...and the Taxpayer must then cooperate with the examiner in all aspects of providing documents and information. To learn more about the updated Voluntary Disclosure Program go to: https://patellawoffices.com/blog/planning-for-tax-minimization/irs-updated-voluntary-disclosure-practice-is-a-game-changer/ ...
The FBAR or Foreign Bank and Financial Account Reporting or FinCen Form 114 is a form which many U.S. taxpayers are unaware and unfamiliar with and thus many of them...
...in life insurance and tax-deferred annuity products. Earnings from life insurance contracts and annuity contracts generally aren’t taxed until they are withdrawn. Life insurance death benefits are generally exempt from...
...entire adult life. On January 1, 2010, Taxpayer A formed a foreign entity classified as a corporation for U.S. income tax purposes, Foreign Co. B. Taxpayer A owns 51% of...
...loss of tax revenue. It appears that is about to change. President Biden is about to announce a major new increase in IRS tax enforcement funding to tackle the tax...
...plans have been fully revived. As such, we anticipate tax changes impacting estate planning: Decrease in Federal Estate Tax Exemption: Perhaps the most significant change proposed under Biden’s estate tax...
...reason to adjust for new goals or major life changes (think new children, health changes, etc.). Old insurance trusts or credit shelter trusts may no longer be needed, or may...
...be a viable alternative to lower the overall tax burden faced. In changing domicile care must be cautiously taken as each state has its own intent driven indicators such as...
...filed within each grouping has grown over the same time period. (Internal Revenue Service Data Book, 2019; Table 17a; https://www.irs.gov/pub/irs-pdf/p55b.pdf). The IRS has also embarked on a separate initiative to contact...
You may have heard of a “springing” powers of attorney (POA), which is a POA that “springs” into effect when you become incapacitated. This type of POA literally “springs” to...
...Line” Charitable Contribution Deduction to encourage charitable giving. All taxpayers are eligible for a charitable contribution deduction up to $300 (dollar-for-dollar deduction not subject to any other limits) in addition...
...accounts, IRA’s, life insurance, and annuities are distributed to a designated beneficiary upon your passing. When the beneficiary is properly designated, at your passing, your beneficiary will receive the funds...
