Attention tax-exempt entity employers: Starting with tax filings this year (for your taxable year that began in 2018), you will need to make a special report to the IRS and pay an excise tax if you provided certain current or former highly compensated employees more than $1 million in compensation or paid part of a severance package that was worth more than three times their average compensation over the five years prior to their […]
1 Connection Factors
1.1 To what extent is domicile or habitual residence relevant in determining liability to taxation in your jurisdiction?
U.S. domiciliaries are generally subject to U.S. Federal estate tax, gift tax and generation-skipping transfer tax (the “GST tax”) in the same manner as U.S. citizens, i.e., on transfers of property wherever located. Resident aliens of the U.S. are generally subject to U.S. Federal income taxation in the same manner as U.S. citizens, i.e., on […]
If you made gifts in 2018 now is the time to begin thinking about filing a gift tax return. If you made gifts in 2018 in excess of the gift tax annual exclusion amount ($15,000 per donee in 2018, or $30,000 if a husband and wife elect to split gifts and a gift tax return is required to make this election), you must file a gift tax return and apply your lifetime gift tax […]