IRS Demands That Foreign Banks Track Offshore Accounts
201506.24
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IRS Demands That Foreign Banks Track Offshore Accounts

In a recent agreement with the IRS, the Vatican Bank agreed to adopt the Foreign Account Tax Compliance Act (FATCA), which was passed in 2010 to target non-compliance to US tax obligations. This is the first inter-governmental agreement (IGA) between the Holy See and IRS and is being used as a way to promote anti-money…

Foreign Acquisition of US Pharmaceuticals Poses New Threat to Inversion Regulations
201505.28
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Foreign Acquisition of US Pharmaceuticals Poses New Threat to Inversion Regulations

Despite efforts made by the Obama Administration to close corporate inversion loopholes, the number of US corporations moving overseas continues to climb. In the most recent merger deal, Endo International PLC, formerly based in Pennsylvania, found another way to take advantage of the remaining loopholes. The high profile drug company, now headquartered in Ireland, has…

Garza Reveals Firm’s Excellent Track Record at Miami Conference
201505.25
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Garza Reveals Firm’s Excellent Track Record at Miami Conference

At a private conference in Miami, Attorney Joe Garza, senior partner at Garza & Harris, introduced high net-worth guests to a range of complex estate planning methods. As Garza explained, his firm specializes in estate planning for entrepreneurs, helping clients build upon their success despite the rising U.S. tax rate. The Escalating Tax Rate “One…

Could a National Sales Tax Replace Federal Income Tax?
201504.10
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Could a National Sales Tax Replace Federal Income Tax?

Lawmakers and state officials have proposed a fundamental tax reform that would replace federal income tax with national retail sales tax. Instead of imposing the highest amounts of taxes on taxpayers’ earnings, the national sales tax would focus more on what consumers spend. The government would levy a flat rate tax on retail sales that…

Joe Garza Hosts Private Campden Roundtable
201503.20
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Joe Garza Hosts Private Campden Roundtable

Campden Wealth, a company serving family businesses through events and publications such as Campden FO and Campden FB recently invited Attorney Joe Garza to host a roundtable discussion about estate planning in New York. The roundtable, titled “Hold or Sell: Preparing the Family & Business for Future Liquidity Events or Multigenerational Transfer,” was held at…

$15.5 million Lost To Fraudulent IRS Impersonators In Nationwide Scam
201503.13
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$15.5 million Lost To Fraudulent IRS Impersonators In Nationwide Scam

Tax officials and lawmakers have estimated that more than 366,000 Americans nationwide have been targeted by identity theft tax fraud this tax season. Congressional hearings were recently held to find solutions to the increasing tax fraud and tax scams that have gripped the nation. Fraud investigators report that the unidentified scam artists steal refunds and…

5 Things You Should Know About Obama’s Proposed Death Tax
201502.18
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5 Things You Should Know About Obama’s Proposed Death Tax

Earlier this month, President Obama unveiled his proposed budget for 2016. Just shy of $4 trillion, the budget includes new tax legislation that would raise the funds needed for an 11% spending increase. Past of this tax legislation is an additional estate tax that has received harsh criticism from the President’s opponents. Here are five…

Prepping Your Investment Portfolio for 2015
201501.21
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Prepping Your Investment Portfolio for 2015

With 2014 fully in the rear view mirror, it is time to look up the road and focus on the investing challenges ahead in 2015. Last year saw the last vestiges of the Great Recession and credit crisis; the Dow-Jones reach new heights while interest rates remained low. Volatile at times, 2014 will go down…

Major Tax Changes of 2014
201412.19
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Major Tax Changes of 2014

With 2014 winding down, businesses and individuals are shifting their thoughts and efforts from operational efforts to taxes. This past year has seen the implementation of some significant changes in the tax code. This shift has caused most taxpayers to rethink their tax strategy. Here are some of the notable tax changes of 2014: The…

Are Education Tax Credits Making College More Affordable?
201411.07
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Are Education Tax Credits Making College More Affordable?

The income gap between college graduates and individuals without a college education has never been wider. According to one estimate, A college educated person stands to earn $570,000 more throughout their lifetime than an individual with only a high school diploma. The Bureau of Labor Statistics recently reported that the unemployment rate for 25-year-olds without a degree…