August 2016 Tax News

New Bill Would Require Presidential Candidates to Release Tax Returns

On May 25, 2016, Senate Finance Committee Ranking Member Ron Wyden (D-OR) introduced the “Presidential Tax Transparency Act”, a proposed new law which would amend the Federal Election Campaign Act of 1971 to require major party candidates for the office of President to disclose recent tax return information.

Specifically, the bill would require that not later than 15 days after the nomination of a candidate of a major party for the office of President, the candidate must file with the Federal Election Commission a copy of the candidate’s income tax returns for the 3 most recent tax years for which a return has been filed with IRS, as of the date of the nomination. If the returns aren’t filed, the Chairman of the Commission must request that the Treasury Department provide the returns. The returns are to be made publicly available in the same manner as other reports and statements filed with the Commission.

“Tax returns deliver honest answers to key questions from the American public,” Mr. Wyden said in a news release. “Do you even pay taxes? Do you give to charity? Are you abusing tax loopholes at the expense of middle class families? Are you keeping your money offshore? People have a right to know.”

In announcing the proposed legislation, Mr. Wyden also said that over the past 40 years, every President had released tax returns during the campaign, but that federal financial disclosure rules had not required doing so.  He also pointed out that all nominees for federal posts subject to Senate confirmation are required by the Finance Committee to submit tax return information.


What Is The Estate Tax?
The estate tax is one component of the federal transfer tax system, which also includes the gift tax and the generation-skipping transfer tax.
The Trust As Part Of An Estate Plan
To the layperson, trusts can appear complicated. People often think trusts are only for the very wealthy. In reality, trusts can be useful for people of all income levels.
What Is Probate?
Probate is the legal process that takes place after someone dies of proving the validity of a will or establishing who is entitled to receive the decedent’s property under state intestate succession laws if there is no will.
Who Are The Parties Involved In A Trust?
The person who creates a trust is called the creator, the settlor, or the grantor. The trustee is the person or persons who hold title to the trust property in their name.
AICPA American Academy of Attorney CPAs Tax Attorney CPA, CFP®, Melville NY


The Law Offices of Lawrence Israeloff, PLLC
445 Broad Hollow Road, Suite 205
Melville, NY 11747


Lawrence Israeloff, Esq., CPA, CFP®


The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.
©2017-2018 Tax Attorney CPA, CFP®, Melville NY
Website by Websites For Lawyers.