Tamara Ashford, who is currently acting assistant attorney general in the Tax Division of the U.S. Department of Justice, was confirmed as a Tax Court Judge by voice vote.Ms. Ashford is currently Assistant Attorney General of the DOJ's Tax Division. At her Senate...
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Month: November 2014
Credit Suisse Pays $2.6 Billion to the DOJ, IRS and New York State in Fines and Restitution
After years of investigation by U.S. law enforcement authorities, and a plea of guilty for conspiracy, Credit Suisse AG was sentenced on November 21, 2014 for conspiracy to aid and assist U.S. taxpayers in filing false income tax returns and other documents with the...
2015 Estate and Gift Exclusion Amounts Confirmed
For decedents dying in 2015, the applicable exclusion amount (or the value of assets a decedent may own without incurring an estate tax liability) is $5,430,000.The annual gift tax exclusion (or the value of assets a donor may gift to each person without incurring a...
Foreign Financial Institutions Deadline is December 5
Those FI's seeking to obtain QI status to be effective for the calendar year 2014 must submit their Form 14345 and Form SS-4 no later than the close of business December 5th, 2014. All applications received after that date will be effective for calendar year 2015.
Year-End Charitable Giving
On November 17, 2014, the IRS released suggestions to insure successful year-end charitable giving. Please see below for six tips from the IRS, and contact our office at our office if you have any questions. Qualified charities. You can only deduct gifts you give to...
Challenges Predicted for the 2015 Tax Filing Season
Internal Revenue Service Commissioner, John Koskinen, and The National Taxpayer Advocate, Nina Olson, spoke to an audience of tax professionals at the AICPA National Tax Conference in Washington, DC on November 4, 2014. Both presented a dismal tax filing season for...
Tax Court rejects proposed addition to tax for fraudulent failure to file
In Kernan v. Commissioner, T.C. Memo. 2014-228, the Tax Court sustained the IRS's proposed deficiencies and additions to for tax years 2001 through 2006 due to the taxpayer's failure to file income tax returns. However, the Court rejected the IRS's proposed penalties...
