We previously posted: Your Offshore Confidential Information Is Being Delivered Daily to Tax Authorities - New Leak of Bahamian Offshore Files! and Mossack Fonseca Affected Taxpayers with Potential Exposure Should Consult with Counsel To Consider Their Legal Options Now! Now the European Parliament's Committee of Inquiry into Money Laundering, Tax Avoidance, and Tax Evasion has begun its…
Read more
QTIP Election Can Be Ignored Where It Was Not Necessary to Reduce the Estate Tax to Zero
Revenue Procedure 2016-49 provides procedures to disregard and treat as null and void for transfer tax purposes a qualified terminable interest property (QTIP) election in situations where the QTIP election was not necessary to reduce the estate tax liability to zero. This guidance provides that such procedures are unavailable where QTIP elections are made in…
Read more
Pakistan Becomes the 104th Country to Signs OECD Convention on Mutual Administrative Assistance in Tax Matters
On August 29, 2016 we posted OECD Adds 5 More Countries To Its CbC Automatic Exchange Agreement where we discussed that n June 30, the Organization for Economic Co-operation and Development (OECD) announced that 5 new countries have signed the Multilateral Competent Authority Agreement for the automatic exchange tax information.First automatic exchanges of information will start…
Read more
IRS To Outsource Debt Collections
The Internal Revenue Service announced today that it plans to begin private collection of certain overdue federal tax debts next spring and has selected four contractors to implement the new program. The new program, authorized under a federal law enacted by Congress last December, enables these designated contractors to collect, on the government’s behalf, outstanding…
Read more
