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Recent Articles

Following are articles that may be of interest. They are in part culled from various news sources, professional publications and/or government pronouncements.

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FAILURE TO REPORT YOUR ISRAELI COMPANY CAN RESULT IN HEAVY PENALTIES

A U.S. citizen owning 10% or more of a non-US company is required to report certain financial information -- essentially its balance sheet and income statement in US dollars -- each year to the IRS. Mr. Dewees failed to do so and the courts upheld penalties assessed against him of over $185,000. For more on this matter click here.

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ARE HIGHER TAXES TAKING A BITE OUT OF YOUR TRUST

When higher income tax rates and new, additional tax on net investment income (NIIT) went into effect a few years ago for higher-income taxpayers, most of the focus was on individual taxpayers. But the impact of higher taxes on trusts shouldn’t be overlooked. The income thresholds for trusts are extremely low, so it’s important for taxpayers at all income levels to consider the potential impact on their estate plans. For more on this topic click here.

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DELINQUENT TAXPAYERS COULD LOSE THEIR PASSPORTS

By Gary S. Wolfe Esq.

Effective 12/4/15 US Taxpayers with a seriously delinquent IRS debt i.e. over $50K, (including tax, interest, and penalty cumulative for all years)may result in either revocation or denial of a passport (See section 32101 of newly enacted “FAST ACT” – Fixing America’s Surface Transportation Act). The US Secretary of State, upon receipt of a list of names from the IRS, may make anyone on the list ineligible for a passport (Taxpayer will be separately notified).

For more on this topic click here.

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