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On December 15, 2011, the Internal Revenue Service stated that it will soon release the final version of a new information reporting form that taxpayers will use starting this coming tax filing season to report specified foreign financial assets for tax year 2011. Form 8938 (Statement of Specified Foreign Financial Assets) will be filed by […]
IRS Form 1065 (U.S. Return of Partnership Income) is an information return used to report the income, gains, losses, deductions, credits, and related items from the operation of partnerships. Partnerships generally do not pay taxes because they are pass-through entities. Instead, profits or losses, and related items, are reported by partners (typically based upon their […]
Whether an account is reportable for FBAR purposes can sometimes be a relatively complicated question. It is true that it is easy to see that foreign bank and investment accounts should be reported on the FBAR as long as all other requirements are met. It is also well-established that a gold bullion account is reportable […]
Are you interested in reducing the amount of possible estate taxes you may have to pay? Do you desire to avoid paying gift taxes, but have concerns about gifting your children or grandchild large sums of money when they are perhaps too young to handle it responsibly? Then a Crummey Trust may be the answer […]
Form 1120S (US Income Tax Return for an S Corporation) is used to report the income, gains, losses, deductions, credits, and related items, for any tax year covered, of a domestic corporation or other entity that elects to be treated as an S corporation by filing Form 2553. If the IRS accepts the election, Form […]