Ronald A. Marini, in Corporate Business Taxation Monthly, explains the IRS’s recent announcement of a penalty structure for voluntary disclosures that gives taxpayers the chance to avoid criminal prosecution, the civil fraud penalty and other penalties for tax avoidance they may have participated in through the use of offshore accounts. This announcement, made on March 26, 2009, extends until September 23, 2009, a taxpayer’s opportunity to voluntarily disclose offshore accounts, pay the taxes, interest and an accuracy or delinquency penalty but ultimately avoid criminal prosecution, the civil fraud penalty and other additional penalties.

State tax issues are becoming increasingly important as states struggle to raise revenue and preserve services. Sales and Use Tax Alert provides current developments in state sales and use tax, and the current issue includes, among many other topics, an analysis of a Minnesota Tax Court case, addressing the issue of whether the business' "estimate and measure sheet," which separately stated all charges for a project, satisfied the requirement that nontaxable goods and services must be separately stated at the time of sale.

Edward D. Brown and Eric R. Kaplan discuss how an integrated estate plan (IEP) can utilize a combination of trusts and other legal entities to safeguard client assets from the threat of future lawsuits. In this recessionary economy, individuals are necessarily more concerned with preserving remaining wealth and protecting their assets from the threat of lawsuits and other exposure. Planning strategies that protect wealth will be welcomed by clients, especially those in high risk practices and businesses.

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