Tax & Accounting Blog

IRS Requests Comments on the Tax Consequences of a Decanting Trust

IRS Requests Comments on the Tax Consequences of a Decanting Trust

In a Notice, the IRS has requested comments on when and under what circumstances transfers by a trustee of all or a part of the principal of an irrevocable trust (Distributing Trust) to another irrevocable trust (Receiving Trust), sometimes called decanting, that result in a change in the beneficial interests in the trust aren’t subject … Read More

2013 Property Tax Assessment Notices Mailed in Washington DC

2013 Property Tax Assessment Notices Mailed in Washington DC

The District of Columbia Office of Tax and Revenue (OTR) has begun mailing tax year 2013 real property tax assessment notices to real property owners. The OTR reassessed a total of 190,000 taxable and exempt real properties to reflect current market values as of January 1, 2012, with residential properties showing a decrease of 0.43% … Read More

Cracking Down on International Tax Loopholes- OECD Findings

Cracking Down on International Tax Loopholes- OECD Findings

Hybrid methods use by multinationals for tax evasion are likely to increase scrutiny and additional UTP concerns. This is the basis for the recent OECD report, Hybrid Mismatch Arrangements: Tax Policy and Compliance Issues.  The 27-page report  highlights the use of hybrid methods arrangements to exploit differences in tax … Read More