05 Aug Do You Have to Pay Taxes on Life Insurance?
When can a life insurance death benefit be considered taxable income and what steps can reduce exposing the beneficiary of your policy to unnecessary taxes?...
When can a life insurance death benefit be considered taxable income and what steps can reduce exposing the beneficiary of your policy to unnecessary taxes?...
Sometimes called an AB Trust, the Credit Shelter Trust is designed to take full advantage of any estate tax exemptions while simultaneously reducing or eliminating estate taxes payable when the surviving spouse dies....
A tax transfer certificate is a document issued by the U.S. Internal Revenue Service certifying that a United States citizen who died while living abroad does not owe the federal government any estate taxes. Banks and financial services companies require an IRS tax transfer certificate before they release any of the assets held with the decedent named as an account owner....
The FBAR (Report of Foreign Bank and Financial Accounts) is a Form FinCEN 114. The Bank Secrecy Act details the FBAR filing requirements. This form must be filed electronically with the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department....
This week, Aaron Katsman of Lighthouse Capital and Ariel S. Rosenzveig, Esq. discuss the inheritance process for Americans living abroad with investments in the US....
You may qualify for relief from penalties if you made an effort to comply with the requirements of the law, but were unable to meet your tax obligations because of circumstances beyond your control — due to “reasonable cause.”...
The FBAR (Report of Foreign Bank and Financial Accounts) is a form that the Internal Revenue Service (IRS) requires U.S. taxpayers with certain foreign bank accounts to file, wherever they may live—at home or abroad (“expatriates” or “Expats”)....
The IRS provides some relief options that a taxpayer can apply for to reduce or eliminate penalties and interest assessed....