...the possible drastic change in rates, our smartest clients are planning ahead for future capital gains. Unconventional Tax Planning Conventional tax planning usually defers taxable sales into future tax years...
...the current estate tax exemption amount (“ETEA”). Some tax strategies that we recommend including gifting through a SLAT and residency planning: 1. The feared estate tax increase has likely been...
...were required to certify that foreign entities were not engaged in tax evasion. Under the new procedures, taxpayers file through “normal filing procedures” and taxpayers “may” attach a reasonable cause...
...tax. We have recently received unprecedented interest in SLATs due to President-elect Biden’s tax plans to raise estate taxes. Now is the time to explore SLATs before it’s too late....
With the upcoming election and potential tax law modifications based on the outcome, high net worth married couples should consider meeting with their advisors to determine what they can do...
The IRS has recently begun sending “soft letters” (warning letters) to U.S. taxpayers owning foreign companies about IRC Section 965 transition tax compliance. In July 2020, The IRS Large Business...
...tax benefits. We are advising clients of the likely impact of an electoral victory in November for Joe Biden. Biden’s recently published tax plan calls for increases in estate taxes....
...that if they do not file some form of voluntary disclosure, the IRS is unlikely to know about them. However, a large inbound transfer from an offshore bank is likely...
The last month or so has unfortunately seen a lot of FBAR enforcement court rulings against US taxpayers and in favor of the government. The Financial Crimes Enforcement Network (FinCEN)...
...home to deduct certain expenses on their tax return. In light of exponentially more taxpayers working from home almost exclusively due to the Covid pandemic, tax advisors should re-explore this...
...tax”, which can be achieved by a reduction in the estate tax exemption (a smaller exemption leads to more estate tax). The estate tax exemption’s current level is $11.58 million...
...charged with a tax crime face a very high rate of conviction. The IRS reported it brought 91.2% of all taxpayers accused of tax crimes in 2019 to conviction. Although...
