The Bahamas Executive Entity (BEE) legislation was enacted to create a legal entity that can be used as a power holder and therefore act as a trust protector, shareholder (of a PTC) trustee etc. The liability of the BEE council members is similar to that of an IBC so combined with the limited liability the…
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Tax Resolution Firm TaxMasters Hit With $195 Million Verdict
A Texas jury slammed a tax resolution company with a $195 million verdict for damages after ruling that the Houston-based firm and its founder misled and defrauded customers, a Texas jury ruled March 30 (Texas v. TaxMasters Inc., Tex. Dist. Ct., No. D-I-GV-1O-000486, verdict 3/30/12). The jury in the Texas District Court, 200th Judicial District,…
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Key Tax Developments in the First Quarter of 2012
Some of the more important tax developments that have come out during the first 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. Payroll Tax Cut Full-Year Extension: On February 22, President…
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Treasury Official Says Tough Decisions Remain on Rescission Doctrine Guidance
Questions and difficult decisions remain as the government works diligently on high-profile guidance on the rescission doctrine, a senior Treasury official said March 30. The doctrine generally says transactions can be disregarded for federal income tax purposes if the parties return to the status quo in the same tax year. The issue is of key…
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