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Unreported Foreign Gifts and Divorce

In a recently released Chief Counsel Advisory (CCA) the IRS addressed the statute of limitations on assessment of penalties for failure to report gifts from foreign persons. The CCA states...more

Divorce: Finding Offshore Assets

One of the more important issues in a divorce proceeding is identifying and dividing community and separate property. The task of asset identification and location may have been made both easier and more complex at the same...more

Treasury And IRS Provide Guidance For Same-Sex Married Couples - What Same-Sex Couples Need To Know

The IRS and the U.S. Department of the Treasury announced on August 29, 2013, that same-sex couples who validly enter into a marriage in a jurisdiction whose laws authorize the marriage of two individuals of the same sex will...more

Nonresident Alien Spouse Not Liable for Penalties

There are an unknown number of U.S. citizens married to nonresident aliens. Many of these taxpayers have filed joint income tax returns. Most are likely to have filed joint income tax returns (Form 1040) without having...more

Should Married Nonresident Aliens Elect Joint Return Status?

The recent decisions of the US Supreme Court, (in the Defense of Marriage Act and Proposition 8 cases) to strike down anti-gay marriage legislation may very well produce an increase in immigrant marriages. The actual number...more

Domicile Election for Non-UK Domiciled Spouses and Civil Partners

Non-UK domiciled individuals who have a UK domiciled spouse or civil partner now have the option to elect to be treated as domiciled in the United Kingdom for inheritance tax (IHT) purposes. This will enable them to receive...more

FBAR-The New Marriage Penalty

For those U.S. taxpayers who are married to non-residents there is a new form of marriage penalty if the spouses filed joint returns. To be eligible to file joint returns an election must be made with the first joint return...more

FBAR LIabilty and Innocent Spouse Relief

Taxpayers who are now separated or divorced and had undisclosed foreign bank accounts may wonder if “innocent spouse relief” is available under the Bank Secrecy Act for FBAR penalties. The answer is likely no but could be...more

Divorce, Expatriation and International Sanctions

A current article in the WSJ discusses the 189 U.S. citizens and Permanent Residents who formally and recently expatriated. The article implies that underlying all these expatriations lies a tax driven motive. The tax...more

Divorce Settlements With Foreign Assets; What Are The Risks?

Many couples going through marital separations (divorce) have interests in foreign assets. Often these are dual nationals who have interests in family businesses in their country of origin, but regardless of the source of the...more

If You Hide Assets Offshore From A Spouse Be Sure To File An FBAR

A recent Forfeiture Case was brought against a taxpayer who was hiding financial assets (almost $4.6 M) from his soon to be ex-spouse. The case, US v. $4,656,085 (http://goo.gl/7b64A) illustrates how bad divorce planning...more

Three Reasons International Families Should Consider Qualified Domestic Trusts

What kind estate planning is advisable for individuals with a non US citizen spouse? In most cases, a decedent’s estate may be transferred to a US citizen spouse without any estate tax, thanks to a high exclusion amount for...more

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