Commentary.Omnibus.2017.07.28: Money Can’t Buy Ya Love But It Can Buy Happiness; Addicted to Checks; FBAR Penalty Overview; Tax’n Non-US Partner Sale of Partnership Assets

  • Why Can’t Americans Ditch Checks? The first time Amelia Howells ever wrote a check, she was 28 years old and standing in a Connecticut apartment leasing office, with no idea what to do. The British expat had just moved to the U.S.; she’d never had to write a check in London or during her seven years in Switzerland. “I had to sit down with a woman to learn how to do it. She thought it was hilarious and called in all the other people in the office to have a laugh at me,” she recalls. “In Switzerland, they don’t even have checks.
  • The US Tax Court Rejects IRS Position That Non-US Partners Are Taxed on Sales of Partnership Interests. The US Tax Court earlier this month issued a decision that rejected a 25-year old IRS Revenue Ruling and held that gain from the sale or other disposition by a non-US person of an interest in a partnership that is engaged in a US business will not be…
  • Overview of IRS Penalties for Individuals with Foreign Bank Accounts and Investments. Earlier this spring, the Internal Revenue Service (“IRS”) Large Business and International Division identified several “campaigns” or areas where it plans to focus its audit resources. One campaign involved taxpayers who opted out of the Offshore…
  • You’ve Got (E-)Mail! Can Your Survivors Access It After Your Death? E-mail is seemingly omnipresent. Day in and day out, we use it in our business, social, and personal affairs. Yet, the improvements to the technology associated with e-mail have far outpaced the development of the law concerning our e-mail accounts…
  • Study finds one way that money can actually buy happiness New research shows that people who outsource tasks they dislike such as cleaning or other household chores may lead more satisfied lives, but few individuals think to spend money in this way.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.

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