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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Published In: Business Organization Updates, Finance & Banking Updates, International Trade Updates, Tax Updates, Wills, Trusts, & Estate Planning Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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