According to Private Wealth magazine, Protecting wealth for future generations is often the goal for those who have been financially successful in life. A wealthy family founding father (or mother) can create a dynasty trust which is a long-term trust that can last varying amounts of time, depending on state law. It is irrevocable, meaning once…
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IRS Not Have Sufficient Funding To Handle Transfer Pricing
According to Law360 the IRS lacks the resources to enforce anti-tax-avoidance measures targeted at offshore transfer pricing schemes, the agency has said in response to a watchdog report on the subject. The revenue agency agreed with many of the recommendations offered in a September report by the U.S. Treasury Inspector General for Tax Administration for…
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Swiss Bank Rats Out NYU Business Professor – Results in Fine of $100M & Up To 5 Yrs in Prison – What Are You Waiting For?
We previously posted October 15, 2016 144 Offshore Banks & Now Financial Advisors Are Turning Over Your Names To The IRS - What Are Your Waiting For? where we discuss that there are, as of October 15, 2016, 144 offshore banks and financial advisors that are turning your names over to the IRS as part of their deferred…
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IRS Needs To Improve Its Offer in Compromise Process
Internal Revenue Service has taken steps to improve the offer in compromise process for both taxpayers and the IRS, but it can still do more, according to a new report. An offer in compromise is an agreement between a taxpayer and the IRS that settles a tax liability for a payment of less than the…
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