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- Business Tax Deductions
Business expenses are the associated costs of carrying on a business. Such expenses are typically deductible if a business is operated to make a profit.
- Are Sovereign Citizen Groups Right?
They are frequently in the news, passing out fliers about not paying taxes, and conducting meetings in local hotels and restaurants about not being beholden to the government. Often referred to as “sovereign citizens,” these groups believe that they have found loopholes that exclude them from following laws by which they do not wish to abide. But, are sovereign citizen groups right, or is their interpretation of the law off base?
- In Florida, Couples Should Consider Property Division Before Creating Tax Strategies
Wealthy Florida residents who are married or planning to get married might want to consider creating a prenuptial or postnuptial agreement before they consult their financial advisor to plan their tax strategy for the coming years.
- What Benefits Is My Same-Sex Spouse or Domestic Partner Entitled to?
Due to a number of important Supreme Court decisions in the 21st century, married same-sex spouses are entitled to a number of benefits that were previously outside their reach. While domestic partners may be entitled to some benefits, married spouses are typically eligible for more benefits. Marriage is a factor in many federal benefits.
- Tax Implications Depending on Immigration Status
Tax implications on certain immigrants and non-immigrants.
- Business Taxes, Payroll Taxes and Trust Fund Recovery Penalty
When the business faces a cash flow problem, many business owners use the payroll taxes collected but not yet turned over to the IRS.
- Willfulness and the Civil FBAR Penalty
In 2008, when it was revealed that wealthy individuals around the world were utilizing accounts and trusts in Liechtenstein to evade taxes, the United States initiated a coordinated effort with foreign governments to combat tax evasion through the use of offshore trusts and accounts. The U.S. Department of Justice (DOJ) has since launched criminal investigations of several foreign banks, many of which are ongoing.
- IRS Changing Terms for Offshore Account Holders
U.S. taxpayers hiding assets abroad should take note of the Internal Revenue Service’s plan to sharply increase penalties for such acts, while those who unintentionally fail to disclose offshore accounts will experience much more leniency.
- Extra! Extra! Read All About It! IRS Commissioner Announces That Changes Are In the Offing For OVDP 2012
On June 3, 2014 the new IRS Commissioner, John A. Koskinen, gave a speech before the International Business - OECD International Tax Conference. His speech covered the history of the offshore enforcement initiative since the UBS debacle in 2009. His remarks acknowledge what most professionals in the tax community have recognized since the inception: that OVDP needs more tweaking in order to meet the overall goals of enforcement and fairness.
- U.S. District Court Upholds Multiple Willful FBAR Penalties Against Taxpayer
In a case that has raised eyebrows in the tax community, a jury in the Southern District of Florida has sustained the IRS’s assessment of multiple willful FBAR penalties against an American business man and bank director.