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Tax Havens: Legal or Not?

  • 21 May 2019
  • Author: Cari Holbrook
  • Number of views: 39
  • 0 Comments
Tax Havens:  Legal or Not?

Google shifted nearly $23 billion in profits to a tax haven in Bermuda in one single year, allowing it to avoid triggering U.S. income taxes and European withholding taxes in its foreign income. How did they do it? Are using tax havens in this way legal?


Not All Postmarks Are Valid to the IRS

  • 16 April 2019
  • Author: Cari Holbrook
  • Number of views: 140
  • 0 Comments
Not All Postmarks Are Valid to the IRS

While printing postage from the internet is convenient, it may not be a good idea to do so for payments or petitions mailed to the IRS. That’s what one taxpayer recently learned when her correspondence was regarded as being late despite the timely date her private postage label clearly displayed.


Accounting Lessons from the NBA’s Zaza Pachulia

  • 9 April 2019
  • Author: Cari Holbrook
  • Number of views: 227
  • 0 Comments
Accounting Lessons from the NBA’s Zaza Pachulia

NBA star Zaza Pachulia and his wife recently learned the hard way that it’s critical to use a reputable accountant. Pachulia’s identity was used by his accountant, Randy Usow, to defraud the IRS of more than $800,000. The case is eye-opening in several ways:


Retiring in 2019

  • 26 March 2019
  • Author: Cari Holbrook
  • Number of views: 174
  • 0 Comments
Retiring in 2019
Retiring soon? Congratulations! Certain changes in the tax code affect your income taxes as you retire, including healthcare deductions and Social Security distributions. If you’re a business owner, other changes can affect how you plan your succession and the potential sale of your business.

When A Loan Triggers A Tax Debt

  • 19 March 2019
  • Author: Cari Holbrook
  • Number of views: 191
  • 0 Comments
When A Loan Triggers A Tax Debt

Funds received as proceeds of a loan aren’t taxable as long as you’re expected to pay it back. However, the moment some or all of the debt is forgiven (and doesn’t need to be paid back), the IRS will jump in and want its cut. 


Unlucky Tax Strategies That Don't Work

  • 12 March 2019
  • Author: Cari Holbrook
  • Number of views: 214
  • 0 Comments
Unlucky Tax Strategies That Don't Work
Have you ever heard about a tax strategy you thought was so crazy, it just might work? Here’s what we can tell you: If it’s illegal, the IRS has seen it before, and it’s only a matter of time before they catch on.

Plaintiffs and Attorneys, Take Note: Personal Settlements Are Now Taxed 100%

  • 24 April 2018
  • Author: Alexander Carr
  • Number of views: 758
  • 0 Comments
Plaintiffs and Attorneys, Take Note: Personal Settlements Are Now Taxed 100%
Lawsuit settlements just became more profitable…for the IRS. Under the new tax code

, most personal claims are now taxed at 100% with no deduction for legal fees. That’s right: In those cases, the plaintiff will be taxed on the fees paid to the attorney and so will the attorney who receives them!

Law Firm Partnership Audits Are About to Change

  • 28 September 2017
  • Author: Alexander Carr
  • Number of views: 2509
  • 0 Comments
Law Firm Partnership Audits Are About to Change

An entirely new centralized partnership audit regime has finally replaced 1982’s TEFRA partnership procedures when it comes to partnership audits. The new rules, which are part of the Bipartisan Budget Act of 2015 (BBA), apply to partnership tax years beginning January 1, 2018. Partnerships can elect to apply them to returns dated as early as November 2, 2015.

How the IRS Weighs “Reasonable” Versus “Reckless” When Payroll Taxes Go Missing

  • 24 July 2017
  • Author: Alexander Carr
  • Number of views: 3088
  • 0 Comments
How the IRS Weighs “Reasonable” Versus “Reckless” When Payroll Taxes Go Missing

At face value, it seems the IRS has a very low barrier to personally penalize a member of business management when payroll taxes withheld from employee paychecks (called trust fund money) aren’t submitted to the IRS. Time after time, the IRS seems to win these cases. What it really comes down to is whether the stakeholder knowingly and recklessly disregarded the risk of non-payment. It’s why a Seinfeld icon and soup mogul was recently on the hook for back taxes (read that story here) and why tax practitioners rarely seem optimistic when the IRS claims a trust fund penalty is due. However, a recent case shows there is light at the end of the tunnel and that light is called “reasonable belief.”

Why “Pleading the Fifth” Doesn’t Work in Tax Cases

  • 11 July 2017
  • Author: Alexander Carr
  • Number of views: 3616
  • 0 Comments
Why “Pleading the Fifth” Doesn’t Work in Tax Cases
From corporate leadership to government officials, it seems invoking the Fifth Amendment and declining to provide information during legal proceedings has

become popular. But if you assume the tactic can be used as a defense for not filing taxes, think again.

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