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With the DOJ Program for Swiss Banks raging in Switzerland, an obvious question arises about whether this program would be applicable in other places, most prominently, to undisclosed bank accounts in Israel. It is my opinion, as an international tax attorney, that the DOJ will attempt to apply its Swiss Program for Banks to other […]
The IRS recently announced the 2014 individual income tax rates with inflation adjustments wit respect to each tax bracket. Remember, since the American Taxpayer Relief Act of 2012 was signed into law on January 2, 2013, a new tax bracket of 39.4% appeared. Also, note that the 2014 individual income tax rates listed below do […]
Below, I list the information provided by the Minnesota Department of Revenue with respect to 2013 Minnesota Income Tax Rates. Notice, the new 9.85% tax bracket that was created last year and introduced a radical new change to 2013 Minnesota Income Tax Rates. Taxpayers who file estimated taxes may use this information to plan and […]
On November 18, 2013, the IRS announced that the foreign earned income exclusion amount under §911(b)(2)(D)(i) is going to be $99,200 for tax year 2014. This up from $97,600 in 2013 and $95,100 in 2012. Generally, if a qualified individual meets certain requirements of I.R.C. §911, he may exclude part or all of his foreign […]
The Internal Revenue Service recently announced an annual inflation adjustments for the tax year 2014 for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2013-35 provides details about these annual adjustments. The tax items for tax year 2014 of greatest interest to most taxpayers include the following […]