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Proposals to reduce federal debt have largely missed the mark. That is certainly the case when it comes to suggestions to replace tax-exempt municipal bonds with taxable alternatives or federally subsidized tax credit options. These alternatives not only produce much less in revenue for the US Treasury than most assume, they also result in a loss of local control, diminish access to jobs]producing capital, and put taxpayers on the hook with debt gguaranteesh reminiscent of the subprime mortgage era.

The authors summarize the history of the IRS' voluntary disclosure programs to date and conclude that, indeed, it is still possible for a U.S. person to become U.S. tax compliant and avoid criminal prosecution by making a voluntary disclosure.

The low interest rate environment, depressed asset values and current transfer tax rules seem to offer superior wealth transfer planning opportunities. However, time may be of the essence as the window of opportunity created by these three conditions may be short-lived.

This organizer, developed by a FOX Thought Leaders Council™ member, assists individuals in the collection and organization of personal and financial information essential to the estate planning process.

Many wealthy individuals are being told to prepare for more income tax audits by the Internal Revenue Service. Recent statistics seem to support that view. The IRS recently released its annual Data Book, which summarizes audit and collection activities for fiscal year 2010. Not surprisingly, the IRS is focusing its audits on returns that will likely produce the most revenue for the U.S. Treasury.

Research shows investment managers are far too willing to incur a large negative tax alpha for taxable clients while pursuing a pretax alpha. The result is that most investment management products offer a combined alpha that is negative: pretax alpha, whether good or bad, less a relentlessly negative tax alpha.

Because certain tax rules are only in place through 2012, flexibility in estate planning documents is important to make sure that your executor can adapt your plan to changing circumstances. And because these changes only apply to federal estate tax, the impact of state estate taxation should be included in your planning.

Increased tax exemptions, continued availability of valuation discounts, historically low interest rates and depressed asset values have created a perfect storm for families interested in preserving their wealth. However, current opportunities may begin being eliminated as early as January 2012.

This guide covers wealth management and tax planning strategies to consider before year-end and into 2012. Topics include tax management, wealth transfer planning, education funding, philanthropy, retirement, liabilities management, insurance, business owner issues, tax implications of health care reform, and building a strategic plan.