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Ringing in the new year from the other side of the fiscal cliff

Quarles & Brady LLP
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USA
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January 15 2013

As the last minutes ticked off the legislative clock, in the wee hours of the first day of the New Year, Congress passed the American Taxpayer Relief

New SEC rule affects charitable organizations as clients of family offices

Quarles & Brady LLP
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USA
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August 22 2011

Many wealthy families have established family offices that provide various services to family members

Issues for private foundations and other donors in the wake of the IRS’ automatic revocation of exemption list

Quarles & Brady LLP
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USA
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June 21 2011

The Pension Protection Act of 2006 directed the Internal Revenue Service to revoke automatically the tax-exempt status of any organization that fails to file its annual information return (Form 990-N, Form 990-EZ, Form 990, or Form 990-PF) with the IRS for three consecutive years

FBAR final regulations issued; upcoming FBAR filing deadline

Quarles & Brady LLP
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USA
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June 14 2011

Each United States person who has a “financial interest” in, or signature or other authority over, a foreign financial account with an aggregate value over $10,000 at any time during a calendar year must file a Report of Foreign Bank and Financial Accounts (“FBAR”) on Form TD F 90-22.1 with the Department of the Treasury on or before June 30 of the following year

E-filing requirements for paid preparers who prepare and file income tax returns for individuals, trusts and estates

Quarles & Brady LLP
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USA
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April 1 2011

Beginning January 1, 2011, paid income tax return preparers for individuals, trusts and estates who reasonably expect to file 100 or more returns in 2011 generally are required to file the returns electronically

U.S. Treasury Financial Crimes Enforcement Network (“FinCen”) issues final FBAR regulations

Quarles & Brady LLP
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USA
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April 1 2011

FinCen has issued final regulations concerning the Report of Foreign Bank and Financial Accounts (Form TD-F 90-22.1) (“FBAR”) (31 CFR 1010.350

IRS announces 2011 offshore voluntary disclosure initiative

Quarles & Brady LLP
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USA
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April 1 2011

The IRS announced a special voluntary disclosure initiative to attract people with undisclosed income in foreign accounts to get current with their income taxes

Looking ahead: the impact of the new tax laws on estate planning

Quarles & Brady LLP
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USA
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December 31 2010

On December 17, 2010, President Obama signed into law "The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010" (the "2010 Act"), clarifying the tax rules applicable for 2010 and making significant changes to the rules for 2011 and 2012

Estate and gift tax planning ideas to consider before the end of 2010

Quarles & Brady LLP
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USA
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November 15 2010

2010 has been a year of uncertainty for estate planners

New specified foreign financial account reporting requirement

Quarles & Brady LLP
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USA
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October 31 2010

Effective for taxable years beginning after March 18, 2010, any individual who, during any taxable year, holds any interest in a "specified foreign financial asset" must attach an information disclosure statement to his or her income tax return for such taxable year with respect to each such asset if the aggregate value of all such assets exceeds $50,000

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