Last week, the U.S. Treasury finally clarified exactly what it expects U.S. taxpayers to disclose about their offshore holdings. And—no surprise here—they want to know lots more about what you own offshore. Beginning last year , in 2009. And, if you fail to comply, you could face a $10,000 fine and even prison.
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Secret Treasury Agency Wants to RETROACTIVELY Expand Offshore Reporting Requirements [Part I]
Often, a high-risk professional will title all assets in the name of their non-professional spouse as an asset protection plan. The professional thinks they are a lawsuit target, but in the event they are sued, they could tell their adversary that they “have nothing in my name.” It’s a simple plan, but it sometimes backfires
I just returned from a conference in San Antonio sponsored by the American Bar Association’s Section on Taxation. I attended this conference to learn more about plans the Department of Justice (DOJ) and the IRS have going forward in their anti-offshore vendetta, and how the financial institutions and nations affected by it are likely to react.
While Congress was debating Obamacare last month, the U.S.
Is housework becoming a burden?
You might, if you’re a U.S. citizen or permanent resident, and want to spare your heirs from paying estate tax at a rate as high as 55%. But don’t make your funeral arrangements just yet. Congress might change the law before the estate tax temporarily expires in 2010. In 2001, Congress radically retooled federal wealth transfer tax laws
Pretend, just for a moment, that you're Barack Hussein Obama. You have big spending plans—national health insurance, two wars, and a trillion dollar bailout for your friends on Wall Street. Not to mention paying for the soaring costs of Social Security and Medicare. Unfortunately, revenues simply aren't keeping up. Your Treasury Secretary, accused tax evader Timothy Geithner, tells you that the unfolding recession is starving the country for tax revenue. Indeed, just as you unveiled your trillion-dollar national health plan, Tricky Timmy informed you that federal tax revenues were dropping the fastest since 1932, at the height of the Great Depression. What to do—cut spending? Well, Obama did challenge his cabinet in April to come up with a whopping US$100 million in budget cuts. That's out of an estimated 2009 budget deficit exceeding US$1 trillion, perhaps more. To put that in perspective, Harvard economics Professor Greg Mankiw commented: …[I]magine that the head of a household with annual spending of $100,000 called everyone in the family together to deal with a $34,000 budget shortfall.
Synergy Professional Associates has enhanced its coverage product for small, hard-to-place law firms. The Kinnelon, New Jersey-based MGA and surplus lines broker says its Lawyers Professional …
The Golden Eagle Insurance Company will pay $400,000 to cover environmental investigation costs that the insolvent BKK Corporation was required to perform at its closed hazardous waste landfill in …
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