Fiduciaries (trustees, executors, personal representatives) normally are not personally liable for the obligations of the trusts and estates they administer. As mentioned here previously, a major exception to this is the federal priority statute (a/k/a the federal claims statute) under 31 USC §3713(b)/Code § 6901(a)(1)(B). This little gem can create personal liability for a fiduciary…
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Inter-agency cooperation against tax crimes and other financial crimes is the future.
A report by Organisation for Economic Co-operation and Development (OECD) has concluded that International co-operation is essential in the fight against tax and other financial crimes. This report which, was release on June 14, 2012, aims at improving the understanding and use of international co-operation mechanisms. After describing the different agencies involved in the fight…
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IRS Targets Israeli Banks and Their US Client
On June 14, the Department of Justice unsealed an indictment against three American tax preparers for helping clients avoid taxes by moving money to Israel.The transgressions detailed in the indictment were relatively small. The indictment said the father and son David and Nadav Kalai and their colleague David Almog at a firm called United Revenue…
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Getting ITIN becomes even more difficult for now.
IR-2012-62, June 22, 2012 WASHINGTON — The Internal Revenue Service announced on June 22, 2012, important interim changes to strengthen its procedures for issuing Individual Taxpayer Identification Numbers (ITINs) from now through the end of the year. Designed specifically for tax-administration purposes, ITINs are only issued to people who are not eligible to obtain a…
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