Read more at: Tax Times blog
Federal Judge Green Lights IRS Search For California Gift Tax Cheats.
In national crackdown, IRS is looking for property transfers between family members, for little or no cash, that weren't reported on Form 709 as required.
Read more at: Tax Times blog
M&A Holliday Wishes
New Year !
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Tax Litigation
Tax Collections & Tax Planning
¡Feliz Navidad y Prospero Año Nuevo! |
Read more at: Tax Times blog
3rd Time Is The Charm for the New Form 8938 Just Released!
Form 8938, "Statement of Foreign Financial Assets", is used to report the ownership of specified foreign financial assets.
The reporting thresholds requiring filing for the 7 million U.S. taxpayers living outside of the United States are:
• Single taxpayers/married filing separately: $200,000 on the last day of the year or $300,000 anytime during the year.
• Married filing jointly living abroad: $400,000 on the last day of the year or $600,000 at anytime during the year.
The limits requiring filing for taxpayers living within the United States are:
• Married filing jointly: $100,000 on the last day of the year or $150,000 at anytime during the year.
This new form will add several hundred pages of additional information reporting to U.S. tax returns for millions of individuals.
Read more at: Tax Times blog