Author Archives: Scott F. Usher
About Scott F. Usher
Scott Usher is a senior manager in Bader Martin's tax practice and is a member of its closely held and family business practice group. He is also a leader in the firm's international practice group.Another Voluntary Disclosure Program for Foreign Assets? What You Need to Know
Voluntary disclosure programs work, for the IRS and for U.S. taxpayers.
The IRS has already collected a total of more than $4.4 billion as a result of two previous offshore voluntary disclosure programs—one in 2009 and a second in 2011. Last month, the IRS reopened the program for persons with undisclosed offshore bank and financial accounts.
If you still have foreign accounts that you haven’t disclosed on your federal tax filings, you have a new opportunity to become current with the IRS. As (continue reading…)
Posted in High Net Worth Practice, International, Personal Wealth Planning Services, Tax Services
Tagged International, IRS, Personal Finances, Personal Tax
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Know About the New IRS Rules for Reporting Foreign Financial Assets?
International tax evasion: In this time of economic crisis for many countries around the world, anti-fraud measures at the individual and corporate level are a major focus for governments and their taxing and regulatory authorities.
Recently, the U.S. government has launched major initiatives to disclose unreported income from foreign assets, which has been estimated to cost the federal Treasury between $40 billion and $70 billion in individual income taxes alone.
If you have a financial interest in, or signature authority over, a (continue reading…)
Posted in High Net Worth Practice, International, Personal Wealth Planning Services, Tax Services
Tagged International, Legislation, Personal Tax, Wealth Planning
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Tax-Exempt Status Revoked? How to Find Your Status and Apply for Reinstatement
Your not-for-profit organization may now be a taxable entity for federal tax purposes, if you failed to satisfy the federal filing requirements passed as part of the Pension Protection Act of 2006.
Under the new rules, a not-for-profit organization that fails to file a required annual return with the IRS for three consecutive years automatically loses its federal tax exemption. The consequences can be catastrophic: They are required to pay federal income taxes. Any donations that individuals or corporations make to (continue reading…)
Subject to FBAR Reporting? Final Regulations Change the Rules for June 2011 Filings
Undisclosed foreign financial accounts cost the federal government billions of dollars in lost tax revenue—perhaps as much as $100 billion each year. So it’s not surprising that this type of international tax evasion is being aggressively pursued by the U.S. Department of the Treasury.
If you had a financial interest in a foreign bank or other financial account in 2010—or had signature authority over a foreign account owned by a domestic entity, such as a corporation, partnership or trust—you may be subject (continue reading…)
Own an Offshore Bank Account or Other Financial Account?
Honesty is the best policy—at least when there’s money in it, according to Mark Twain. The IRS, charged with enforcing a tax system based on voluntary disclosure, agrees.
International tax evasion in the form of undisclosed and unreported offshore financial accounts costs the federal government as much as $100 billion in lost revenue each year. That makes it an obvious priority for enforcement activity.
If you have an offshore financial or bank account, you’re likely subject to federal taxation and reporting requirements―just as (continue reading…)
Posted in High Net Worth Practice, International, Personal Wealth Planning Services, Tax Services
Tagged International, IRS, Wealth Planning
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Know the Significant Federal Tax Deadlines for 2011?
Do you know the federal deadline for making your IRA contribution? When to make estimated tax payments? Or when your tax return is due if you request an extension?
The dates are crucial.
If you miss a tax deadline, you can lose an important tax deduction or become subject to substantial penalties and interest.
The following quick-reference guide includes many of the most important federal income tax deadlines for the remainder of 2011, for calendar-year taxpayers.
2011 Federal Income Tax Calendar
First (continue reading…)
Posted in Closely Held + Family Business Practice, High Net Worth Practice, Not-for-Profit Practice, Tax Services
Tagged Business Tax, Personal Tax
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Know the Latest Health Care Rules Now in Effect?
It’s been a challenging year for Samantha Greene and her family.
In January, Sam’s husband lost his job and, with it, the family’s health insurance. Although Gus was fortunate to find a new position within a few months, the new plan excluded coverage for their young son, Ian.
Ian was born with a heart condition that required surgery in his first days. Although he’s now a healthy three-year-old, he’s considered to have a pre-existing condition.
Sam’s stepson, who recently graduated from college and (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services
Tagged Health Care, Legislation, Personal Tax, Wealth Planning
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Own or Operate a U.S. Business with Foreign Operations?
To pay for newly enacted legislation that temporarily increases federal medical assistance for states and appropriates funds for education and jobs, the Education Jobs Act of 2010 includes a number of international tax provisions―including new restrictions on the use of foreign tax credits by U.S. corporations with foreign operations.
The new foreign tax provisions stem from a concern that U.S. multinational corporations are able to shift income to foreign affiliates and operations in low-tax jurisdictions in order to reduce or avoid (continue reading…)
Posted in Closely Held + Family Business Practice, International, Tax Services
Tagged Business Tax, International, Legislation, Tax Credits + Incentives
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Thinking of Hiring Your Spouse?
If you’ve considered hiring–or rehiring–your spouse to work in your family business but couldn’t quite make the numbers work, important federal tax benefits in this year’s HIRE Act may tip the balance.
Tax Benefits in the HIRE Act
Major provisions of the Act include a payroll tax holiday for an employer that hires a displaced worker and a retained worker credit if the employer continues that employment for at least 52 weeks.
Qualifying Hires
Among the HIRE Act’s criteria for a qualified new hire, (continue reading…)
Posted in Closely Held + Family Business Practice, Personal Wealth Planning Services, Tax Services
Tagged Business Tax, Compensation, Legislation, Tax Credits + Incentives
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Liable for Personal Property Taxes in Washington State?
Real property isn’t the only business property subject to property tax in Washington State. If your business owns personal property, such as machinery and equipment, furniture, fixtures, supplies, and leasehold improvements, you are subject to Washington State’s personal property tax filing requirements and liable for paying personal property taxes each year.
The tax, administered at the county level by the assessor’s office, is levied on personal property that you own or control and use in your business as of January 1 each year. (continue reading…)
Posted in Closely Held + Family Business Practice, Distribution + Light Manufacturing Group, High Net Worth Practice, Hospitality, Restaurant + Lodging Group, Not-for-Profit Practice, Professional Practices Group, Real Estate Group, Retail Group, Tax Services, Technology Group
Tagged State + Local Tax
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