Friday, July 29, 2011

IRS Removes Two-Year Limit On Innocent Spouse Claims

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The IRS has reversed its position on granting innocent spouse relief. The concept of innocent spouse requires that the spouses file a joint ...
Wednesday, July 27, 2011

A Doctor, A Tax, An Offshore Account And A Moral

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I was reading Kindred v Commissioner recently. There is not much there of technical interest, but the facts are interesting. Plus it has a ...
Monday, July 25, 2011

New Reporting For Foreign Bank And Other Financial Accounts

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I have mentioned on this blog that I have in-laws overseas (England). My wife and I have discussed buying property and retiring (some day!) ...
Wednesday, July 20, 2011

The Value of a Family Limited Partnership

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Let’s look at the Estate of Natale Giustina v Commissioner . The Giustina family owned timberland in Oregon. As the generations passed on, s...
Friday, July 15, 2011

A Surprise for US Persons With Undeclared Canadian Retirement Plans

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We have a few clients who are Canadian or lived in Canada. We have two who lived in Toronto through last year before moving to Wisconsin. No...
Wednesday, July 13, 2011

Indiana Blows It But Taxpayer Has To Give Back Refund

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Our ongoing search for bad state tax laws and policies takes us this time to Indiana, which is almost next door to our offices. Generally In...
Saturday, July 9, 2011

IRS Ends Gift Tax Probes of Non-Profit Groups

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On  July 7  the IRS said that it would stop its examinations of tax-exempt 501(c)(4) organizations. The IRS had quite recently been reviewin...