Chicago Tribune A tax whistleblower received a $2 million reward from the Internal Revenue Service for his role uncovering an alleged multimillion-dollar tax-avoidance scheme attempted by Illinois Tool Works Inc in the late 1990s. The informant is a Wall Street banker who remained anonymous to protect his career. Last year, the IRS Whistleblower Office awarded…
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Less than Half of the Estates Owe Tax In 2011
Since 2001, the filing threshold has gradually increased from $675,000 for 2001 deaths to $3.5 million for 2009 deaths. The estate tax was temporarily repealed for 2010 deaths, but was later reinstated on a retroactive basis with a $5.0 million exemption level and a top marginal tax rate of 35 percent. This exemption level…
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Reverse like Kind Exchange Approved where Two Related Parties Used the Same Swap Facilitator
In PLR 201242003, the IRS permitted tax deferral under Section 1031 even though the Exchange Accommodation Titleholder entered into Qualified Exchange Accommodation Arrangements with more than one entity, including entities related to the taxpayer, who both had a bona fide intent to utilize a reverse exchange format to defer capital gain taxes. PLR 20122003 notes…
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Russian Banks Soon Subject to U.S. Monitoring.
Russia's presidential executive office has been reviewing the U.S. anti-money laundering act known as FATCA (Foreign Account Tax Compliance Act). Presidential economic advisor Elvira Nabiullina spearheaded a meeting with Finance Ministry, Foreign Ministry, Central Bank, Federal Financial Markets Service, Tax Service and National Payment Council officials, issuing instructions to prepare final proposals within the next…
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