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Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.

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The IRS List of "Bad Banks" is Up to 95: What You Need to Know About New OVDP Penalties

The IRS List of “Bad Banks” The IRS updated its list of “Bad Banks” last month, which is now up to 95 banking institutions. This list will continue to grow as Swiss banks and foreign financial institutions come under more intense scrutiny from the Department of Justice to force public disclosure. So if your client’s bank […]

Author: Frank L. Brunetti

March 23, 2016

Will Spendthrift Language In A Trust Always Be Respected or Not?

Will Spendthrift Language In A Trust Always Be Respected? The unequivocal answer to the question is: it depends. The grantor’s purpose for including spendthrift language in a trust is to protect the trust assets set from the beneficiary’s creditors and to prevent the beneficiary from selling or assigning his or her interest in the trust. […]

Author: James F. McDonough

February 24, 2016

Clinton Offers Capital Gains Tax Increase

Presidential contender, Hillary Clinton, announced a proposal for capital gains tax reform. In the plan, capital gains taxes will be increased for assets held for less than six years by top-bracket investors. The proposed capital gains tax increase As part of her proposal, the top-ranking tax rate will be 43.8 percent for assets held less […]

Author: James F. McDonough

August 13, 2015

Scarinci Hollenbeck

U.S. Officials Granted Access to Bank Records in Tax Evasion Probe

A federal judge granted a request made by government officials to obtain the account data and identifying information of American banking clients suspected of committing tax law violations through offshore accounts managed by the Bank of N.T. Butterfield & Son. Butterfield currently has several offices throughout the Caribbean and Switzerland, and officials have long suspected […]

Author: Frank L. Brunetti

November 22, 2013

Offshore Tax Evasion

Twitter Tax Break Deal May Cost San Francisco Millions

Twitter’s initial public offering has been a boon for investors, but a tax deal agreement the company negotiated with San Francisco may end up costing the city millions of dollars in the future. Twitter recently forged a unique agreement with San Francisco, whereby the company would keep its headquarters in the city in exchange for lucrative […]

Author: Scarinci Hollenbeck, LLC

November 20, 2013

Initial Public Offering

Treasury Adjusts Flexible Spending Account 'Use It Or Lose It' Provision

Flexible spending accounts have historically been less popular with Americans than health savings accounts Flexible spending accounts have historically been less popular with Americans than health savings accounts, due to a “use it or lose it” provision that requires account holders to forfeit any unused balances at the end of their plan year. However, a […]

Author: Frank L. Brunetti

November 18, 2013

Is Your Shareholder Succession Plan Subject to ERISA or Not?

Up to now, many firms could not conceive of a succession plan as being subject to ERISA. Fortunately, the Fifth Circuit, in Cantrell v. Briggs & Veselka Co., confirmed a 2-1 decision after a rehearing and held that deferred compensation provisions in two employment contracts did not constitute a plan under ERISA. This decision does […]

Author: James F. McDonough

November 12, 2013

ERISA

Aggressive Tax Collection Policies in Greece Frustrate Residents

Rampant tax evasion in Greece has led state officials to restructure collection practices in an effort to improve public finances and revitalize the economy. However, newly conceived tax laws – 22 in the last two years in Greece – have yielded greater frustration among Greek residents, who feel the country’s policies are unwieldy and ultimately, have […]

Author: Scarinci Hollenbeck, LLC

November 6, 2013

SEC Clears Apple Tax Practices

The Securities and Exchange Commission has cleared Apple Inc. of any potential tax law violations after months of examining the company’s complex and sometimes controversial financial and tax practices. The Securities and Exchange Commission has cleared Apple Inc. of any potential tax law violations after months of examining the company’s complex and sometimes controversial financial […]

Author: Scarinci Hollenbeck, LLC

October 30, 2013

Case of Tax Planning for the Undead

An Ohio man appeared in court seeking to reverse the 1994 declaration of his death. The declaration of death (“Declaration”) resulted from his disappearance from his home eight years earlier. Ohio law prevents a court from reversing such a Declaration after three years from its entry. The Ohio man is seeking to reclaim his social […]

Author: James F. McDonough

October 29, 2013

Tax Planning

Private Swiss Bank Closes Over Tax Evasion Dispute With U.S.

Private Swiss bank Frey & Co AG announced that it’s closing its doors due to “unsustainable costs” stemming from the country’s dispute with the U.S. over alleged tax evasion. Frey will be the second bank – following Wegelin and Co. – to close after allegations of helping Americans evade U.S. tax law. U.S. authorities have launched […]

Author: Frank L. Brunetti

October 28, 2013

Affluent Urged to Focus on State Estate Taxes

Many affluent Americans and business owners who may be subject to federal state estate taxes focus a great deal of attention on understanding their obligations under tax law, utilizing gift tax allowances, and establishing wealth management plans that will help lower their liability. However, a recent analysis indicates that too few individuals give the same […]

Author: Frank L. Brunetti

October 16, 2013

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