Tag: Tax Law
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IRS Enforcement Initiatives Focus on Large Corporations and Complex Partnerships
From the Tax Law Offices of David W. Klasing IRVINE, Calif., May 14, 2024 /PRNewswire/ — The Internal Revenue Service (IRS) is fiercely committed to uncovering instances of tax fraud. They regularly develop new strategies to enhance their enforcement efforts and protect the integrity of the tax system. As of 2024, the IRS is working hard to make…
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Mapping The Global Migration Of Millionaires
Submitted to Zero Hedge by Visual Capitalist – High net worth individuals (HNWIs) – persons with wealth over US$1 million – may decide to pick up and move for a number of reasons. In some cases they are attracted by jurisdictions with more favorable tax laws, or less pollution and crime. Sometimes, they’re simply looking…
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From the Tax Law Offices of David W. Klasing – Danger – Foreign Retirement Plans Can Create Annually Taxable U.S. and State Income Even in the Absence of a Current Pay Out or Distribution
IRVINE, Calif., March 7, 2019 /PRNewswire/ — If you are either (1) a U.S. citizen retiring abroad, or (2) a U.S. tax resident that has a foreign pension plan, you will likely be required to report the income accruing in your offshore retirement plan on an annual basis and your current or future retirement distributions to the IRS as…