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Van Elkins and Associates

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Summer day camp may net tax credit

Friday, July 6th, 2012

Considering sending your children to camp this summer? You may be able to offset the cost with a tax credit. Here are some tips, courtesy of the IRS: During the summer many parents may be planning the time between school years for their children while they work or look for work. The IRS wants to […]

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Tags: family, tax, tax credit, tax planning, tax tips



Preserve estate tax portability

Monday, October 24th, 2011

To preserve estate tax portability, executors must file Form 706 Estate Tax Return for decedents dying in 2011 and later. The nine month filing deadline may be extended an additional six months. This election is not available for decedents dying before 2011. In the law reinstating the estate tax in 2010, Congress established an exclusion […]

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Tags: asset protection, estate tax, family, tax preparation, tax tips



Tort reform in effect in TN

Wednesday, October 5th, 2011

Tennessee’s tort reform law went into effect on October 1, 2011. It places caps on non-economic damages and punitive damages except in certain egregious cases. Governor Haslam and legislative sponsors tout the increased predictability that the new law will bring to businesses aiming to quantify risk. They say it brings Tennessee on par with other […]

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Tags: asset protection, business consulting, family, legal, liability insurance, small business



Next IRS target – generous relatives

Wednesday, March 30th, 2011

Generous relatives may be the next targets of IRS hunting expeditions. The IRS has asked a federal judge for a “John Doe” summons on the California Board of Equalization to force the board to turn over records of property transfers for little or no consideration. They are looking for people who have not paid gift […]

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Tags: estate tax, family, gift tax, IRS, tax audit, tax planning, tax tips



Better Property Settlement in Divorce

Friday, August 20th, 2010

We’ve heard it said that the second most contentious issue in a divorce (after the children) is the property settlement. One side may resort to unusual measures to reduce the property settlement, while the other side may be seeking revenge or punishment through the property settlement. The intense emotions complicate the process of determining an equitable settlement. […]

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Tags: attorney, business valuation, divorce, family, forensics, fraud detection, litigation, settlement, tax planning



Steinbrenner's estate tax feat

Wednesday, July 14th, 2010

Yankees owner George Steinbrenner’s death this week is a sad occasion for his family and friends. But because it happened this year, it resulted in a huge tax savings for his heirs. As explained in this Wall Street Journal article, the 2001 Bush tax cuts left a quirky Federal estate tax repeal for this year only. […]

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Tags: estate tax, family, IRS, Steinbrenner, tax, tax planning, Wall Street Journal, Yankees



Payroll tax credit

Wednesday, July 7th, 2010

It is time to prepare your second quarter payroll tax returns, due August 2, 2010 (July 31 falls on Saturday). If your company or tax-exempt organization has hired employees this year, you may be eligible for the HIRE Act new hire tax credit. You should check before filing Form 941. We previously posted about this and other tax credits in the […]

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Tags: family, hiring, IRS, payroll, small business, tax, tax return, tax tips, withholding



Death, But No Taxes

Tuesday, June 22nd, 2010

Even though the federal estate tax only affected about 5500 decedents in 2009 before it was repealed for one year, Congress’s inaction in reversing the repeal has cost the government big money, even by their standards. In this New York Times story, we learned that Houston’s richest man died last spring. Dan L. Duncan was […]

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Tags: estate tax, family, inheritance tax, tax, tax planning



Best Place to Raise a Family

Thursday, June 10th, 2010

We’re proud to call Knoxville home. It’s not perfect, but it’s a pretty darn good place to live and do business.  We’re pleased to be ranked in the top ten out of the largest 100 metropolitan areas by Forbes magazine. The authors looked at cost of living, prevalence of home ownership, median household income, housing […]

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Tags: best place, family, Knoxville, national ranking



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800 S. Gay Street, Suite 1919 Knoxville, TN 37929

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