TaxEsqBlog -by Ronald J. Cappuccio, J.D., LL.M.(Tax)

Prince Estate  loses "Prncely" sum! Prince may have known music, but he forgot to plan for his family.  Like 70% of America,  he died without an Estate  Plan or Will. As a result, the IRS and States will get about 50% of his estate. All of his hard work goes to the Government rather than his family  and the charity of his choice.  So sad! I  wonder how many readers don't have a current Will and Estate Plan?

Thursday, European governments got together to attack people trying to own and control their businesses anonymously. The governments of France, Britain, Germany, Italy and Spain got together to create laws and try to enforce treaties to force banks and governments to reveal owners of businesses in other countries. For many years the high tax countries such as the US and Europe have been trying to find ways to attack developing countries from encouraging people to start businesses. Obviously if the business can be run in a lower tax jurisdiction it is prudent for the business owners to do that. Now, with the release of the "Panama papers" which were thousands of stolen documents from a Panamanian law firm listing the names and ownership of Panamanian registered companies, European governments are using this as an excuse to limit freedom of their citizens. This follows the actions by the Obama administration in the US requiring extensive financial reporting under threat of ja...