Tax

There’s more to estate planning than simply trying to minimize taxes under the provisions of a will and various trusts, as criticism over the will of the late James Gandolfini attests. A number of estate experts have weighed in the provisions of the will, which was filed last week in Manhattan Surrogate’s Court.

Seventy-nine percent of New Jersey CPAs anticipate their clients will pay more taxes in 2014 than 2013, according to a new survey.

The Internal Revenue Service has issued a formal notice that officially delays the employer shared responsibility provisions of the Affordable Care Act, also known as the employer mandate, for a year and postpones the information reporting requirements.

Unauthorized immigrants are already paying $10.6 billion a year in state and local taxes, according to a new analysis that estimates an additional $2 billion revenue increase for the 50 states and the District of Columbia if undocumented immigrants who currently in the U.S. are allowed to work legally.

The New York State Department of Taxation and Finance outsourced the responsibility of refunding money to a new contractor this year and many taxpayers who filed paper-based returns still have not received their refunds.

The leaders of Congress’s two main tax-writing committees kicked off their national tax reform tour Monday with meetings at two businesses in the Twin Cities area.

The Swiss government announced a new approach allowing banks to hand over data to U.S. authorities in a bid to solve a dispute over undeclared assets and forestall further indictments by the Department of Justice.

Rep. Bill Posey, R-Fla., has written a letter to Treasury Secretary Jack Lew questioning regulations that would require U.S. banks and credit unions to collect and report information on nonresident aliens, urging him to cease enforcement of the Foreign Accounting Tax Compliance Act, or FATCA, and stop negotiating intergovernmental agreements with other countries for FATCA enforcement.

The National Taxpayer Advocate submits two annual reports to the Ways and Means Committee and the Senate Finance Committee each year.

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