June 4, 2014 – A U.S. person or entity must disclose foreign bank accounts by June 30 every year if the account or accounts exceeded $10,000 during the year. In this article, Madison attorney Frederic Behrens discusses why reporting foreign bank accounts just became very important.
Many items of tangible personal property and certain services purchased by law firms are taxable. A firm’s failure to evaluate all purchases, especially those from out-of-state vendors, to determine whether a sales or use tax liability is owed could result in substantial interest charges and penalties if the law firm is audited by the Department of Revenue. Read how Wisconsin’s sales and use tax rules apply to many common law firm purchases and what your firm should do if selected for audit.
The State Bar of Wisconsin National Mock Trial planning team is calling on attorneys, judges and experienced teachers and coaches from around the state to step up to the bench and volunteer to serve on a judging panel during the 2014 National High School Mock Trial Championship on May 9 and 10 in Madison.
Want to refine your courtroom skills and delivery? Looking at procedure and performance from a different perspective, like that of a judge, can be very helpful, and the State Bar of Wisconsin has a perfect opportunity to do just that. You can take the bench while volunteering as a judge at the National High School Mock Trial Championship in Madison from May 8 to 10.
May 16, 2012 – Chances are good a tax authority will audit your law practice. In this video, Milwaukee attorney Douglas H. Frazer discusses record keeping best practices and the appeals process if you are not satisfied with the results of the audit.
Nov. 16, 2011 – As of Nov. 4, 2011, Wisconsin employers are no longer required to calculate and impute the fair market value of any employer-sponsored health benefits provided to adult children who will be under age 27 at the end of the tax year. This means Wisconsin employers should immediately stop all fair market value calculations and imputation of Wisconsin income with respect to these children, says attorneys Todd Cleary and Sven Skillrud.
Sept. 7, 2011 – In January 2012, Wisconsin's health insurance requirements for certain adult children will more closely match federal coverage requirements enacted in last year's health care reform legislation. However, according to attorney Andrew Bezouska, the value of coverage provided to individuals who are not tax dependents will still be imputed as Wisconsin income.
Nearly 60 percent of the nation's taxable property may be over assessed. There are many reasons for real estate appraisal inaccuracies, which may affect a property owner's tax assessment. It is important that taxpayers and their attorneys understand how appraisals are conducted and the different types of tax assessment appeals that are available, including their processes and limitations.
Dramatic changes in the federal estate, gift, and generation-skipping taxes occurred in December 2010. But unless congress extends them, the changes will expire at the end of 2012 and will revert to the federal law in place in 2001. This uncertainty makes estate planning even more challenging. Here is a look at the federal changes and the current state of Wisconsin's estate and gift taxes.
There’s a little bit of relief for just about every taxpayer in the 2010 Tax Relief Act, including small and family businesses, working individuals, and wealthy people with substantial estates. The law contains several unique, limited-term planning opportunities but is fraught with peril for those who neglect the details.
- Sometimes what is necessary is not sufficient. That was one lesson learned following the bankruptcy of LandAmerica 1031 Exchange Services.
Sometimes what is necessary is not sufficient. That was one lesson learned following the bankruptcy of LandAmerica 1031 Exchange Services. This article discusses the series of LandAmerica bankruptcy decisions, describes the unanticipated hazards of relying on only one means of protection for clients who desire tax-deferred treatment of their real estate transactions, and explains how to provide more certainty and peace of mind for these clients.
Secret offshore accounts – especially Swiss bank accounts – have a certain cachet, having become synonymous with glamour, financial sophistication, and international intrigue. Following the U.S. Justice Department’s 2009 settlement with the United Bank of Switzerland, increased state and federal enforcement efforts against such accounts might dampen their allure.
Jan. 20, 2010 - Pursuant to Article VII, Section 2(a) of the State Bar of Wisconsin Bylaws, the Taxation Section has submitted a request to the Board of Governors for authorization to file an amicus curiae brief in the pending Wisconsin Supreme Court case of Metropolitan Associates, LP v. City of Milwaukee.
The Working Lands Initiative is a cooperative state and local government and private effort to save farmland, protect the environment, and minimize land-use conflicts. A new law provides enhanced tax credits for farmers whose land is protected for agricultural use and who adopt sound environmental practices. The law provides new opportunities for public-private partnerships, and encourages a renewed community focus on farmland preservation and land-use planning.