No Clawbacks for Gifts if Estate Tax Exemption Changes

27 Dec 19

Lifetime gift giving can be an effective estate planning strategy for high net-worth clients. Although the estate tax is imposed on the aggregate of the taxable estate and lifetime taxable gifts, gifting removes the appreciation and cash flow of the

Reasonable Cause Defense Denied: FBAR Penalties Assessed by Court

19 Dec 19

  In the recent 2019 case U.S. v. Ram Agrawal, a US District Court rejected a taxpayer’s reasonable cause defense against foreign bank account reports (FBARs) penalties. It ruled in favor of the government to collect FBAR penalties for the

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