We previously posted IRS Continues Cracks Down on Undeclared Israeli Bank Accounts! where we discussed our prior posts about US taxpayers with undeclared income from Israeli Bank Accounts: on Thursday, September 8, 2011 "More Tax Problems for U.S. Citizens with Foreign Bank Accounts in Israel" and on Monday, March 11, 2013 "IRS Targets Israeli Banks and Their…Read more
2015 Tax Benefits Increase Due to Inflation Adjustments!
For tax year 2015, the Internal Revenue Service announced today annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2014-61 provides details about these annual adjustments. The tax items for tax year 2015 of greatest interest to most taxpayers include the following dollar amounts…Read more
NRA's Can Structure Their US Real Estate Investments to Avoid US Estate Tax!
The law firm of Rackemann Sawyer & Brewster describes the estate tax regime imposed on foreign individuals who own US residential property, which concludes that the 35 % Estate tax rate is charged on the entire value of the property that exceeds USD60,000. Where that foreign individual owns the same US real estate through either: a…Read more
More US Taxpayers & Their Advisors Face Jail Time for Failing to Declare Offshore Bank Accounts!
We previously posted "UBS Criminal Casualties, so Far and More Guilty Pleas Over Offshore Accounts in the Works!"where we discussed that the IRS hunt for offshore income and accounts continues unabated well beyond UBS. In fact, it’s intensifying and for those who don’t come forward before they are found, being found can be awfully painful.…Read more