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United States Supreme Court raises the stakes for tax disclosure by green card holders and other resident aliens

Venable LLP
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USA
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March 30 2012

As discussed in a number of previous Tax Alerts, since 2009 the Internal Revenue Service has created three separate tax amnesty programs in order to encourage U.S. taxpayers to properly report and pay taxes on assets held abroad

Unprecedented opportunity to make tax-free gifts in 2012

Venable LLP
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USA
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February 21 2012

The tax laws in place for 2012 are the most favorable they have ever been for wealthy individuals who would like to make gifts to their loved ones without paying any gift tax

Form 8938 expansion of international tax reporting requirements

Venable LLP
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USA
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January 12 2012

The HIRE Act of 2010 enacted Section 6038D as part of the Foreign Account Tax Compliance Act

Gifting and other tax planning opportunities in 2011

Venable LLP
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USA
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November 11 2011

As many of you already are aware, on December 17, 2010, Congress passed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010

Next up the California tax amnesty initiative

Venable LLP
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USA
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September 20 2011

The federal 2011 Offshore Voluntary Disclosure Initiative (“2011 OVDI”) ended on Friday, September 9, 2011

2011 offshore voluntary disclosure initiative

Venable LLP
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USA
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August 8 2011

On February 8, 2011, the IRS Commissioner announced a second offshore voluntary disclosure initiative (the “2011 OVDI”) for U.S. taxpayers who still have unreported foreign accounts

2011 offshore voluntary disclosure initiative mainly good news but some bad news too

Venable LLP
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USA
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February 15 2011

On February 8, 2011, the IRS Commissioner announced a second offshore voluntary disclosure initiative (the “2011 OVDI”) for U.S. taxpayers who still have unreported foreign accounts

Gifting and other tax planning opportunities in 2010

Venable LLP
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USA
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October 15 2010

As we enter the final quarter of 2010, we want to inform you about circumstances which make this a remarkable year for gifts and intra-family sales

Proposed carried interest legislation: traps for the unwary

Venable LLP
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USA
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June 16 2010

The House of Representatives, the Senate, and the White House have been considering proposed legislation affecting the tax treatment of partnership profits interests issued to service providers (so-called "carried interests") since 2007

HIRE power: new reporting requirements and penalties for holders of offshore bank accounts

Venable LLP
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USA
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March 22 2010

Holders of offshore bank accounts, along with their accountants and tax advisors, should be aware of recently enacted changes in their reporting requirements

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