IRS Tax Tip Reminds U.S.Citizens/Resident Aliens Living Abroad to Know Their Tax Obligations
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The “Dirty Dozen”: IRS issues yearly list of tax scams that taxpayers may encounter this year
On July 16, 2020, the IRS released its annual list of tax scams, known as the “Dirty Dozen” highlighting scams that taxpayers and tax professionals should be aware of in 2020. This year’s “Dirty Dozen” list includes: Phishing Scams. ...
IRS Issues Two Warnings Regarding Possible Schemes You May Encounter With Future Economic Payments to Taxpayers
During the past week, the Internal Revenue Service (IRS) has issued two warnings regarding possible schemes you may encounter relating to forthcoming economic payments to taxpayers emanating from the $2 trillion dollar federal stimulus package enacted to combat the ...
OFFSHORE ACCOUNT COMPLIANCE (FBAR)
Whether you were aware of it or not, since the 1970s, U.S. law has required the disclosure of foreign financial accounts by U.S. taxpayers under certain circumstances. A U.S. taxpayer is not only a U.S. citizen but also a Green-Card holder and a person who is deemed to be a ...
How to avoid the federal estate tax when collecting life insurance proceeds
Date: July 19, 2017 By: Bill Bischoff How to avoid the federal estate tax when collecting life insurance proceeds Beneficiaries generally receive death benefits free of federal income tax, but what about the federal estate tax? Having enough life and disability insurance ...
Why You Should Get Around to Drawing Up a Will
Date: February 8, 2017 By: Ann Carrns Why You Should Get Around to Drawing Up a Will No one likes to think about dying — and that is probably one reason most Americans lack wills. Fewer than half of American adults (42 percent) have a will, according to a survey published ...
Utah Jazz Owners Demonstrate Power of Dynasty Trusts
Date: February 6, 2017 By: Jeramie J. Fortenberry Utah Jazz Owners Demonstrate Power of Dynasty Trusts Utah Jazz owner Gail Miller recently made basketball news by announcing that she and her family had transferred the NBA team into a dynasty trust. Utah Jazz Owner, Gail ...
Snitching On Your Friend's Offshore Accounts Might Yield Only Stitches, Not Rewards
Date: April 13, 2016 By: Ajay Gupta, Snitching On Your Friend's Offshore Accounts Might Yield Only Stitches, Not Rewards You may have a friend who you know is raking it in, earning large amounts of mostly cash income. But you also know he is not being completely honest in ...
Tax Attorneys See Reason for Clients to Worry About Panama Papers Inquiries
Date: April 19, 2016 By: Monika Gonzalez Mesa, Daily Business Review Tax Attorneys See Reason for Clients to Worry About Panama Papers Inquiries Some tax attorneys are getting more calls from clients concerned about offshore accounts, and the attorneys expect more scrutiny ...
Malta's Leaders Face Scrutiny as Panama Leak Contagion Broadens
Date: April 18, 2016 By: Karl Stagno Navarra Malta's Leaders Face Scrutiny as Panama Leak Contagion Broadens Maltese Prime Minister Joseph Muscat’s government survived a no-confidence vote on Monday following revelations from a leaked trove of legal documents that the ...
4 Hidden Costs of Selling Your Home
Date: April 17, 2016 By: Maurie Backman 4 Hidden Costs of Selling Your Home Don't let these catch you off guard. Whether you're looking to relocate, downsize, or upgrade to a larger space, selling a home can be a stressful and surprisingly expensive process. You're probably ...
IMF, World Bank, UN unite to fight tax evasion
Date: April 19, 2016 By: AFP IMF, World Bank, UN unite to fight tax evasion Washington (AFP) - Four of the world's largest multilateral organizations joined hands Tuesday in the fight to help developing countries fight tax evasion. The International Monetary Fund, World ...
In defence of ‘tax havens’: offshore banking is not the same as dodgy dealing
Date: April 13, 2016 By: Nigel Green In defence of ‘tax havens’: offshore banking is not the same as dodgy dealing Offshore investors are not just the uber rich highlighted by the Panama Papers. Many are hardworking people looking for better returns and more ...
Panama Papers reveal Hong Kong's murky financial underbelly
Date: April 14, 2016 By: AFP Panama Papers reveal Hong Kong's murky financial underbelly Jasmine Li was still a student when she opened her first offshore bank account through Mossack Fonseca Hong Kong, but the shady world she entered that day had been part of the city's ...
Is the end near for offshore tax havens?
Date: April 13, 2016 By: Mustapha Kamil Is the end near for offshore tax havens? Before last week, we perhaps knew Panama more because of the Panama Canal, a piece of engineering marvel that, since its opening in 1914, has provided ships sailing between the Atlantic and ...
Top European powers join forces to clamp down on tax evasion
Date: April 14, 2016 By: Balazs Koranyi and Lindsay Dunsmuir Top European powers join forces to clamp down on tax evasion Europe's biggest nations launched a joint scheme on Thursday to clamp down on tax evasion and corruption, responding to revelations of the rich and ...
World Bank: Tax evasion has "tremendous negative effect" on poverty fight
Date: April 14, 2016 By: EFE World Bank: Tax evasion has "tremendous negative effect" on poverty fight World Bank President Jim Yong Kim said Thursday in reference to the scandal surrounding the leak of the Panama Papers that tax evasion had a "tremendous negative effect" ...
What's new this year in US expat taxes
Date: April 15, 2016 By: Kaitlin M. Krozel What's new this year in US expat taxes While it’s nearly impossible to master the U.S. tax code, you don’t need to be a guru on the subject to demonstrate to your friends how up-to-date you are. Below are some important tax ...
Before the Panama Papers: The Low Point in the History of Offshore Accounts
Date: April 15, 2016 By: Andrew Feinstein Before the Panama Papers: The Low Point in the History of Offshore Accounts It has been called the most corrupt transaction in history—and it inadvertently diverted money to two of the 9/11 hijackers The Panama Papers leak has ...
Five European nations will share information to curtail tax evasion
Date: April 14, 2016 By: The Washington Post Five European nations will share information to curtail tax evasion TAXES 5 European nations try to curb tax evasion Five European nations on Thursday launched a joint effort to clamp down on tax evasion, responding to damaging ...
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