Posts from January 2017.

All U.S. citizens and permanent residents are required to annually file a U.S. income tax return reporting their worldwide income from all sources. Additionally, U.S. citizens and permanent who have an interest in or signatory authority over foreign bank and financial accounts holding $10,000 or more at any time during the year must independently identify and report these interests to the U.S. Department of Treasury's Financial Crimes Enforcement Network ("FinCEN"). This annual disclosure must be filed electronically using Form 114, Report of Foreign Bank and Financial ...

On December 29, 2016, the U.S. Department of Labor (the "DOL") released Interpretive Bulletin 2016-1 ("IB 2016-1") relating to the voting of proxies on securities held in employee benefit plans.  IB 2016-1 withdraws the current Interpretive Bulletin dealing with the voting of such proxies (Interpretive Bulletin 2008-2 or "IB 2008-2") and reinstates the prior Interpretive Bulletin dealing with the proxy voting (Interpretive Bulletin 94-2) with updates.

In the background to IB 2016-1, the DOL noted that IB 2008-2 "has been read by some stakeholders to articulate a general rule that ...

The annual federal exemption amount for the estate and gift tax has been adjusted to $5,490,000.00 per individual for 2017. This means a married couple will have a combined $10,980,000.00 in 2017. The $5,490,000.00 represents the amount that each U.S. Citizen may pass, transfer tax free, in 2017. (This is the cumulative amount that may be passed during lifetime by gift and at death without federal gift or estate taxes being imposed.) Not included in this total are annual exclusion gifts, certain gifts for education and certain gifts for medical expenses. The annual exclusion amount is ...

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