Search Results for: 3520 penalties
Is HSBC the next UBS nightmare?
…concerned about disclosure of the account to the government, which could result in criminal prosecution and significant civil penalties. Our law firm advises and aggressively defends taxpayers in voluntary disclosures…
NJ Division of Taxation Announces Conferences and Appeals Branch Initiative
…consideration for an abatement of penalties, other than the 5% amnesty penalty. These requests must be in writing and must indicate reasonable cause for failure to file any return or…
New offshore account disclosure law
…continues. These provisions apply for tax years beginning after the new law’s enactment date. Penalties for underpayments attributable to undisclosed foreign financial assets. For tax years beginning after the new…
Pennsylvania’s 2010 Tax Amnesty Program
…penalties and half of the interest for anyone who pays his/her delinquent state taxes. What Taxes Are Eligible for Amnesty? All taxes administered by the PA Department of Revenue are…
Foreign Account Tax Compliance Act – Traps for the Unwary
…you about failing to file the 6038D and then socked you with $40,000 in penalties for not filing the attachment. And the killer is that the unlimited extension is “not…
Non-Resident Estate Tax Trap
…spouse isn’t a U.S. citizen, no deduction is available. The result in this case is that the husband’s estate now owes over US$4 million in estate taxes and penalties. And…
BUSINESS SUCCESSION LEGAL PLANNING
…independent expert. The valuation process has been around since 1959 and has been well-treated by the courts. It carries stiff penalties for over-under valuation, hence strict adherence is mandatory. Buy-Sell…
Estate Planning When a Spouse is Confronting Health Issues (Estate Planning for the Healthy Spouse)
…Of The Institutionalized Spouse’s Interest In The Principal Residence to the Community Spouse The Medicaid transfer penalties do not apply to all uncompensated asset transfers. For example, under current Medicaid…
New guidance on fixing a botched IRA stretch after it’s “too late”
…deal. On the other hand, if there are more years of failed RMDs and associated penalties, or if there’s a high risk the beneficiary will withdraw the funds more rapidly…
A Change in Domicile to Florida Can Help Minimize Taxes
…an assessment, but also substantial interest and penalties. Where the result is uncertain, a change of domicile should not be attempted unless the taxes that will be saved are substantial….
Problems with Joint Tenancy Property
…to die had children of a prior marriage, they can be easily cut out of any inheritance by the surviving joint tenant. Potential tax penalties: Gift tax penalty: The creation…
2007 Year-End Tax Planning Tips
…this will result in a 5 percent tax on the gain, instead of a 15 percent rate if the sale is postponed until 2008. Reducing underpayment penalties Those facing a…