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Tag: Tax

US Tax Compliance for Foreign Accounts

US Tax Compliance for Foreign Accounts

On August 19th the U.S. Internal Revenue Service announced that the Swiss bank, UBS AG, the United States, and Switzerland had reached an agreement under which the U.S. would file a request under the U.S. – Swiss tax treaty to obtain certain data regarding U.S. taxpayers (about 4,450 accounts)

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Entity Trusts: Special Planning Technique Examined

Entity Trusts: Special Planning Technique Examined

An entity trust is a trust settled (created) by an entity, such as a corporation, limited liability company, trust, or partnership. An entity trust might also be settled by an appropriate group of entities, such as a related or commonly owned group of corporations, limited liability companies, trusts, or partnerships.

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IRA Exemptions: Supreme Court Settled the Matter?

IRA Exemptions: Supreme Court Settled the Matter?

On April 4, 2005, the United States Supreme Court handed down its decision in Rousey v. Jacoway, a case addressing the issue of exempting individual retirement accounts (IRAs) from federal bankruptcy proceedings. The decision was widely hailed in the financial press, with such headlines as “High Court Rules IRAs Untouchable – Unanimous Decision Means Retirement Savings Are Protected From Creditors”.

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State Exemption Laws: Pitfalls to Avoid (Part 2)

State Exemption Laws: Pitfalls to Avoid (Part 2)

All states provide some degree of “asset protection” through their state exemption laws. Such laws shield certain types of assets, such as homestead, wages, annuities, life insurance and retirement funds from creditor claims. This issue of the APN is the second of two parts addressing the most frequent errors people make in attempting to implement asset protection on their own by using (or failing to use) state exemption laws.

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US Tax Law Affecting Offshore Planning

US Tax Law Affecting Offshore Planning

In this issue we need to get a little bit technical: We will be discussing selected U.S. tax laws which affect the formation and operation of certain offshore entities.

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Internal Revenue Service Targets Abusive Trust Arrangements

Internal Revenue Service Targets Abusive Trust Arrangements

Attorneys, accountants, and other professional advisors need to be aware of the significant “abusive trust arrangements” that may be solicited to clients and that may be subject to significant penalties announced in a recent IRS notice.

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