In a recent, well-reasoned case, the Sixth Circuit upheld a taxpayer’s use of an IC-DISC as a Roth IRA investment to accumulate earnings tax-free. The investment was established by the following steps: Roth IRA owns shares of Holding Company (Holdco); Holdco owns shares in IC-DISC, a tax-exempt entity for export
Earlier this year, the Department of Labor (DOL) announced that, effective December 1, 2016, overtime pay would apply to full-time workers earning up to $47,476 per year, up from the current salary of $23,660. The rule was delayed upon the granting of a preliminary injunction in federal court on November
Last year, more than 875,000 taxpayers were victims of tax identity theft. Identity thieves have capitalized on the filing of phony tax returns to gain access to millions of dollars of fraudulent tax refunds by using the names, social security numbers, or W-2 information of unsuspecting taxpayers. Tax identity theft
The U.S. Department of Commerce Bureau of Economic Analysis (BEA) requires all U.S. persons (individuals and businesses) that owned an interest in a foreign affiliate during their fiscal year 2014 to file a Form BE-10 to report the ownership. The filing requirements have been interpreted broadly to include a U.S.
The IRS recently made additional changes to the Streamlined Domestic Offshore Procedures to make it easier for U.S. individual taxpayers to come into compliance with international income reporting. Like other iterations of the program, these changes are designed for individuals whose failure to comply with the regulations was non-willful. The