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The favoured tax status of foreigners planning not to stay in the UK on a long term basis (so called 'non-doms') became a hot topic in the run up to the UK General Election in May 2015, and one of George Osborne's early acts as Chancellor was to announce changes to the regime.
This outline is a selective and evolving review of the history of the modern federal estate tax.
Last week, President Obama signed H.R. 1314, the Bipartisan Budget Act of 2015, which dramatically changes the manner in which partnerships are audited and taxed by the IRS.
Many are aware that the principal income tax consequences of
expatriation are usually immediate – under the
‘mark-to-market' regime, a ‘covered
expatriate' is generally deemed to sell all of his property,
regardless of its location, on the day before he ceases to be
taxable as a US resident.
Bradley Arant Boult Cummings LLP
The new rules will be not become mandatory until 2018, as they will only be required to apply for tax years beginning after December 31, 2017...
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Sheppard Mullin Richter & Hampton
The IRS recently announced the inflation-adjusted items for 2016, including gift, estate, and generation-skipping transfer tax amounts.
Morrison & Foerster LLP
On November 2, 2015, President Obama signed the Bipartisan Budget Act of 2015 (the "Bill"), which repeals the TEFRA Unified Audit Procedures and replaces them with a radically modified "corporate" model for partnership tax audits.