High Net Worth Family Tax Report - April 2011

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CONTENTS - Vol. 6 No. 1

Foreign Bank Account Reporting Update – Final FBAR Regulations and New 2011 Offshore Account Voluntary Disclosure Program . . . . . . 1

New Foreign Reporting under the Foreign Account Tax Compliance Act (FATCA) . . . 3

Ongoing Tax Litigation Highlights the Importance of Putting Steps in the Proper Order When Creating a Family Limited Partnership . . . . . . . 3

Executors Must Be Careful When Requesting an Extension of Time to Pay Estate Tax . . . 4

Home Purchased with Funds Provided by children is Included in Parent’s Estate . . . . . . . . 5

Federal Circuit Upholds Retroactive Application of Regulation Dealing with the Six Year Statute of Limitations for the Overstatement of Tax Basis . . . . . . . . . . . . 5

Taxpayer Attempt to Avoid Self-employment Tax Fails . . . 6

President’s Budget Proposal Calls for Some Taxes to Increase in Two Years . . . . . . 7

Proper Documentation is Required for Charitable Contributions . . . . . . . . . . 7

Defense of Marriage Act and Planning for Same-sex Spouses: Update . . . . . . . . 8

IRS Announces that Basis Allocation Form for 2010 Decedents Does Not Have To Be Filed by April 18, 2011 . . . 8

Please see full newsletter below for more information.

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