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At certain times, tax planning may involve taking a position on a tax return that is uncertain, or even controversial. If the position involves a potentially large liability, taxpayers may be left with the undesirable choices of either taking a risk in reporting the position or deciding not to and paying a much larger tax. […]
On December 9, 2011, the Internal Revenue Service issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: […]
US persons are taxed on their worldwide income, but are allowed a foreign tax credit (FTC) for foreign taxes paid. In most cases, the FTC gives taxpayers a dollar-for-dollar credit against their US tax liability. However, the FTC may be limited for Alternative Minimum Tax (AMT) purposes in order to ensure that a taxpayer’s US […]
On July 18, 2011, the Financial Crimes Enforcement Network (FinCEN) announced that it has developed an electronic filing system that will accept Form 114 formerly Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (commonly known as “FBAR”). Once the FBAR is filed electronically, the filers will receive an acknowledgment of each report […]
Since the enrollment into the 2011 Offshore Voluntary Disclosure Initiative (“OVDI”) closed on September 9, 2011, I have been asked repeatedly by new and prospective clients about their post-OVDI options – i.e. is there a voluntary disclosure option for clients who were not able to enroll into the program by the September 9 deadline? The […]