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…
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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…
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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.…
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What is Going on at the IRS?
We previously posted on Wednesday, October 8, 2014, IRS Examinations Decrease Due to Staff Cuts where we discussed that the Treasury Inspector General for Tax Administration (TIGTA) released its annual report on IRS compliance trends on September 12, 2014. Individual income tax return examinations conducted by the US Internal Revenue Service decreased in 2013 for…
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