News & Analysis as of September 23, 2024

Income Taxes › Bank Accounts

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Are you Thinking of Moving to Another Country - A Few Things to Consider

Allen Barron, Inc. on 5/31/2024

Are you thinking of moving to another country? Over the past decade, a record number of U.S. citizens have decided to live and work abroad. There are many issues you may not have considered that will impact any decision to...more

Collecting an Individual’s Unpaid Taxes from Their Controlled Entities

Rivkin Radler LLP on 5/30/2024

An anonymous thinker, lost to history, is credited with having said that the unofficial motto of the IRS is, “We have what it takes to take what you have.” In some instances, the truth of the above statement is manifested in...more

The IRS is Garnishing My Wages or Taking My Bank Account: What Do I Do? Collection Due Process Relief (Part 9)

Burr & Forman on 9/27/2017

If an individual or business owes but has not paid federal taxes, the IRS will make efforts to collect these taxes. The IRS will first send a series of notices requesting payment, but if the taxpayer does not respond to the...more

Home Is (Not) Where Your Legal and Financial Advisers Are: Minnesota Changes Domicile Determinations

Faegre Drinker Biddle & Reath LLP on 6/9/2017

Minnesota will no longer consider the location of a person’s attorney, CPA, financial adviser or bank account when determining where an individual is domiciled for income tax purposes. Under Minnesota law, an individual is...more

Minnesota Department of Revenue Publishes Revenue Notice Addressing Location of a Taxpayer’s Attorneys, Accountants, and Bank...

Dorsey & Whitney LLP on 2/8/2016

On February 1, 2016, the Minnesota Department of Revenue (the “Department”) issued Revenue Notice # 16-01 (available here), in which the Department explains how it will view the location of a taxpayer’s attorneys,...more

Addressing the Residency Question - Trust and Estates Update Vol. 2015, Issue 1

Troutman Pepper on 8/12/2015

Generally, the first criterion for determining whether an individual is subject to probate or to estate or inheritance tax in a state is the individual’s domicile at the time of his or her death. In an increasingly...more

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