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New IRS Draft Form W-8BEN-E for Entities

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Defense of Marriage Act held unconstitutional

A federal district court in New York (southern district New York) has held that a portion of the Defense of Marriage Act (DOMA) is unconstitutional.   The issue in the case was whether the estate of a decedent would claim the unlimited marital deduction for that portion of the estate passing to a same-sex surviving spouse. […]

Finance Bill 2012 has been published

Remitting Funds to the UK for Business Investment Finance Bill 2012 has been published and includes the proposed legislation on Business Investment Relief for remitted foreign income and gains.  The initiative enables UK resident non domiciled persons to remit overseas income and gains to the UK tax-free in respect of certain ‘qualifying investments’ in the […]

Senate announces plan to stop Facebook co-founder from dodging taxes by dropping US citizenship

Facebook co-founder Eduardo Saverin’s renouncement of his US citizenship has caused “outrage” with two US Senators.  Senators Chuck Schumer and Bob Casey have introduced the Ex-Patriot Act. In addition to imposing a 30% income tax on future capital gains, it also provides that ex-citizens who gave up their citizenship be refused entry into the US […]

The Congressional Research Service Issues New Primers

The Congressional Research Service (CRS) works exclusively for the United States Congress.  According to its web site http://www.loc.gov/crsinfo/ the CRS provides policy and legal analysis to committees and Members of both the House and Senate, regardless of party affiliation. As a legislative branch agency within the Library of Congress, CRS has been a valued and […]

Some Are Calling it “Taxmaggedon”

In a recent Senate Finance Committee hearing Senator Hatch (Republican, and the Ranking Member) and Senator Baucus (the top Democrat) both had interesting comments about the US  Tax system. Senator Hatch said, in part: “…(T)his nation faces a real crisis in just a few months. What some have called taxmaggedon is rapidly approaching. Unless Congress […]

Tax Cuts May Expire at the End of 2012

A substantial number of tax cuts were implemented during the Bush Administration, and extended during the current Obama Administration.  But unless Congress acts these cuts will expire at the end of 2012. The following is a link to a Congressional Research Service Report for Congress which reviews the affect these cuts have had and the […]

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