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TCJA final regulations

The Tax Cuts and Jobs Act (TCJA), enacted in December 2017, increased the life-time exclusion amount of transfers subject to Estate/Gift tax from $5 million to $10 million. Adjusted for inflation, this amount is $11.4 million in 2019. The TCJA also provides that this higher amount will revert to its pre-TCJA amount after 2025. The […]

IRS Campaigns Tackle Compliance Issues

In 2017, Large Business and International (LB&I), the division of the IRS which serves corporations, subchapter S corporations, and partnerships with assets greater than $10 million, announced the identification of 13 initial campaigns, some of which are directed primarily at international tax issues concerning individuals with offshore contacts. The launch of such campaigns is the […]

IRS Announces End to Offshore Voluntary Disclosure Program

Update: Further to the post below, we have posted an outline of the penalties taxpayers may face after the below September deadline. Yesterday (Wednesday, March 14th, 2018) the IRS announced that it is ramping down the Offshore Voluntary Disclosure Program (OVDP) and that the program will end on September 28th of this year. This is […]

US Tax Reform: The Fight Begins

On November 2, 2017, the House Ways and Means Committee released the Tax Cuts and Jobs Act (TCJA), which provides details on how the House Republicans have interpreted the Big Six’s Tax Framework that we discussed last month. For how the proposed new US tax reform bill might impact US expats abroad or foreign investors, please see […]

Trump Tax Reform: Estate Tax & Generation Skipping Tax

The White House has released President Trump’s tax reform proposal. As expected (and further to my post earlier this year), the proposal includes an elimination of the Estate Tax and the Generation Skipping Tax. Much has been made about how this will only benefit the “rich”, which may be true as only .2% of all […]

Data and tax lovers: IRS 2016 stats

The IRS has just released its Fiscal Year 2016 (Oct 2015 to Sept 2016) Data book.  For those of you who love data – what can you read behind these facts (hint: less audits)?  At the end of the post, I’ll give you some stats from 100 years ago about US tax rates which you […]

Be Careful What You Wish For – US Estate Tax Reform

A variety of tax reform proposals are currently being considered by Congress and the Trump administration, one of which is the repeal of the US Estate Tax. With a life-time exclusion amount of currently $5.5 million, a married couple (both of whom are US citizens) can pass almost $11 million to their family and friends […]

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