Searching Content indexed under Income Tax by Blank Rome LLP ordered by Published Date Descending.
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Anticipated IRS Regulations May Impact Discounts On Intra-Family Transfers Of Closely Held Business Interests
In an effort to curb perceived abuses in valuation discounts for transfers of interests in family entities, Section 2704 of the Internal Revenue Code (the "Code") was enacted in 1990 as part of new Code Chapter 14.
United States
14 Aug 2015
2015 Estate And Tax Planning
Blank Rome’s annual estate planning newsletter discusses certain concepts and techniques that we hope may be of interest to our clients and friends.
United States
3 Feb 2015
Philadelphia School Income Tax Imposed On Undistributed S Corporation Income
The City of Philadelphia is imposing its School Income Tax on City residents’ Subchapter S Corporation income, whether or not distributed.
United States
6 Oct 2014
New York Budget Law Dramatically Changes The Face Of New York Estate Planning
Judge Gideon Tucker, of the New York County Surrogate’s Court, perhaps said it best when he wrote in 1866 that "no man’s life, liberty, or property are safe while the Legislature is in session."
United States
17 Apr 2014
2014 Estate And Tax Planning
With the recent expansion of Blank Rome’s Los Angeles office and the addition of a San Francisco office, the Private Client Group has planted its flag on the West Coast.
United States
13 Feb 2014
Letters From Abroad: U.S. Taxpayers Receiving Letters From Their Foreign Banks May Have One Last Opportunity To Avoid Criminal Prosecution And Increased Civil Penalties
Foreign banks from around the world are sending letters to account holders that they believe have, or had, a U.S. tax nexus requesting information to determine whether such account holders have disclosed their foreign bank accounts to the Internal Revenue Service.
United States
5 Feb 2014
IRS Issues Guidance on Same-Sex Marriages
Following the United States Supreme Court’s decision in U.S. v. Windsor, the Internal Revenue Service has issued Revenue Ruling 2013-17, which includes significant guidance on the treatment of same-sex couples and spouses under the nation’s tax laws, including the employee benefits provisions of the Internal Revenue Code.
United States
23 Sep 2013
Pennsylvania Enacts "Delaware Loophole" Closer And Other Significant Tax Changes
Pennsylvania's governor signed House Bill 465 into law, making changes to Pennsylvania's taxation of corporations, partnerships, and individuals.
United States
25 Jul 2013
FBAR Reminder: Foreign Bank Account Disclosure Deadline Is June 28, 2013
The annual deadline for filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts is fast approaching.
United States
4 Jul 2013
Tax Update For Small Business Owners
Small business owners may be scratching their heads as to how the recently enacted American Taxpayer Relief Act of 2012 will affect them and their businesses.
United States
13 Mar 2013
Congress Passes American Taxpayer Relief Act And Averts Most Tax Elements Of The Fiscal Cliff
On January 2, 2013, President Obama signed into law via the autopen, the American Taxpayer Relief Act of 2012 (H.R. 8) (the "Act"), legislation that brings an eleventh-hour end to most of the controversial fiscal cliff negotiations.
United States
9 Jan 2013
Internal Revenue Service Announces Streamlined Compliance Procedures For Non-Resident, Non-Filing Taxpayers
The Internal Revenue Service has implemented a new procedure designed to allow qualifying non-resident U.S. taxpayers to return to tax compliance in a streamlined manner.
United States
13 Nov 2012
COLA Increases For Dollar Limitations On Benefits And Contributions
The Internal Revenue Service announced cost-of-­living adjustments applicable to dollar limitations for qualified plans and other items for tax year 2013.
United States
30 Oct 2012
CPA Convinces Pennsylvania Court That He Changed His Domicile To Florida
William Kania is an 80-year old certified public accountant who owns a 52% interest in a Pennsylvania accounting firm.
United States
9 Aug 2012
Internal Revenue Service Releases Guidance For 2012 Offshore Voluntary Disclosure Program And Offers Relief For U.S. Taxpayers Residing Abroad
The Internal Revenue Service has recently announced that more than 35,000 taxpayers have taken advantage of its voluntary disclosure programs for offshore bank accounts since their inception in 2009, and that those programs have generated more than $5 billion in additional revenue for the U.S. Treasury.
United States
7 Aug 2012
Foreign Bank Account Reporting And Enforcement Update: U.S. Files Suit Against HSBC Seeking Account Records
The United States government has opened another front in its campaign against U.S. taxpayers using secret offshore bank accounts to evade their tax responsibilities, with the Justice Department filing a lawsuit seeking the names of Americans believed to be hiding funds in bank accounts at HSBC in India.
United States
12 Apr 2011
Internal Revenue Service Announces Second Amnesty Program for Foreign Bank Accounts: Deadline to Report Offshore Assets is August 31, 2011
On February 8, 2011, the Internal Revenue Service unveiled its 2011 Offshore Voluntary Disclosure Initiative, a long-awaited second amnesty program designed to encourage taxpayers with undisclosed foreign bank accounts to come into compliance with U.S. tax laws and avoid possible criminal prosecution.
United States
9 Feb 2011
Interim Report for IRS Compliance Project for Colleges and Universities
In October 2008 we advised our clients of the IRS compliance project that would examine colleges and universities.
United States
25 May 2010
Pennsylvania and Philadelphia Tax Amnesty-April to June 2010
The Pennsylvania Department of Revenue (DOR) has issued guidelines for the Tax Amnesty Program created in Pennsylvania's 2009-2010 budget.
United States
16 Apr 2010
Grantor Retained Annuity Trusts ("GRATS") — A Great Technique Faces An Uncertain Fate
The window may be closing rapidly on one of the most popular—and effective—estate planning techniques—the GRAT.
United States
30 Mar 2010
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