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…
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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…
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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…
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Time to Compare Candidate's Tax Plans Again!
On July 19, 2016 we posted Time to Compare Candidate's Tax Plans! where we discussed both the Clinton Tax Plan and the Trump Tax Plan. Now with the first debate on the horizon, we thought it would be a good time to revisit their tax positions. Clinton Tax Plan Hillary Clinton proposes raising taxes on high-income taxpayers,…
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