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New form sets out rules for reporting basis of decedent-owned property

New form sets out rules for reporting basis of decedent-owned property

Form 8971, Information Regarding Beneficiaries Acquiring Property From a Decedent (January 2016). IRS has released the final version of new Form 8971, which, pursuant to legislation enacted in 2015, must be used to report the final estate tax value of property distributed or to be distributed from an estate, if the estate filed a Federal […]

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Draft 2015 FATCA Form 8966 instructions reflect form’s new check boxes and lines

Draft 2015 FATCA Form 8966 instructions reflect form’s new check boxes and lines

Draft 2015 Instructions for Form 8966. IRS has published a draft version of the instructions to the 2015 Form 8966 (FATCA Report), which certain foreign financial institutions (FFIs) and others use to report information with respect to U.S. accounts under the Foreign Account Tax Compliance Act (FATCA). The instructions reflect the fact that 2015 Form […]

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Draft 2015 Form 1042 changes include conversions from optional to required reporting

Draft 2015 Form 1042 changes include conversions from optional to required reporting

Draft 2015 Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons (Sept. 30, 2015). Draft 2015 Instructions for Form 1042 (Oct. 28, 2015). IRS has issued drafts of 2015 Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, and of the instructions to that form. Included among […]

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What’s New on the 2015 draft Form 1040 and related forms and schedules – Part II

What’s New on the 2015 draft Form 1040 and related forms and schedules – Part II

IRS has released on its website a number of draft tax forms and instructions for the 2015 tax year, including Form 1040 and its related schedules. They reflect several changes that take effect in 2015 and the fact that several tax provisions that have historically been extended have not yet been extended to 2015. Click […]

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What’s New on the 2015 draft Form 1040 and related forms and schedules

What’s New on the 2015 draft Form 1040 and related forms and schedules

IRS has released on its website a number of draft tax forms and instructions for the 2015 tax year, including Form 1040 and its related schedules. They reflect several changes that take effect in 2015 and the fact that several tax provisions that have historically been extended have not yet been extended to 2015. Click […]

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Draft Instructions confirm Form 1041 for 2015 will reflect consistent basis reporting rules

Draft Instructions confirm Form 1041 for 2015 will reflect consistent basis reporting rules

Recently issued draft instructions for Schedule D, Form 1041 (U.S. Income Tax Return for Estates and Trusts) for 2015 confirm that estates will have to follow new consistent basis reporting rules on 2015 returns. These rules were enacted as part of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the “Transportation […]

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Draft form 1040 reflects new health coverage rules and other changes

Draft form 1040 reflects new health coverage rules and other changes

Draft Forms, Schedules, and Instructions, IRS website IRS has released on its website a number of draft tax forms and instructions for the 2014 tax year, including Form 1040 and its related schedules. They reflect key health coverage changes that first went into effect in 2014, including the premium assistance credit and the penalty for […]

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Draft form 1040 reflects new health coverage rules and other changes

Draft form 1040 reflects new health coverage rules and other changes

IRS has released on its website a number of draft tax forms and instructions for the 2014 tax year, including Form 1040 and its related schedules. They reflect key health coverage changes that first went into effect in 2014, including the premium assistance credit and the penalty for failing to have coverage, and other changes. […]

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2013 draft Form 5227 requires Net Investment Income (NII) reporting by charitable remainder trusts

2013 draft Form 5227 requires Net Investment Income (NII) reporting by charitable remainder trusts

2013 draft Form 5227, Split-Interest Trust Information Return, and Instructions to 2013 draft Form 5227.  Click here for 2013 draft Form 5227, Split-Interest Trust Information Return.Click here for 2013 draft Instructions for Form 5227. IRS has issued 2013 draft Form 5227, Split-Interest Trust Information Return, and the Instructions to that form. The most significant changes […]

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Draft Form 706 reflects some changes

Draft Form 706 reflects some changes

Draft Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return and its draft instructions. IRS has released a draft version of Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return for estates of decedents dying after Dec. 31, 2012 and draft instructions to it. Unlike the past few years, during which the form […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney