Since our last FATCA update which we posted on Monday, December 1, 2014, FATCA Update! - 101 FATCA Agreement To Date! the following 11 countries have signed FATCA agreements with the US bringing the total to 112 jurisdictions with FATCA agreement including : The U.S. and Seychelles sign agreement to implement FATCA. Seychelles is about to…
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5th Circ. Reverses Poultry Co.'s $30M Tax Deficiency
Law360.com - The Fifth Circuit on Wednesday handed a major victory to poultry production giant Pilgrim's Pride Corp., reversing a U.S. Tax Court decision that asserted the company owed $29.7 million in deficient taxes due to falsely claiming an ordinary loss after abandoning $98.6 million in securities. Have A Tax Problem? Contact the Tax Lawyers…
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IRS Automatic Collections Using LT11 to Notify of CDP Rights/30-day levy notice
According to Anthony Parent he has just notice that the IRS ACS is now sending Notice LT11 instead of Letter 1058-C "Final Notice of Intent to Levy." The IRS Automated Collection Systems (ACS) has stopped using Letter 1058-C “Final Notice of Intent to Levy,” and instead, is using Notice LT11 (Note: Revenue Officers are still using…
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Estate Tax Inequities (Changing Domiciliary)
Last year, Joan Rivers died with an estate of roughly $100 million. In her last will and testament she described herself as a resident of New York State but a domiciliary of the State of California. What's the difference? Prior to 2000, there was no difference and all estates that paid federal taxes had to…
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