IRS Offshore Voluntary Disclosure Program Reopens for 2012

by Alec Harrington on Jan 13, 2012 • No Comments

I’d have to reach to really tie this photo from NASA of glacial ice calving offshore into the IRS’s “offshore” disclosure program. Posts are more interesting with photos included, so let’s avoid the awkward analogy and move on to the program! It looks like the IRS found success with its 2009 and...

McDermott’s “Sensible Estate Tax Act of 2011″

by Alec Harrington on Dec 12, 2011 • No Comments

McDermott Bill: “Making the Estate Tax Fair and Equitable Again” For Immediate Release: November 17, 2011 WASHINGTON, DC – Today, Congressman Jim McDermott (D-WA), a senior member of the House Ways and Means Committee, introduced the “Sensible Estate Tax Act of 2011” to restore fairness to the estate tax. It...

Tax

Last Chance to Apply for Tax Amnesty Program – Oct. 31, 2011

by Alec Harrington on Oct 24, 2011 • No Comments

There is still time to participate in VCI 2, but you need to act now! It takes time to assemble the disclosure package so please do not wait until you’re donning your Halloween outfit to get started. Franchise Tax Board News Release Last Chance to Apply for Tax Amnesty Program...

Business / Tax

The IRS Is Interested in Google’s Offshore Profits

by Alec Harrington on Oct 17, 2011 • No Comments

Moving your business offshore to avoid US tax exposure is an option, but doing so comes with significant risks, including increased scrutiny by the IRS. IRS Auditing How Google Shifted Profits By Jesse Drucker The U.S. Internal Revenue Service is auditing how Google Inc. (GOOG)avoided federal income taxes by shifting profit into offshore subsidiaries, according...

Business / Tax

IRS Announces Voluntary Worker Classification Settlement Program (“VCSP”)

by Alec Harrington on Oct 6, 2011 • No Comments

Past Payroll Tax Relief Provided to Employers Who Reclassify Their Workers The Internal Revenue Service launched a new program on September 21, 2011 giving many employers an affordable option to resolve past and present worker classification issues by voluntarily reclassifying their independent contractor or nonemployee workers as employees. The Vountary Classification Settlement...

Tax

IRS Changes Deadline to Seek Innocent Spouse Relief

by Eric Tetrault on Jul 25, 2011 • Comments Closed

When a married couple elects their filing status for federal tax purposes, they may only have in mind which option saves them the most. Unbeknownst to many unwitting couples, however, is that, when filing jointly, each spouse also assumes liability for the total tax bill. By way of example… Say,...

Estate Planning / Tax / Trust Administration

What is a GRAT?

by Russell Stanaland on Jun 24, 2011 • Comments Closed

What is a Grantor Retained Annuity Trust? Grantor retained annuity trusts or GRATS can, given the right circumstances, be an excellent way to pass wealth to future generations. The rules for GRATS are uncomplicated and are found at section 2702 of the Internal Revenue Code. The person creating the GRAT...

Estate Planning / Probate

California Probate – How Much Does It Cost?

by Alec Harrington on Jun 8, 2011 • Comments Closed

Basic Court Fees Let’s get the boring things out of the way first. For the most straight forward probate, there largest filing fees are incurred at the beginning and end of the process. The fee charged to file a probate petition is $410. There will be a $395 filing fee...

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