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Last week the U.S. Justice Department asked a federal district court in San Francisco to force HSBC USA to disclose the names of their U.S. customers suspected of having secret bank accounts in India. The legal action comes after the indictment of a New Jersey Indian American businessman in hiding his bank accounts in India [...]
On December 17, 2010 President Obama signed into law the “Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.” The new law: • Extends for two years the current income tax rates and other income tax rates commonly called the “Bush Tax Cuts.” • Provides tax incentives to businesses • Cuts federal estate [...]
After a successful indictment of a New Jersey man with HSBC Bank accounts in India, the IRS introduced a new Voluntary Disclosure Program on February 8, 2011 for U.S. taxpayers with undisclosed offshore accounts. Last week, according to an indictment and people familiar with the matter, HSBC Bank’s NRI Services division helped a business man [...]
Despite the new and generous federal estate tax exemption of $5 million per estate and $10 million per couple, many less wealthy families still have to plan for estate taxes–state estate taxes that is. The $10 million exemption makes state death tax planning all the more important. You will pay more if you’re in a [...]
Congress finally acted to provide some certainty for taxpayers and their advisors on the gift tax, estate tax and generation skipping transfer tax.
To pay for the hiring incentives in the recently enacted “Hiring Incentives to Restore Employment Act” (the 2010 HIRE Act), Congress passed several offsetting revenue raisers, including a comprehensive set of measures to reduce offshore noncompliance by giving IRS new administrative tools to detect, deter and discourage offshore tax abuses. Here is a brief overview [...]
Our firm recently successfully filed several client’s state amnesty applications.
In the state’s press release, they mention they are increasing their enforcement efforts to collect unpaid bills.
Congress instead substituted a new system of taxation that will potentially collect more taxes from many of our clients than the estate tax.