If your investment portfolio includes funds held in an overseas account, you need to pay attention to an upcoming tax filing deadline. U.S. persons (this includes citizens and residents) with an interest, even a signature interest, in a foreign account need to pay attention.
In the not-too-distant past, homeowners watched in horror as their most prized asset plummeted in value and their prospects of realizing a profit on its sale rapidly diminished. Fast forward to the present, however, and things are considerably different.
In the latest episode of HBO series “Last Week Tonight with John Oliver,” the host created a company and bought approximately $15 million of consumer medical debt for pennies on the dollar. He then relieved 9,000 of their old medical debts.
The IRS allows taxpayers to appeal from agency decisions. A taxpayer petition must be filed within 30 days in a collection due process case, however.
The twisted tale of former billionaire brother Sam Wyly and his late brother Charles took a new turn recently when a federal bankruptcy judge found that the pair had committed tax fraud with a convoluted scheme of offshore bank accounts, shell corporations, trusts and other tax shelters. The brothers system involved transferring their interest in various commercial enterprises (among them such well-known companies as Michael's arts and crafts stores and Bonanza Steakhouses) to trusts in exchange for private annuities.