Taxes

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  • The Affordable Care Act and You

    L & R Tax Preparation LLC RSS Feed
    1 Sep 2014 | 7:00 am
    The Patient Protection and Affordable Care Act of 2010 resulted in several changes to the U.S. tax code that affect individuals purchasing health care insurance through the health care exchanges. Let's take a closer look at what it all means for you.
  • Getting old sucks. We can't stop Father Time, but we can prepare physically, emotionally and financially

    Don't Mess With Taxes
    skbell1
    21 Sep 2014 | 10:09 am
    I am a firm believer in the cliché adage truth that you're as young as you feel. Age is an artificial construct, devised by humans to set limits. I realize that sometimes age requirements are necessary -- driving, voting, drinking. Don't combine these dangerously! Personally, I don't celebrate birthdays. I don't hate them, but making a big deal of the day on which you just happened to appear screaming into (at?) the world seems silly. As a friend from Washington, D.C., (miss you, Maxine!) once said and I repeat often: Age only matters if you're wine or cheese.
  • Tax-News.com: US House Passes Republican 'Pro-Jobs' Tax Changes

    Tax-News.Com Live Tax Headlines
    22 Sep 2014 | 7:19 am
    Tax-News.com: By a vote of 253 to 163, the United States House of Representatives has passed the Jobs for America Bill of 2014, which includes the permanent extension of a selected list of the "tax extenders" that expired at the end of 2013, as well as a repeal of the Affordable Care Act's medical device tax.
  • TRAVELS ON ROUTE 6

    THE WANDERING TAX PRO
    21 Sep 2014 | 2:00 am
    I live on US Route 6 (aka the Grand Army of the Republic Highway) in Northeast PA.  And many of the places to which I go for business and personal errands in Pike and Wayne counties are on Route 6.I learned last year that Route 6 runs the entire length of the State of Pennsylvania, beginning at the New York border in Matamoras and ending at the Ohio border in Meadville.  And while on my recent trip I learned that Route 6 actually runs coast to coast, from Bishop CA to Provincetown MA, and at one time was the longest highway in the US.  It covers about 400 miles in PA and 3,200+…
  • Another long silence ...

    Start Making Sense
    21 Sep 2014 | 1:25 pm
    While on sabbatical, I've been traveling again, mixed personal and work.  Recent locales: Paris, Giverny, Vienna, Budapest, now Vienna again, all fantastic places in very different ways.  I'll be back in NYC on Wednesday.While away, I've noticed a disagreement about U.S. corporate inversions among 2 friends, Ed Kleinbard at USC Law School and Kim Blanchard at Weil Gotschal.  Ed's views on inversions are well-known, and I generally agree with them (although his approach and mine to U.S. international tax issues certainly differ in some respects - e.g., I am more hostile to the…
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    Don't Mess With Taxes

  • Getting old sucks. We can't stop Father Time, but we can prepare physically, emotionally and financially

    skbell1
    21 Sep 2014 | 10:09 am
    I am a firm believer in the cliché adage truth that you're as young as you feel. Age is an artificial construct, devised by humans to set limits. I realize that sometimes age requirements are necessary -- driving, voting, drinking. Don't combine these dangerously! Personally, I don't celebrate birthdays. I don't hate them, but making a big deal of the day on which you just happened to appear screaming into (at?) the world seems silly. As a friend from Washington, D.C., (miss you, Maxine!) once said and I repeat often: Age only matters if you're wine or cheese.
  • Energy-related tax holidays in Florida, Georgia & Virginia

    skbell1
    19 Sep 2014 | 11:17 pm
    The kids are finally back in class. Thanks to a variety of summer sales tax holidays across the country, their parents saved some cash on school clothing and supplies. Now a handful of states is offering energy-related sales tax holidays. In all cases, the eligible tax-free items are Energy Star or WaterSense, certified. These programs, run by the U.S. Environmental Protection Agency and, in the case of Energy Star, also the Energy Department Energy, encourage the use of energy- and water-efficient products and practices. Florida kicked off the energy-related sales tax holidays on Friday,…
  • Avast, me hearties! The IRS wants its cut of your illegal income, be it pirated or otherwise criminally obtained

