On August 28, 2011, the Supervisor of Banks at the Bank of Israel and the supervisory authorities in the US––the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation––signed a Statement of Cooperation. The Governor of the Bank of Israel, Prof. Stanley Fischer, confirmed the signing of the document. The…
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Swiss Banks Seek Negotiated Tax Settlement Amid Reports of U.S. ‘Ultimatum' on Details
Swiss banks are urging their government and the United States to reach a negotiated solution to their dispute over U.S. funds hidden away in Swiss banks, amid reports the U.S. Department of Justice has issued an “ultimatum” on the handover of information on undeclared accounts of U.S. taxpayers with Swiss banks. According to Swiss media,…
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IRS Releases Final Form 706 for Estate Tax Application in 2010
The Internal Revenue Service Sept. 3 released a final 2010 Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, to be filed for decedents who died in 2010. Form 706 is one of two that will be used by estates choosing between the modified carryover basis regime and the estate tax for property transferred…
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New regulations provide that a evidence of a postmark is not sufficient to prove delivery
New regulations provide that a evidence of a postmark is not sufficient to prove delivery. ( T.D. 9543, 76 Fed. Reg. 52561 (8/23/11), amending Regs. §301.7502-1, by revising paragraphs (b)(2) and (e) and adding paragraphs (c)(3) and (g)(4)). If a tax return preparer files returns, the preparer should either hand-deliver them to the IRS, use certified…
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