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Rescued From the Brink of Insanity: Practical and Sound Advice for Making the Decision to Opt Out of the OVDI — Part II
Hypotheticals Demonstrating When Opting Out is Detrimental To the Taxpayer Under what circumstances might opting out of the OVDI be detrimental for the taxpayer? Below are two examples. Example 3: Large Unreported Gain Kevin is a U.S. citizen. In 2008, he opened a checking account in Country A with funds upon which U.S. taxes were […]
Rescued From the Brink of Insanity: Practical and Sound Advice for Making the Decision to Opt Out of the OVDI — Part I
While reading can aid in learning, there is no substitute for doing. Reading about what steps to take to solve a tax problem is no different than reading about how to ride a bicycle. In the same way that the only way to learn how to ride a bicycle is by experiencing it firsthand – i.e., […]
Don’t Gamble With Gift Tax Returns
Beginning in 2011, the IRS started cracking down on taxpayers who did not file gift tax returns after making gifts that required reporting. Working with state or county agencies, the IRS started using real estate property records to spot land transfers between family members for no or little consideration, according to an October 2011 Forbes […]
The Gift Tax in a Nutshell
Unwrapping the Gift Tax a. How the Federal Gift and Estate Tax Work Together The federal gift tax is part of what’s called the “unified” federal gift and estate tax. Gift tax applies to lifetime gifts; estate tax applies to assets left at death. The idea is that whether you give assets away while you’re […]
New Jersey Estate & Inheritance Tax: Reducing the Size of the Estate Through Gifting
New Jersey is one of only a few states that impose both an inheritance tax and a state estate tax. The inheritance tax applies when someone who lived in New Jersey, or owned property there, leaves property to someone who isn’t a close relative. The tax rate depends on how closely the inheritors and deceased […]
New Jersey Estate Tax — The Uninvited Guest
New Jersey collects both an inheritance tax and its own estate tax, separate from the federal estate tax. Under current law, the estate of every New Jersey resident decedent dying after December 31, 2001 shall be taxed as if the death occurred under the federal laws in effect on December 31, 2001. Because the applicable […]