In such circumstances, the inheriting child cannot be said to be willful as to the account until he has been definitively advised that he legally owns the account, and he thereafter fails to report it.
FORBES: Tax Reporting of Foreign Financial Assets: A Tale of Two Acts
Currently pending in several federal appeals courts is the validity of a recent regulation that says the IRS has six years, rather than the normal three, to audit and adjust a return when a taxpayer fails to properly report capital gain or loss due to a miscalculation of basis in property.
FORBES: The Supreme Court Expands The IRS's Ability to Write the Tax Rules
Commission member Russell Redenbaugh, a GOP appointee who identifies himself as a political independent, said the evidence contained in the report fails to support the report's conclusions.
Russia is also cited as guilty of economic espionage, though the report fails to provide the same laundry list of incidents, pointing only to the ten spies captured in the United States last year, who were tasked in part with gathering economic and technological data.
FORBES: Here's The U.S. Government Report That Openly Calls Out China On Economic Cyberspying
More than 100 million people will die and global economic growth will be cut by 3.2 percent of gross domestic product (GDP) by 2030 if the world fails to tackle climate change, a report commissioned by 20 governments said on Wednesday.
FORBES: The Climate Vulnerable Forum Report: Really Not Very Good At All
So, while the FCC report is interesting, it fails to underline the fact that the minimal improvements in service quality are nothing to be overly excited about.
FORBES: FCC Broadband Performance Report Shows Improvement But Misses Big Picture
The problem isn't that the report is incomplete, lacks analysis or fails to hold people responsible for the mess.
Just hours before the final report is to be published the ANC fails in a court bid to prevent its publication.
If the report has a weakness, it is that it fails to measure the British experience of race relations against that of other countries.
But some members of the committee released a separate report arguing that the government's draft bill "totally fails" to protect the primacy of the House of Commons and proposing a "constitutional convention" should be set up to consider the issue more widely.
This report provides new analysis on the impact to retailers and consumer spending if Congress fails to act to avoid taxes going up on 98 percent of Americans at the end of the year.
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