Rosa Parks estate legal agreement revealed
A secret legal agreement to settle the squabbles over the estate of civil rights grand dame Rosa Parks has been made public by the Detroit Free Press.
The news organization reports that the seven-page confidential document signed by Parks’ 15 nieces and nephews, longtime caregiver Elaine Steele and a representative with the institute Parks and Steele founded spells out how all the parties will split proceeds from the sale of Parks’ belongings, said to be worth about $8 million.
Rosa Parks estate legal agreement revealed
Five Tips for Recently Married or Divorced Taxpayers with a Name Change
If you changed your name after a recent marriage or divorce, the IRS reminds you to take the necessary steps to ensure the name on your tax return matches the name registered with the Social Security Administration. A mismatch between the name shown on your tax return and the SSA records can cause problems in the processing of your return and may even delay your refund.
Here are five tips from the IRS for recently married or divorced taxpayers who have a name change.
1. f you took your spouse’s last name — or if you hyphenated your last names, you may run into complications if you don’t notify the SSA. When newlyweds file a tax return using their new last names, IRS computers can’t match the new name with their Social Security number.
2. If you recently divorced and changed back to your previous last name, you’ll also need to notify the SSA of this name change.
I3. informing the SSA of a name change is easy. Simply file a Form SS-5, Application for a Social Security Card, at your local SSA office or by mail and provide a recently issued document as proof of your legal name change.
4. Form SS-5 is available on SSA’s website at http://www.socialsecurity.gov/, by calling 800-772-1213 or at local offices. Your new card will have the same number as your previous card, but will show your new name.
5. If you adopted your spouse’s children after getting married and their names changed, you’ll need to update their names with SSA too. For adopted children without SSNs, the parents can apply for an Adoption Taxpayer Identification Number – or ATIN – by filing Form W-7A, Application for Taxpayer Identification Number for Pending U.S. Adoptions with the IRS. The ATIN is a temporary number used in place of an SSN on the tax return. Form W-7A is available on the IRS.gov website or by calling 800-TAX-FORM (800-829-3676).
Link:
Form W-7A Application for Taxpayer Identification Number for Pending U.S. Adoptions (ATIN)
You Tube Videos:
Changed Your Name after Marriage or Divorce? English | ASL
New Tool Available on IRS Website to Help Taxpayers Who Have to Repay Their First-Time Homebuyer Credit
The IRS has a tool to help people who have to repay their First-Time Homebuyer Credit. Reminder letters will no longer be mailed to taxpayers who have to repay the credit but you can now use an online lookup tool on the IRS website to check your repayment obligation. The following four tips will help you look up information on your First-Time Homebuyer Credit:
1. Who needs to repay the credit? If you bought a home in 2008 and claimed the First-Time Homebuyer Credit, the credit is similar to a no-interest loan and must be repaid in 15 equal annual installments that began with your 2010 return. Also, anyone who sold their home, or stopped using it as their main home, may have to repay the entire credit whether their home was purchased in 2008, 2009 or 2010.
2. Information needed to access the tool The First-Time Homebuyer Credit Tool will provide critical account information to help you report your repayment obligation on your tax return. To access the tool you will need: your Social Security number, date of birth and complete address. If you file a joint return, you’ll only be able to access your portion of the First-Time Homebuyer Credit account information.
3. What the tool provides The tool will show the original amount of the credit, annual repayment amounts, total amount paid and the total balance left to be paid. You will be able to print your account page to share with your tax preparer and keep for your records.
4. How to repay the credit To repay the First-Time Homebuyer Credit, add the amount you have to repay to any other tax you owe on your federal tax return. This could result in an additional tax owed or a reduced refund. To repay the credit, you report the repayment on line 59b on Form 1040, U.S. Individual Income Tax Return. If you make an installment payment, you do not need to attach Form 5405, First-Time Homebuyer Credit and Repayment of the Credit, to your tax return. However, if you are repaying the credit because the home stopped being your main home, you must attach Form 5405.
You can access the First-Time Homebuyer Credit Lookup Tool, 24 hours a day, seven days a week, visit the IRS.gov website.
Links:
- First Time Homebuyer Credit Account Look-up
- Form 5405, First-Time Homebuyer Credit and Repayment of the Credit and instructions
IRS Lowers Bar for Innocent Spouse Relief – Forbes
The filing of a joint income tax return has the legal effect of an irrevocable election by each spouse to be jointly and severally liable for tax reported, or properly reportable, on the return. In other words, each spouse can be held liable for the full amount of the tax, though the IRS can collect the tax only once.
Internal Revenue Code Section 6015 authorizes the IRS to grant a spouse relief from a joint return, where it is inequitable to hold the spouse bound for the return. In Revenue Procedure 2003-61, the IRS set forth the following eight factors to be weighed in deciding requests for innocent spouse relief:
IRS Lowers Bar for Innocent Spouse Relief – Forbes
Where not to die in 2012- MSN Money
Where not to die in 2012
Changes in estate and inheritance taxes at the state level will make it better — or worse — for families in the year ahead.
Where not to die in 2012- MSN Money
Probate Passport–Texas Young Lawyer’s Association
“Texas Probate Passport” has been prepared to inform the public regarding: (1) what happens legally to the property of a person when he or she dies with a will or without a will (see tab entitled “To Will or Not to Will”); and (2) how the probate process works (see tab entitled “Probate in Texas”). The “Checklists” tab provides lists to assist in preparing a will, and in preparing for probate. The Texas Young Lawyers Association (TYLA) seeks to make Texas residents aware of how the law (the Texas Probate Code) affects them and their families. This handbook is not a substitute for the advice of a lawyer, but instead is designed to assist Texans in learning about their legal rights.
Click below to open or download a 47 page booklet.