More than $120 billion of our nation's income flows through trusts, and the Supreme Court will hear a case that may clarify how much states are able to tax. According to Ostrow Reisin Berk & Abrams (via Mondaq) in April, the Supreme Court of the United States will hear an appeal against North Carolina's practice of…
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IRS Reports Increased in 2018 Whistleblowers Awards
The Internal Revenue Service (IRS) has reported in its WhistleblowerProgram Fiscal Year 2018 Annual Report to Congress that information provided to the program in the past tax year has led to the collection of USD1.44 billion in taxes, penalties and interest from those attempting to cheat the system. Further, Lee Martin, Dir. of the IRS…
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The Deceptive Simplicity of Form 706 NA
For those of you whose practice involves international tax, I would like to take this opportunity to explain the deceptive simplicity of the form 706 NA. You must have a client who is a nonresident alien who dies. He/she owns US situs assets so you look at section 2014 of the Internal Revenue Code; you…
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Need to Contact the IRS: Be Prepared to Validate Your Identity
On February 14, 2019 the Internal Revenue Service reminded taxpayers and tax professionals that they will be asked to verify their identities if they call the IRS. The days before and after Presidents Day mark the peak period for taxpayer phone calls to the IRS. To avoid the rush, callers should use IRS.gov to access resources…
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