The Treasury Department has just released the GeneralExplanations of the Administration's Fiscal Year 2013 Revenue Proposals (the "Greenbook"). Attached are the Greenbook proposals to modify the estate and gift tax provisions. These proposals would: Reduce the unified estate, gift and Generation-Skipping Transfer (GST) exclusion amounts from the current $5,120,000 to $3,500,000 for estate and GST…
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Filing False Returns is a Deportable Felony – Supreme Court
The U.S. Supreme Court Feb. 21 decided that lawful permanent residents who have pled guilty to charges related to the filing of false tax returns that resulted in a loss to the government of more than $10,000 have committed aggravated felonies involving fraud or deceit and are subject to deportation (Kawashima v. Holder, U.S., No.…
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State of Florida aggressively targets Delinquent Taxpayers!
Traditionally delinquent taxpayers were sent a tax notice with a 60-day deadline, then they would receive a second or third notice but there is a much shorter response window today. Penalties are also much harsher.Under the new rules, delinquent taxpayers are sent a tax notice with a 60-day deadline. If the Florida Department of Revenue does…
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Adminstration's Budget includes Tax Increases on Firms That Move Jobs, Profits Overseas
The Obama administration called for higher taxes Feb. 13 on corporations that shift jobs and profits overseas, while offering help to companies that keep business in the United States, in the it's fiscal year 2013 budget. The administration called for U.S. taxes on excessive profits from the offshore use of transferred intangibles. The plan also called…
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