...report the existence of such assets. The IRS uses information reporting to determine potential tax noncompliance. Foreign inheritances come in many types and forms that require unique U.S. tax reporting:...
...MAGI. Of course, every taxpayer’s situation is different, and planning for the NIIT requires a very personalized strategy. Talk to your tax advisor or tax attorney to implement these strategies....
...highest individual income tax rate to 39.6% Removed Capital gains tax rate Raise long-term capital gains tax rate to 25% Removed Net investment income tax (NIIT) Apply the 3.8% NIIT...
This year has a few charitable tax law changes unique to 2021. We have compiled our top charitable tax planning ideas you may want to consider implementing this year before...
...the way for the IRS to prevent the disguised accumulation or tax deferral of funds. Filing an IRS Form 5471 is difficult and bad news for most shareholders of dormant...
IRS finally figured out that taxpayers need help with IRS frequently asked questions (FAQs). IRS places FAQs on its website and taxpayers naturally read them and believe them to be...
...a trade or business (e.g., from a partnership) for taxpayers with taxable income above $400,000 (for single filers) or $500,000 (for joint filers). Under this proposal, all income of taxpayers...
...offshore company, but ministers and advisers “will have to be held accountable” for their individual acts. Law firms: the key to accessing the offshore world The offshore service providers at...
...terms for resolving their tax and penalty obligations. The SFCP comprise the Streamlined Domestic Offshore Procedures (for non-foreign residents) and the Streamlined Foreign Offshore Procedures (for foreign residents), as well...
...the tax returns he did file are allegedly false. The indictment also alleges that Gyetvay submitted a false offshore compliance filing with the IRS through the Streamlined Filing Compliance Procedures...
...Estates: Estate Tax Reform and the 2021 Planning Window”. Mr. Patel will discuss the new tax changes expected this year, including the possible lower estate tax exemption, increased tax rates,...
...applicable tax rates, and methods to maximize the foreign tax credit for double-taxed income. Listen as our experienced panel provides comprehensive and practical guidance on navigating U.S.-India tax planning and reporting...
