Richard Duke and I have completed the first edition of a new tax guide for the U.S. grantors and beneficiaries of a foreign trust. If you are a U.S. citizen or...
QUESTION: When we met a few years ago, you mentioned that there were still some advantages of Offshore Trusts for those of us living overseas. Kindly send...
QUESTION: I realize you must be awfully busy until the 15th of October. But I respectfully ask you to help me with this. There is no other way since the IRS...
The following is a response by a CPA to the question regarding Schedule C and Schedule H on the Form 8858 for disregarded entities. Vern - - - - - - - - - - - ...
Because of the upcoming October 15 deadline for individual returns on a six month extension and the extension of the IRS offshore amnesty program until 10/15,...
After a number of months of being tied down with imminent tax deadlines, I can breath a short sigh of relief and enjoy a few months to work on books and...
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JacobsReport@yahoogro...
Oct 17, 2009 12:59 pm
Reminder from: JacobsReport Yahoo! Group http://groups.yahoo.com/group/JacobsReport/cal Form 720 Premium Excise Tax Saturday October 31, 2009 8:00 am - 4:00 pm...
QUESTION: I have been preparing expatriate tax returns for over 20 years. I've prepared many Form 5471's over the years. Most of my clients with foreign...
In the last message, I said that a free e-book on the tax rules for offshore investing was available at http://www.offshorepress.com/offshoretax/ However, I...
QUESTION: How do you collect lottery powerball winnings in order to maintain your anonymity? Do you setup a living trust or LLC? Will this reduce potential...
Do you remember the hey-day of the tax shelters? It occurred from about 1970 through 1986 after which most of the individual tax shelters were curtailed by the...
QUESTION: "I am closing my offshore asset protection trust. This year 2009, I will take all assets as a benfits leaving zero in the trust. Which forms to file...
I've always been somewhat amused by taxpayers who wait until it is time to prepare their tax return to ask about what they can do to reduce their taxes. And I...
It seems that most taxpayers and their advisors focus on finding ways to increase their itemized deductions in order to save taxes. However, there are...
Even though there is a slight chance that the House version of a health care bill might be blocked in the Senate and that the cap & trade bill may not be...
Before 1986, one of the most popular tax saving moves was to make gifts of appreciated property to a child. The gain on the property would be transferred to...
QUESTION: A new client inherited a bank account in Japan and was not aware of it until a few years back. On top of only realizing that she had the account...
This is from Richard Levine, Esq. in response to my comments in memo # 743 about a question involving anonymity in receiving lottery winnings. = = = = = = = = ...
This was in response to my comments about gifting to minors (#749) = = = = = = = = COMMENT: Vern…Your newsletter (# 749) implies that no gift tax return is...
QUESTION: Mr. Jacobs, if a foreign private investor, foreign financial institution, or foreign business entity purchases dividend-paying stocks of corporations...
QUESTION: Here is an issue that causes some confusion A US individual taxpayer X is the owner of a foreign grantor trust T. T pays foreign tax on foreign...
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JacobsReport@yahoogro...
Dec 1, 2009 2:05 pm
Reminder from: JacobsReport Yahoo! Group http://groups.yahoo.com/group/JacobsReport/cal Dec. 15th - Final Corporate Estimated tax Tuesday December 15, 2009 ...
QUESTION: A foreign trust with a US grantor and a US beneficiary accumulates income on its original assets. The trust then consists of two parts, (1) the...
Question: 3 siblings, all of whom are dual citizens (U.S./Thailand)and bonafide residents in Singapore & Thailand own 100% in equal share in Thai-based...
QUESTION: We had talked in March about the look-through rules for CFCs and with the current administration controlling congress, you weren't sure about the...
This is in response to my reply to a question about the legislative prospects for the continuation of the look-through rule for subsidiaries of a CFC. Vern = =...
QUESTION: If you owned closely held stock, would you be able to take discounts like you do in an estate valuation? Assuming the closely held stock was a US...
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JacobsReport@yahoogro...
Dec 21, 2009 6:03 am
Reminder from: JacobsReport Yahoo! Group http://groups.yahoo.com/group/JacobsReport/cal Deadline to Set up Keogh Plan Thursday December 31, 2009 12:00 am -...
The following is a followup comment from Taxguru@... about my response to a question about the treatment of foreign trust income and capital gains. (Vern) ...
QUESTION: I am a single mom living in Canada on a work permit. I make a fairly decent income and have to pay 40% to the Canadian government. To my surprise the...
