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On January 11, 2013, the IRS announced annual inflation adjustments for the tax year 2013, including the tax rate schedules, and other tax changes from the recently passed American Taxpayer Relief Act of 2012. Changes in Tax Brackets; Adjustment to Standard Deduction and Personal Exemption Starting tax year 2013, a new tax rate of 39.6 […]
The enactment of the Health Care and Education Reconciliation Act of 2010 (the “Act”) has profound implications for U.S. investors. The Act imposes a new tax on investment income of certain individuals, estates and trusts. The focus of this article is on the new tax on individuals and how it operates. IRC Section 1411: Imposition […]
Following the passage of the American Taxpayer Relief Act of 2012, the IRS issued Notice 1036 with respect to withholding tables for the year 2013, which includes the 2013 Percentage Method Tables for Income Tax Withholding. Under the notice, the IRS requires the employers to implement the 2013 withholding tables as soon as possible, but […]
Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the IRS announced on January 9, 2013, that it plans to open the 2013 filing season and begin processing individual income tax returns on January 30, 2013. The IRS will begin accepting tax returns on that date after updating […]
Every now and then, I encounter foreign business structures built on the incorrect belief that only direct ownership matters for U.S. tax reporting purposes in general and Form 5471 purposes in particular. In this essay, I broadly address the question of Form 5471 reporting with respect to indirect ownership of a foreign company (I am […]