Straight Talk | The Law Blog
by Walker Heye Meehan & Eisinger, PLLC
The Effects of the Bipartisan Budget Act of 2015 on IRS Examinations of Partnership Returns. New partnership audit rules apply starting in the 2018 tax year.1 The new rules shift some of the burden of federal tax enforcement from the IRS to partnerships under examination. Under the current Tax Equity and Fiscal Responsibility Act (TEFRA)…
Arrested for DUI in Washington State? Here’s five things you should know before you go to court: 1. Your driver’s license is still valid – but you need to request a DOL hearing right away. If your driver’s license was valid before your DUI arrest, you can still legally drive a motor vehicle unless you…
When the time comes to consider transitioning the family farm, there are some valuation rules which are worth considering. Washington property tax provides a tax savings for lands classified as a farm. The Washington and Federal estate tax regimes provide value reductions for farm property as well. The Federal estate tax may soon become a thing of the past due to President Trump’s recent tax reform proposal, but as of yet the tax is still in effect.
An owner may apply for his or her farm to be valued based on its current use as opposed to its true and fair value. Property tax is assessed on the value of real estate as determined by the county assessor.Generally, Washington real property values are determined based on the “true and fair value” which includes criteria such as sales of similar property within the last five years and potential income uses. The Open Space Taxation Act created three property classifications which allow property to be taxed based on current use value: open space, farm and agricultural land, and timberland. Farm values will be derived from the farm’s earning capacity. This means a farm may be valued as a farm rather than the subdivision it could be.
Generally, your will does not control disposition of your retirement account. A retirement account is a non-probate asset, like a bank account, or life insurance. This means that the disposition of your retirement account is generally not controlled by your will, but instead by the beneficiary designation filed with the plan administrator.