Contact: Boodle Hatfield (London, England)

Headlines include: Budget 2012; Good News for Owners of Holiday Lettings; Farmhouses - Another Taxpayer Victory; Holidaymaker Becomes UK Resident; US Reporting Requirements;

Read more: Boodle Hatfield Private Client & Tax News Spring 2012

Contact: Berger Singerman LLP (Florida, USA)

Certain US individual taxpayers may be required to complete new IRS information Form 8938 (Statement of Specified Foreign Financial Assets) and attach it to their 2011 US Federal income tax returns

Read more: New IRS Form 8938 – Statement of Specified Foreign Financial Assets

By: Jenny H. Connors and J. Conrad Garcia
Williams Mullen (North Carolina and Virginia, USA)

The Eighth Circuit recently issued its decision in the case of David E. Watson, P.C. v. U.S., No. 11-1589 (8th Cir. 2/21/12), which dealt with the issue of determining reasonable compensation in a closely held

Read more: Characterizing and Quantifying Reasonable Compensation of S Corporation Shareholder-Employees

By: Jenny H. Connors, J. Conrad Garcia and Kyle H. Wingfield
Williams Mullen (North Carolina and Virginia, USA)

On February 22, 2012, the Obama administration issued The President’s Framework for Business Tax Reform (the “Proposal”), an outline for what would be the first major overhaul of the U.S. Tax Code since 1986.

Read more: White House Proposal for Business Tax Reform

Contact: Berger Singerman LLP (Florida, USA)

On January 9, 2012, the Internal Revenue Service (“IRS”) announced the reopening of the Offshore Voluntary Disclosure Program (“OVDP”) as a way for U.S. taxpayers with undisclosed foreign accounts, assets and income to become compliant with U.S. tax law.  

Download a PDF of the full alert.