U.S. citizens and resident aliens are required to report worldwide income from all sources including foreign accounts and pay taxes on that income. Failure to report the existence of those foreign accounts on Schedule B of their tax returns or pay taxes on the income from those accounts may lead […]
On July 1, 2014 the Internal Revenue Service issued Form 1023-EZ, a streamlined version of the Form 1023, to make it easier for small organizations to apply for tax exempt status under Internal Revenue Code (“Code”) Section 501(c)(3). Form 1023-EZ, which must be filed electronically, is only three pages long […]
Upon the death of an individual, the family or next of kin should determine whether the deceased person (referred to as the “decedent”) left a Last Will and Testament. If so, they should review the Will and identify the person named in the Will as the executor. It then becomes […]
On June 12, 2014, the United States Supreme Court held in Clark v. Rameker that “inherited IRAs” are not retirement funds in the Bankruptcy Code and are, therefore, not exempt from the claims of the IRA beneficiary’s creditors in bankruptcy. An “inherited IRA” is an IRA that is bequeathed by the IRA […]
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