Is HSBC the next UBS nightmare?
clients with a foreign HSBC account should be seriously concerned about disclosure of the account to the government, which could result in criminal prosecution and significant civil penalties.
NJ Division of Taxation Announces Conferences and Appeals Branch Initiative
In an effort to address the large backlog of cases awaiting an administrative hearing pursuant to N.J.S.A. 54:49-18, the NJ Division of Taxation recently announced its reallocating resources in order to increase the number of
Structuring: A Tax Crime
One of the most frequent criminal charges our firm encounters is the illegal structuring of cash transactions to evade the IRS reporting requirements of Section 6050I. Usually the taxpayers who break this law are not
Estate Tax Pitfalls Seen In Court Case
Few things get people madder at their estate planners than fights over who must pay taxes when someone dies. A big source of trouble: the patchwork of state rules that apply. Most states say those
New offshore account disclosure law
To pay for the hiring incentives in the recently enacted “Hiring Incentives to Restore Employment Act” (the 2010 HIRE Act), Congress passed several offsetting revenue raisers, including a comprehensive set of measures to reduce offshore
Pennsylvania’s 2010 Tax Amnesty Program
Our firm recently successfully filed several client's state amnesty applications.
New York Penalty and Interest Discount (PAID) program
In the state's press release, they mention they are increasing their enforcement efforts to collect unpaid bills.
Foreign Account Tax Compliance Act – Traps for the Unwary
For anyone who has clients or family members that live and work abroad, the new Foreign Account Tax Compliance Act (FATCA) is a real problem. Although this Act is supposed to punish Americans who hide
What does divorce do to your estate plan?
According to census bureau statistics, nearly half of married couples will at some time go through a divorce. If you are going through the divorce process, you’ve got a lot of company. So, do you
Asset Protection
For the client who needs to protect assets, estate planning may include the use of asset protection trusts (such as foreign-situs trusts) that will put assets safely out of reach. Although there are potentially many
A Good Time To Review Estate Tax Plans: Decline in asset value prompts new strategies
Now is a particularly good time for business owners to think about estate tax planning.
$3.5 Million Federal Estate Tax Exemption for 2009 Could Mean Higher State Death Taxes
If the federal exemption is greater than the state exemption, the difference may become subject to state death taxes.