Applying for the Florida Homestead Exemption Can Trigger U.S. Tax Residency
Florida Homeowners have until March 1 to apply for the Homestead Exemption on Form DR-501 to exempt about $75,000 of the value of their home from property taxes. However, recent immigrants or “temporary” residents with assets outside the U.S. should carefully weigh their options before applying. This is because a foreigner becomes a U.S. resident for estate, gift and generation skipping [...]
Read More →Dividing the Family Fortune – Entrepreneur Magazine
Here’s an interesting article from Entrepreneur Magazine regarding family business succession. We deal with this issue all the time as it is quite common that not all members of the next generation have a desire or capacity to be involved in the business, or they are incapable or working together, or there are toxic in-laws, etc., etc., etc… Some of the [...]
Read More →Swiss Bank Prosecuted Using Growing IRS Database of Offshore Information
This prosecution is an example of how the U.S. government is using its expanding database of information collected from whistleblowers, foreign governments, advisors, banks and over 30,000 U.S. taxpayers who have already come clean. Swiss bank Wegelin is charged with helping U.S. Taxpayers hide over $1 billion from the IRS. Any deal Wegelin makes to avoid prosecution will likely include giving up [...]
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