On behalf of Law Office of Williams & Associates, P.C. | Apr 30, 2013 | International Tax Law, Tax Crimes
A federal court in San Francisco authorized the Internal Revenue Service (IRS) to serve a John Doe Summons seeking information about U.S. taxpayers who hold correspondent accounts at Wells Fargo for Canadian Imperial Bank of Commerce’s FirstCaribbean...
On behalf of Law Office of Williams & Associates, P.C. | Apr 22, 2013 | IRS
Most everyone knows that Mark Zuckerberg is the founder and CEO of the popular social media site Facebook. What may not have been as well known until recently is that Zuckerberg owes more than $1 billion in taxes to the IRS and the state of California. That represents...
On behalf of Law Office of Williams & Associates, P.C. | Apr 18, 2013 | Tax Crimes
The Treasury Inspector General for Tax Administration has reported that the amount of tax fraud perpetrated by prison inmates has risen upwards of 1,000 percent over the past 10 years. Reportedly, these tax crimes tend to go unpunished for years at a time. Some...
On behalf of Law Office of Williams & Associates, P.C. | Apr 17, 2013 | IRS
Recently, in Watson, P.C. v. Unites States, 668 F.3d 1008 (8th Cir. 2012), the Court of Appeals held that the Internal Revenue Service (IRS) properly re-characterized S-Corporation distributions as wages and were therefore subject to employment taxes. Watson should...
On behalf of Law Office of Williams & Associates, P.C. | Apr 12, 2013 | Tax Crimes
Two Phoenix-area businessmen have been convicted of filing false federal income tax returns by concealing millions of dollars of assets in several secret Swiss bank accounts.On April 12, 2013, the U.S. Department of Justice (DOJ) announced that a jury...
On behalf of Law Office of Williams & Associates, P.C. | Apr 11, 2013 | Audits
For many California residents, tax time is stressful. Aside from the hassle of going through receipts and worries that there could be missed deductions, many fear that they will be subjected to tax audits as a result of their return. While there are a number of issues...
On behalf of Law Office of Williams & Associates, P.C. | Apr 11, 2013 | IRS, Tax Controversy
Recently, the IRS has publicly stated their position that there is no expectation of privacy regarding electronic communications, and that they may be able to view your electronic communications without a warrant.To read more, click here.
On behalf of Law Office of Williams & Associates, P.C. | Apr 8, 2013 | International Tax Law, IRS
Domestic Entity filers for tax year 2012 are not required to file Form 8938. The IRS anticipates issuing regulations in the future that will require a domestic entity to file Form 8938; but, until such regulations are issued, only individuals must file Form 8938....
On behalf of Law Office of Williams & Associates, P.C. | Apr 5, 2013 | IRS, Tax Controversy
With the economic downturn the U.S. tax court has seen its fair share of cases tackling the limitation of real estate losses.In Hassanipour v. Commissioner, the U.S. Tax Court, held that a couple’s losses from their rental activities were limited under IRC...
On behalf of Law Office of Williams & Associates, P.C. | Apr 5, 2013 | International Tax Law, IRS
A draft of IRS Form 8957, which will be used to register financial instutions for FATCA, has been relased. To learn more, click here to view the IRS’ announcement.
