January 24, 2019

DOJ Offers Swiss Banks a Deal

In 2013, The Justice Department (DOJ) announced a program that is designed to encourage Swiss banks to cooperate in their ongoing investigations of the use of foreign bank accounts to commit tax evasion. DOJ also released a joint statement with the Swiss Federal Department of Finance, stating that … [Read more...]

IRS Starts Scrutinizing the Insurance Industry with Swiss Partners

In accordance with the DOJ Swiss Banking deal, Swisspartners, a group of Swiss asset management and life insurance companies (which, among its other insurance products, provided customized private placement life insurance polices to US persons) agreed to resolve a US criminal tax investigation. … [Read more...]

Credi Suisse Latest in Agreeing to Turn Over Information

Credit Suisse resolved its IRS investigation regarding certain banking practices that occurred with respect to U.S. taxpayers. The Credit Suisse resolution follows the IRS resolution with UBS and closure of Wegelin & Co., Switzerland’s oldest private bank, after its U.S. criminal … [Read more...]

FATCA’S New International Disclosure and a 30% Investment Income Tax Arrived July 1st

In 2010, Congress and President Obama carried into law the Hiring Incentives to Restore Employment Act (“HIRE Act”). The HIRE Act contained a set of provisions named the Foreign Account Tax Compliance Act (“FATCA”), which the U.S. Treasury stated “targets the illicit activities of some wealthy … [Read more...]

IRS Voluntary Disclosure Program is Significantly Revised

The IRS initiated a new voluntary disclosure program for US taxpayers with foreign accounts on June 18, 2014. The IRS also noted some interesting statistics regarding its previous two foreign account voluntary disclosure programs as well as its audit programs. Among the more notable statistics, the … [Read more...]

New Changes to OVDP and Streamlined Procedure

Expanded streamlined procedures are now available to a wider population of U.S. taxpayers living outside the country and, for the first time, to certain U.S. taxpayers residing in the U.S. The expanded streamlined procedures are intended for U.S. taxpayers whose failure to disclose their offshore … [Read more...]

Taming the Planning B.E.A.S.T. Part V – Tax Minimization

By: James M. Duggan, JD Part IV - Taming the Planning B.E.A.S.T. Part IV – Succession Planning In this, the final installment of the “Taming the B.E.A.S.T.” series, we at last hit on the topic that is on the mind of all entrepreneurs – Tax Minimization. The “T” in our planning BEAST has two … [Read more...]

You Should Take Action Now to Avoid FATCA’s New 30% Tax

In 2010, Congress and President Obama carried into law the Hiring Incentives to Restore Employment Act (“HIRE Act”).  The HIRE Act contained a set of provisions named the Foreign Account Tax Compliance Act (“FATCA”), which the U.S. Treasury stated “targets the illicit activities of some wealthy … [Read more...]

Learning Medicaid Planning Can Add Value to Your Practice

We’ve been suggesting for years that every advisor who gives advice to clients age 60 and over who has less than 1 million dollars must learn Medicaid planning. Why? Because there will be 80 million American’s will be over 65 by 2040; 75% will require LTC during their lifetime (50% for a minimum … [Read more...]

Medicaid Planning Gets Huge Boost with CMP™ Accreditation

Major Medicaid news was made this week when the CMP™ Governing Board announced that its program had received full accreditation from the National Commission for Certifying Agencies (NCCA). “We are extremely proud to announce that the CMP™ (Certified Medicaid Planner™) designation is now … [Read more...]