Some readers may already be familiar with a law known as FACTA, short for the Foreign Account Tax Compliance Act. FACTA is an anti-tax evasion law in the United States that impacts foreign transactions and is one that requires cooperation from other countries on issues of reporting and financial regulation.
It can be tempting once an estate plan is finished to simply put the paperwork in a filing cabinet and never give it a second thought, but most estate planning experts would advise against that. Estate plans should be periodically revisited to make sure they are up-to-date with current laws and with your current wishes for how your assets are distributed. At the same time, there are some types of life events that should be accompanied by an estate plan review
The wait is over for 2014 tax provisions! If you weren’t necessarily sitting by your computer waiting for the news to come in, that’s alright. Tax issues are interesting to those who work with tax law every day, so the average reader might not be keeping close tabs on the comings-and-goings of the Internal Revenue Service.
Estate taxes and tax issues are a big part of planning and creating a will and or a set of trusts and other types of transfers. Taxes are often at the top of someone’s mind when they consider how to pass along assets to the next generation because there is a natural desire to try to preserve as much as possible for children and grandchildren.
Actor Stephen Baldwin made another large payment towards his substantial tax debt recently. The payment was a part of an installment plan to resolve the tax dispute with state authorities after it was discovered that he had not paid an appropriate amount of taxes from the years 2008, 2009, and 2010.