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Tax Relief for Expats who Renounce U.S. Citizenship
Relief Procedures for former U.S. Citizens
The new procedures attempt to address problems faced by some U.S. citizens, whose only connection with the United States is that they were born in America. Many of these individuals have been living…
Employment Tax Consequences with Workers Misclassification
Employee versus Independent Contractor
Deciding whether to classify an individual as an employee or independent contractor is a decision which requires a careful evaluation of many factors and the assistance of a tax attorney. A…
IRS Detection of Tax Fraud Proliferates
Data Analytics is the Key
During the last decade, the Internal Revenue Service has been limited in its ability to ferret out tax cheats, due, in large part, to a 17% cut in its budget in 2010 as well as a 14% reduction in its labor force. Despite…
Residency Based Taxation Legislation Provides False Hope for U.S. Expats
Citizen Based Taxation
The origins of citizen based taxation can be traced back to the Civil War and the government’s struggle to raise revenue for the war effort. The predicate for imposing such a system was based upon the notion that…
Personal Expenses paid by a Corporation are Constructive Dividends
Combs v. Commissioner Case
Taxpayers who operate small closely held businesses using a corporate entity need to be mindful that personal expenses, paid from a corporate bank account or the use of a corporate credit card for personal reasons…
Willful FBAR Penalty Moving Towards a Strict Liability Standard
Assessment of the “willful” FBAR penalty
Courts have sustained FBAR penalties by reference to case law which is inconsistent with standards and principals applied in penalty cases under Title 26, despite the punitive nature of the willful…
Offshore Disclosure of Foreign Financial Accounts: Deciding What Road to Take
Disclosing Offshore Bank Accounts
Taxpayers who are considering coming out of the shadows to disclose their offshore accounts need to be extremely careful when deciding what road to take. Too often, taxpayers simply default to the cheapest…
DOJ Announces Indictment of Taxpayer for Filing False Non-Willful Certification Under the Federal Streamlined Procedures
Case Background
On August 27, 2019 the Department of Justice (DOJ) announced a superseding indictment of a Florida business man and former Texas CPA for allegedly filing a false document. This was because he made an offshore disclosure using…
Remember the Large IRS Tax Refunds? You May Have To Pay Them Back.
Fraudulent IRS tax refunds
Each year thousands of individuals flock to tax return preparation centers in anticipation of receiving a large income tax refund from Uncle Sam. For most, the money is already earmarked for a down payment on a new…
Paying personal expenses out of a closely held business: civil and criminal tax implications
Reporting personal expenses as businesses expenses on a tax return
The justification for purchasing that $75,000 Mercedes, Rolex watch or other luxury item, paying for an expensive vacation, making monthly mortgage payments on one’s personal…
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