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"Welcome to Palm Beach, Florida" Retro PosterOn Fox’s Tax Controversy Sentinel blog, partner Charles Bender recently examined a Florida case involving the state’s Homestead Exemption. The Exemption allows for a reduction in local real estate taxes and also provides that the homestead is exempt from claims of creditors of Florida residents. In the Circuit Court for Palm Beach County case Ramos

The Internal Revenue Service (IRS) has issued final regulations that may increase the amount of the gift tax exemption available to a surviving spouse.  Specifically, the IRS issued final regulations governing portability of a Deceased Spousal Unused Exclusion (DSUE) amount.  Generally, the tax code allows an exemption to the gift tax for a decedent’s estate. 

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In the recent case of Coyle v. United States (In re Coyle), 524 B.R. 863 (Bankr. S.D. Fla. 2015)(http://www.flsb.uscourts.gov) the U.S. Bankruptcy Court for the Southern District of Florida (“Bankruptcy Court”) held that a debtor’s untimely Form 1040 for 2006 that was filed in 2010, after the Internal Revenue Service’s (“IRS”) assessment