Tag Archive for africa tlf

Are You Dealing With South African Tax, Legal and Financial Questions?

Africa Tax Legal Financial Questions

We have good news for anyone conducting business in South Africa. One of our super smart tax experts, Dr. Daniel Erasmus recently acquired the Africa Tax, Law and Finance Hub and is offering complimentary access to the site for a limited time only.

We highly recommend you go view our tax professionals video section and scroll down to meet him in the video presentation he has on TaxConnections. If you have any business operations in South Africa, Dr. Erasmus is extraordinarily knowledgeable on the subject. Read More

Written by | Posted in Tax Legislation • Tax Planning • Tax Policy • Tax Tips • Tax Updates

New IRS Form 8971 ”Information Regarding Beneficiaries Acquiring Property From A Decedent”

Larry-Stolberg

Section 2004 of the “SURFACE TRANSPORTATION ACT OF 2015” implements new reporting or what may otherwise be called “stepped up basis conformity”, for executors to ensure basis of assets inherited by heirs of an estate is in agreement with the value determination for federal estate tax purposes.

Section 6035 of the IRC is the NEW provision that outlines the requirement to provide basis information to persons acquiring property from decedents. Domestic estates filing IRS Form 706 or 706-A, or non-resident estates filing IRS Form 706-NA are affected by the new reporting provisions. Generally filing of these returns is done where taxable estate value exceeds the requirement to file threshold. For domestic estates, the 2015 threshold is $5.43M.
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Written by | Posted in Tax Education • Tax Legislation • Tax Updates