The Internal Revenue Service is serious about cracking down on U.S. taxpayers who have failed to disclose the existence of foreign accounts in which they have a financial interest, or over which they have signature authority. Typically, these same taxpayers have failed to report certain transactions on their tax returns, the proceeds of which reside
Obama’s 2014 Budget Estate and Gift Tax Proposals: How Might They Impact Your Estate Plan?
As we reached the end of 2012 and the expiration (or so we thought) of the $5 million gift/estate tax exemption, many taxpayers scrambled to make gifts to, or for the benefit of, their family members. With these gifts, they sought to remove assets, and their appreciation, from the reach of the estate tax. 
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