It's no surprise that the wealthiest Americans take every legal opportunity to evade estate taxes. As one billionaire put it, no one wants to pay taxes on money more than one time. You don't have to be a billionaire to take steps toward asset protection, especially when planning your estate. Wills, … [Read more...] about Moving money can create tax shelters for the wealthy
Texas man subject to penalties and interests on $45 million
A Texas billionaire will be required to pay major tax penalties to the Internal Revenue Service, according to a ruling from the nation's highest court. U.S. Supreme Court justices decided that the man, who allegedly tried to hide more than $45 million from the IRS, must pay enormous penalties and … [Read more...] about Texas man subject to penalties and interests on $45 million
2013 changes in tax law could affect your return
Every year, legislators make changes to the tax law. This year saw some especially big changes, however, due to the American Taxpayers Relief Act, the Affordable Care Act and the decision of the Supreme Court to recognize same-sex marriage at the federal level. Married same-sex couples can now file … [Read more...] about 2013 changes in tax law could affect your return
Tax rules for exempt organizations could change
New tax rules out of the Internal Revenue Service may change the way that political activity is treated for organizations that claim tax-exempt status. In the wake of the IRS scandal that allegedly targeted conservative groups because of their viewpoints in recent years, tax agencies are working to … [Read more...] about Tax rules for exempt organizations could change
Innocent spouse relief and divorce in Texas
The Internal Revenue Service holds spouses responsible for each other's tax payments when they submit joint tax returns, a rule that is not necessarily absolved when such filers end their marriages. In some cases, however, Texas divorcees may be able to successfully request partial relief, … [Read more...] about Innocent spouse relief and divorce in Texas
IRS withdraws legal action against family business
The Internal Revenue Service has recently been wracked with scandals, inefficiency and claims of incompetence, with the agency recently coming under fire for seizing assets from a small grocery store operated by the same family for over three decades. However, the IRS recently filed to voluntarily … [Read more...] about IRS withdraws legal action against family business