Spencer Law Firm LLC
717.207.7935 866.639.5451

January 2011 Archives

New Cost Basis Reporting Rules Effective January 1, 2011

Under new IRS regulations, beginning with the 2011 tax year, financial institutions must report to the IRS on clients' Forms 1099-B (Proceeds from Broker and Barter Exchange Transactions) not only gross proceeds of sales but also the adjusted cost basis for stock sold and whether the related gain or loss is long-term or short-term. The new cost basis reporting regulations implement key provisions of the Emergency Economic Stabilization Act of 2008 that apply to institutions that issue IRS Form 1099-B.

Charitable Contributions from Your IRA

With the passage of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Act), Congress retroactively reinstated the ability of taxpayers to make direct qualified charitable distributions (QCDs) from an IRA, in amounts up to $100,000, by IRA owners who are at least age 70½ years of age. You have until January 31, 2011 to make a QCD for 2010.

Estate Planning Opportunities After the 2010 Tax Relief Act

We finally have tax legislation that answers the question of what will happen to the estate tax. The "Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010" ("2010 Tax Relief Act" or "Act") was signed into law on December 17 by President Obama. (For a detailed description see They Call it a Tax Cut Part 1 and Part 2.) Now what?

We’d Like to Hear From You

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Contact Information

Spencer Law Firm LLC
320 Race Ave
Lancaster, PA 17603

Toll Free: 866-639-5451
Phone: 717-207-7935
Lancaster Law Office Map

  • MS Logo The American College of Trust and Estate Counsel
  • Super LawyersAV Peer Review Rated
  • fig | figmagazine.com