What a difference one court case makes. Gone is the believe that it was almost impossible for the IRS to get the BIG FBAR penalty (of half the value of the offshore bank account for each and every unreported year). United States Court Of Appeals for The Fourth Circuit reversed a district court opinion in…
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House Passes a Blueprint for Tax Reform – Top Rate 25%
The House of Representatives, on August 2, approved H.R. 6169, the Republican-backed “Pathway to Job Creation througha Simpler, Fairer Tax Code Act of 2012.” The bill would provide expedited procedures to enable lawmakers in both the House and Senate to overcome technical hurdles that might cause a “comprehensive tax reform” bill to languish during the…
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Father’s Transfer of Business to Children Through Gifts of Stock Followed by Redemption of Father’s Shares is Approved by IRS.
PrivateLetter Ruling 201228012 - The IRS issued a private letter ruling allowing a father to transfer his corporate business to his two children through the use of gifts and stock redemption. This transaction results in favorable tax consequences to the father, his children and the corporation. The facts of this ruling are: A father owns all…
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Tax Developments in the Second Quarter of 2012
This letter highlights some of the more important tax developments that have come out during the second three months of 2012. Most are documents from the Internal Revenue Service, but some are important cases and legislative changes you might want to be aware of for you or your business. Individual Mandate to Buy Health Insurance:…
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