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Recently, the Internal Revenue Service (IRS) issued proposed regulations which would guide U.S. taxpayers who receive gifts or inheritances from specific expatriated individuals (i.e. from certain individuals that gave up their U.S. citizenship). These proposed rules apply to the IRC §877A and §2801, which impose a tax on certain expatriates (expats). Although passed in 2008,...
Gift tax may be one of the IRS’s most-hated practices, but there are several ways to eliminate it. As discussed in our previous article (Gifts and Gift Tax Return), not only is gifting beyond a certain limit (to anyone other than one’s spouse) taxable by the Internal Revenue Service (IRS), but also any delay in...
With the year-end approaching and the holiday season along with it, gifts are on everyone’s mind. However, for a U.S. taxpayer, giving and receiving gifts beyond a certain limit is taxable by the Internal Revenue Service (IRS). AG Tax professionals will now explain Gift Tax and its related thresholds, returns and penalties, which may be...
On June 26, 2013, the US Supreme Court ruled Section 3 of the Federal Defense of Marriage Act (DOMA) was unconstitutional as it violates the equal protection clause of the Fifth Amendment of the US Constitution as applied to persons of the same-sex who reside in states (and Countries or Provinces?) that recognize same-sex (or...
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