I recently attended a seminar on estate planning. The attorney presenting the class provided a nicely summarized list of important information that everyone should have prepared prior to their death. She called this list a “FROG File” (For Your Own Good).

The Internal Revenue Service allowed an estimated $13.3 billion to $15.6 billion to be paid in improper claims for the Earned Income Tax Credit last fiscal year, or about 22 to 26 percent of all EITC payments, according to a new government report found the IRS continuing to be noncompliant with a 2010 law that sought to limit improper payments.

The Internal Revenue Service has adopted a "Taxpayer Bill of Rights" that it said would become a cornerstone document to provide the nation's taxpayers with a better understanding of their rights.

There is more to the federal income tax system than just a single calculation. Upper-income taxpayers---especially those with investment income---must cope with six layers of taxation: (1) ordinary income tax; (2) capital gains and losses; (3) the alternative minimum tax; (4) the net investment income tax; (5) the additional Medicare tax; and (6) a reduction of itemized deductions and personal exemptions.

A couple of years ago in TTW #109 we introduced ROBS as a strategy to fund a new business. The following is a recent article in Businessweek about this risky strategy.

If you should be named the Executor of an estate, you need to be aware that you could be held personally liable for any unpaid taxes of the deceased.