Following disclosures by UBS whistleblower Bradley Birkenfeld, the IRS launched an aggressive enforcement campaign against undeclared offshore income and financial accounts in 2009. Over time, it has offered a series of compliance programs to give taxpayers with undeclared offshore accounts the opportunity to make voluntary disclosures regarding offshore income and accounts in exchange for fixed civil penalties and the assurance that criminal penalties would not be ... Keep Reading »
A Game Plan for Employers Facing Possible ACA Penalties
All employers are at risk of receiving a notice from the IRS that they are liable for a penalty under the Affordable Care Act for failing to offer enough employees insurance coverage, or for failing to offer particular employees insurance coverage. This alert offers a game plan to implement upon receipt of that notice. Continue Reading on CarltonFields.com » ... Keep Reading »
Parking Is Now A Taxable Expense
In the latest version of the Tax Cuts and Jobs Act that awaits the President’s signature, employers will be taxed on amounts spent after December 31, 2017 on employee parking. For-profit employers that deduct expenses may not deduct costs for employee parking. Similarly, employers that do not deduct expenses (i.e., tax-exempt and governmental entities) will be subject to unrelated business taxable income on the expenses they incur for employee parking. For each of these ... Keep Reading »
The DOL’s Fiduciary Rule: An Update and Practical Advice
This updates our August 15 blog entry, which targeted employers who sponsor retirement or welfare plans and are concerned about their fiduciary liabilities for properly selecting service providers. On November 27, the Department of Labor (DOL) announced that portions of the “Fiduciary Rule” that would govern certain service providers will be delayed from January 1, 2018 to July 1, 2019, while the DOL examines President Trump’s concerns that the Fiduciary Rule might ... Keep Reading »
How to Manage Foreign Trusts With U.S. Beneficiaries
Do you or did you have a wealthy relative from a different country? Did that relative make you a beneficiary of a non-U.S. trust? Lucky you. But beware that free wealth. If you get cash or other benefits from a foreign trust, you should be aware of the special tax rules which apply to the non-U.S. trust and your beneficial interest in it. Non-U.S. trusts with U.S. beneficiaries are subject to an extra layer of special rules and complexities which you will need to ... Keep Reading »
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