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April 19, 2021 at 3:33 PM Shares104 (Photo by Drew Angerer/Getty Images) Let’s stipulate from the outset that Roger Stone has already admitted he owes money to Uncle Sam. Donald Trump’s longtime buddy is currently howling about “politically motivated charges,” but in May of 2017, he entered into an agreement with the IRS to start chipping away at $1.5 million in unpaid taxes through monthly payments of $19,485. It was only after he got indicted in 2019 for lying to Congress that he quit paying. That was right about the time he “sold” his personal residence to a family trust. Only the family trust had no assets, so it needed an infusion of cash from an LLC of which Stone, his wife, and his son were the only members and which the family used as a clearinghouse for personal bills. ....
To embed, copy and paste the code into your website or blog: The IRS’s reach in collecting unpaid and assessed taxes is broad, pervasive, and aimed “to reach every interest in property that a taxpayer may have” United States v. National Bank of Commerce, 472 U.S. 713, 719–720 (1985) (emphasis supplied). In exercising its expansive collection powers, the IRS often serves levies on banks, financial institutions, and other corporate entities acting as trustees concerning the administration of various trusts. What is a Corporate Trustee supposed to do when served with an IRS levy with respect to its beneficiary? What impact, if any, do spendthrift, forfeiture, and other discretionary provisions within the trust instrument have on the IRS levy? This article explains and analyzes the applicable federal tax law in the context of IRS levies served on trustees of various types of trusts, along with providing some recommended best practices. ....
CFP Board Imposes Public Discipline Disciplinary actions relate to 24 current or former CFP® professionals News provided by Share this article Share this article WASHINGTON, Jan. 19, 2021 /PRNewswire/ Certified Financial Planner Board of Standards, Inc. (CFP Board) announced today public disciplinary actions against the following individuals, effective immediately or on the date noted in each case. Public disciplinary actions taken by CFP Board, in order of increasing severity, include Public Censures, Suspensions and Permanent Revocations. This release contains information about recent disciplinary actions relating to 24 current or former CFP® professionals. Of these actions, there are six Public Censures, 10 Suspensions, and eight Revocations. ....