law - including asset and stock purchase/sale transactions, public and private bond financing, tax credit financing and international tax law.

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Was Prince Married? How Does Marriage Affect an Estate? - December 1, 2016

Several months after his death, a woman came forward claiming she was married to Prince and that she was the sole heir of the estimated $300 million estate. She additionally claimed to have possession of a will signed by Prince. In this post, we'll examine what having a surviving spouse means for someone's estate. Read More »


Election Results: Tax Reform on the Horizon? - November 17, 2016

Last week's election results have raised a number of questions about tax reform or repeal and the impact of such legislation upon your estate plan. It's too early to tell how this will shake out. Nonetheless, below are the initial reactions of the members of the Davis Brown Tax and Estate department. Read More »


Military Disability Benefits May be Wrongfully Taxed by the IRS - November 11, 2016

Veterans who receive armed service disability benefits for combat-related injuries are able to exclude that income from their taxable income. However, due to some reporting confusion, some veterans may be wrongfully taxed by the IRS. Read More »


Tax Law Blog: Updates on the Estate of Prince - October 17, 2016

Since my last blog post, the district court judge has dismissed numerous claims of people alleging they are related (including one who claimed she was secretly married to Prince), and has ordered blood tests for the few remaining individuals. Read More »


United States Olympians Score a Win against the 'Victory Tax' - October 13, 2016

On October 7, 2016, President Obama signed into law the United States Appreciation for Olympians and Paralympians Act. The Act amends Internal Revenue Code § 74, which governs the taxation of prizes and awards, to exempt "the value of any medal awarded in, or any prize money received from the United States Olympic Committee on account of, competition in the Olympic Games or Paralympic Games. Read More »


Form 1095-C and I-9 Compliance: How to handle "mismatches" - July 26, 2016

Employers complying with the Affordable Care Act ("ACA") by filing Form 1095-C increasingly face another question: Are they in compliance with their I-9 obligations? Read More »


Tax Law Blog: IRS "Free Speech" Act Seeks to Make Charitable Contributions Confidential - June 14, 2016

On April 26, 2016, a bill intended to modify the reporting requirements for tax-exempt organizations was introduced in the House. The bill, called the "Preventing IRS Abuse and Protecting Free Speech Act" (H.R. 5053) seeks to amend the Internal Revenue Code to prohibit the IRS from requiring a tax-exempt organization to include in its annual returns the name, address, or other identifying information of any contributor. Read More »


Tax Law Blog: More Issues for Prince's Lack of Estate Planning - May 31, 2016

I'm not typically one to follow pop culture, but in the case of Prince's lack of an estate plan, I'm following closely how this can serve as an example of how not to do your estate plan. Read More »


Tax Law Blog: Sports and Fitness Bill Would Provide Tax Advantages for Gym Memberships and Sports Equipment - May 19, 2016

As the summer months approach, and many of us begin crawling back out into the sun, the Personal Health Investment Today Act ("PHIT") remains in Congressional hibernation. Introduced in the House on March 3, 2015, the PHIT Act seeks to include certain qualified fitness and sports expenses into the definition of a medical expense. Read More »


Tax Law Blog: Prince's Estate Plan (or lack thereof) - April 29, 2016

Prince died April 21 at the age of 57. This week, his estate planning is making the news, or as we are learning, maybe his lack of an estate plan. News sources are reporting that court documents filed earlier this week indicate Prince died intestate, meaning he did not have a will. Read More »


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