Manhattan U.S. Attorneys are charging three Swiss bankers with conspiring to help U.S. clients hide more than $1.2 billion from American tax authorities. All three employees remain at the Wegelin, the bank in question, which does not have offices or branches in the...
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Top Federal, State and Local Government Audit Issues for Entities
The IRS has identified the eight most common areas examined nationwide that arise in examinations of entities. These areas also arise in compliance checks and can be avoided by using the IRS' Compliance Self-Assessment Tool which allows entities to efficiently review...
What does the government’s letter really mean? Do you need a lawyer?
This fall the FTB issued a Notice of Proposed Assessment concerning a client's 2006 taxes. Specifically, the FTB was proposing an assessment that would result in our client paying thousands of dollars in additional tax, penalties and interest. Our client was about to...
Foreign Assets Valued at $50,000 or More? Pay Attention to IRS Form 8938 or Risk Harsh Penalties:
The IRS has released Form 8938 which is required to be attached to your 2011 Form 1040 if your foreign assets exceed certain thresholds. Anyone living in the U.S. or abroad, as a U.S. citizen, resident (or non-resident filing a joint return with a resident), and even...
Estate Planning in 2012 – Will Congress Act Before the Adjustments Expire?
It has been said that the only thing a person can count on is death and taxes, both of which greatly impact estate planning professionals. However, in the last several years, while death has remained a certainty, taxes have been another story.In 2001, then-President...
The Up Side to Investment Fraud: IRC Section 165
Investors have had very little to cheer about the last few years, and the bad news continues for many. Just over a month age, MF Global filed for bankruptcy protection, and that investigators have subsequently discovered that approximately $1.2 billion of assets in...
With the IRS, there’s no such thing as a free gift…
Forbes Magazine is reporting that federal judge, Morrison C. England, Jr., will allow the IRS to mine California records for unreported gifts of real estate. For a long time the IRS has wanted to crackdown on the widespread failure of taxpayers to adequately file the...
Quality Control Concerns in IRS Audits of Closely Held Corporations
The majority of American corporations are considered to be closely held because they are owned by a single shareholder or a closely knit group of shareholders. These shareholders typically have a significant amount of control over managing and directing the day-to-day...
Your Online Life After Death
Attorney Amy Heavey-Halloran was featured in an article in the Sacramento Bee this weekend - click here to read the full article, and get helpful tips for protecting your digital information after death.
Year-end Tax Planning Strategies
It's that time of year...to take advantage of yearend tax planning strategies! Deborah L. Jacobs, who covers personal finance for Forbes Magazine, offers suggestions for maximizing yearend opportunities despite the uncertainty of future tax laws.To read the full...