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New Jersey inheritance tax
…no inheritance tax return is required to be filed for Class A beneficiaries, Form L-8 may be used to secure the release of bank accounts, stocks, bonds and brokerage accounts….
NJ Inheritance Tax
…they don’t have to file an inheritance tax return. They will have to use Form L-8 in order to release bank accounts, stocks, bonds etc, and Form L-9 in order…
New offshore account disclosure law
…provisions. Increased disclosure of beneficial owners Reporting on certain foreign bank accounts. The Act imposes a 30% withholding tax on certain income from U.S. financial assets held by a foreign…
Opting-out of the Offshore Voluntary Disclosure Initiative: FBAR Penalty Mitigation Guidelines
…Violations Occurring After October 22, 2004 The Bank Secrecy Act (BSA) allows the Secretary of the Treasury some discretion in determining the amount of penalties for violations of the FBAR…
Watch Out: The NJ Inheritance Tax
…secure the release of bank accounts, stocks, bonds and brokerage accounts and Form L-9 may be used to secure the release of the State’s lien on real property owned by…
India issues FATCA Self-certifications and KYC Warnings
…all foreign banks report bank data to the IRS. All Indian investors (including NRIs), who hold accounts in any Indian financial institutions such as mutual funds or fixed deposits, need…
The Expensive NJ Inheritance and Estate Tax
…may be used to secure the release of bank accounts, stocks, bonds and brokerage accounts and Form L-9 may be used to secure the release of the State’s lien on…
FATCA Noncompliant Accounts may be Frozen or Blocked
…any FATCA letter received from the foreign bank. If you have received a FATCA letter, you must seek the advice of a tax legal professional. Failure to do so can…
A Change in Domicile to Florida Can Help Minimize Taxes
…and close out a New York box. Open a Florida bank account. Change credit cards to the Florida address. Execute a new Florida will, Florida durable power of attorney, and…
Uncertainty About The Future Of The Gift And Estate Tax Laws Will Continue
…from unforeseen circumstances. Decedents often leave assets outright to an adult beneficiary, but outright ownership exposes those assets to any third-party claims against that beneficiary such as lawsuits, bankruptcy, and…
Businesses Owners Need To Plan for Their Exit: Companies should be prepared for the boss’s departure
…won’t have an unexpected shareholder entering the business,” Patel says. “Without a plan, you can have a bank become a shareholder in the case of a bankruptcy,” he adds. “And…
Adding Beneficiaries to an Irrevocable Life Insurance Trust
…irrevocable trust is to make a gift into it. Therefore, the grantor will make a gift by way of writing a check into the ILIT bank account in the amount…
PRESIDENT BUSH SIGNS THE HOUSING AND ECONOMIC RECOVERY ACT OF 2008 WITH TAX BENEFITS AND TRAPS FOR THE UNWARY
…the verge of bankruptcy and foreclosure, victims of bank failures and others whose lives are topsy-turvy this year. But from a tax perspective, the bill is likely to cause more…
Buy-Sell Agreements
…the ex-spouse from owning stock). 6. Bankruptcy. Establishing the Purchase Price Establishing the purchase price is one of the most critical provisions of the agreement. Too often, a valuation is…
Estate Planning Checklist
…___________________ ___________________________________________________________ ___________________________________________________________ 4. Cash, cash deposits, and cash equivalents: State the name and address of each bank or institution and who owns each item. (a) Checking accounts, including money…
New FBAR FIling Deadline Law Signed
…Form 114, Report of Foreign Bank and Financial Accounts (FBAR), and several other IRS information returns. The new due dates will apply to returns for tax years beginning after Dec….
What Happens to Your Digital Accounts In Case of Death
…include all of your online accounts including bank, investment, loan, insurance accounts, social media accounts, and email accounts. 2. Share your account logins and other secure information with a password…
THE PROBATE PROCESS IN NJ
…the process, will issue letters and certificates evidencing the appointment of the individual to the Estate which will allow them to access and transfer assets such as bank accounts, stocks,…
Caution: Foreign Businesses Require Additional Reporting
…signing authority over a business-related financial account, a Foreign Bank Account Report (FBAR) must be filed annually to disclose the account to the U.S. Treasury Department. Failure to properly make…
Beware of Overlooked Common Overseas Tax Forms
…foreign financial accounts that exceed $10,000 in the aggregate in value at any time during the year. If you have any foreign bank accounts, this also has to be disclosed…
Protective Filing of Information Returns
…accounts that exceed $10,000 in the aggregate in value at any time during the year. If you have any foreign bank accounts, this also has to be disclosed on Part…
The Dreaded IRS Letter 6185: “We received information that you have a foreign account”
…income tax and information reporting requirements associated with these foreign activities, otherwise, they are subject to penalties and possible criminal prosecution. Via FATCA and subpoenaed bank records, the IRS is…
Probate Basics
…and “payable on death” bank accounts). A common expression you may have heard is “probating a will.” This describes the process by which a person shows the court that the…
Information Sharing of Account Holder Information Officially Begins
…failed to report income, bank accounts, corporations, trusts or other assets outside the U.S. are increasingly at risk of being detected, fined and in some cases prosecuted. It is strongly…
Resolving IRS disputes through audit reconsideration
…be corrected; Information that supports the taxpayer’s position, including necessary documents such as Forms 1099, canceled checks, bank statements, and loan documents; and Copies of letters and reports the IRS…
Estate Planning: List of To-Do Items
…the assets At your death, your taxable estate will include your home, other real estate, investment accounts, retirement accounts, life insurance, bank accounts, business interests, vehicles and other items of…
US passport and green-card has lost its glamour
…US connected persons will have to declare all their assets held worldwide to the US government. Many people are closing bank accounts to hide financial trails and “gifting” assets spouses,…
4 tax strategies before Jan. 1 to lower your tax bill under the new tax law
…to try to prepay your home-equity loan interest. That deduction goes away next year, so it’s worth calling your bank and seeing if you can prepay at least some of…
Beware: IRS Form 8938 Statement of Specified Foreign Financial Assets
…from Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts, commonly referred to as the FBAR. Individuals may be required to file both reports, depending on the specific…