    skbell1
    19 Sep 2014 | 4:49 am
    Yo ho, all ye salty sea dogs and scalawags. Just a quick reminder on this annual Talk Like a Pirate Day that ill-gotten gains, including but not limited to pillaged pirate loot, are taxable. I suspect that Andrew McCutchen, Pittsburgh Pirates outfielder and 2013 MLB National League MVP, and his crew of sports team buccaneer mascots will escape Internal Revenue Service scrutiny for their plundering of ESPN's lox. But look out all ye other crooks, both landlubbing and on the high seas. Don't try to show your heels to the IRS. It was, after all, the federal tax man who was responsible…
  • IRS says cats and dogs can't be corporate officers

    skbell1
    18 Sep 2014 | 3:39 pm
    Yes, we know you love your pet as a family member. And yes, we know your animal is the smartest furry creature in the word. But no, your cat or dog is not talented enough to run a company that you created. That, however, is what a Colorado couple tried. Now they're paying the price. Cat and dog years of tax evasion: Two years ago, Mathew and Sandra Zuckerman of Woody Creek, Colo., were indicted for a variety of alleged schemes to defraud the Internal Revenue Service. Earlier this year, the couple entered guilty pleas in connection with some of the federal tax charges. Mr. Zuckerman, 70,…
  • Private and often untaxed home rentals under fire

    skbell1
    17 Sep 2014 | 3:07 pm
    It's a crazy day. I'm trying to get a lot of stuff done before I head off to New Orleans tomorrow for FinCon14, the annual conference for personal finance bloggers. By this time tomorrow, I'll be at the hotel that's hosting the get-together. It's handy to stay on premises. Plus I like room service and a chance to sample premium television channels we don't get at home. A lot of folks, however, whether they travel for business or pleasure (or a combination!), prefer smaller, independent accommodations. Many also look for a homier experience and stay in personal…
 
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    Tax-News.Com Live Tax Headlines

  • Tax-News.com: US House Passes Republican 'Pro-Jobs' Tax Changes

    22 Sep 2014 | 7:19 am
    Tax-News.com: By a vote of 253 to 163, the United States House of Representatives has passed the Jobs for America Bill of 2014, which includes the permanent extension of a selected list of the "tax extenders" that expired at the end of 2013, as well as a repeal of the Affordable Care Act's medical device tax.
  • Tax-News.com: Slovenia To Improve Tax Collection

    22 Sep 2014 | 7:17 am
    Tax-News.com: Slovenia's new government andndash; as approved by parliament on September 18 andndash; plans to improve tax collection and reduce public spending in a bid to cut its budget deficit.
  • Tax-News.com: South Korea's 2015 Budget Seeks Wider Tax Base

    22 Sep 2014 | 6:12 am
    Tax-News.com: South Korea has released its 2015 Budget, which includes plans to maintain expansionary fiscal policies, funded by a review of tax incentives and measures to boost compliance.
  • Tax-News.com: South Africa Issues Draft Guide On Special Trust Taxation

    22 Sep 2014 | 6:02 am
    Tax-News.com: The South African Revenue Service has issued a draft guide, for consultation, on the taxation of "special trusts," which has been prepared to assist users in gaining a more in-depth understanding of their taxation, with particular reference to income and capital gains taxes.
  • Tax-News.com: Proposal For US Exit Tax On Inverting Companies

    22 Sep 2014 | 5:59 am
    Tax-News.com: Majority Whip Dick Durbin and Sherrod Brown have introduced a bill andndash; the Pay What You Owe Before You Go Act of 2014 andndash; into the Senate that would require multinational corporations to settle their United States tax bill before using corporate inversions to move their tax residence abroad.
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    THE WANDERING TAX PRO

  • TRAVELS ON ROUTE 6

    21 Sep 2014 | 2:00 am
    I live on US Route 6 (aka the Grand Army of the Republic Highway) in Northeast PA.  And many of the places to which I go for business and personal errands in Pike and Wayne counties are on Route 6.I learned last year that Route 6 runs the entire length of the State of Pennsylvania, beginning at the New York border in Matamoras and ending at the Ohio border in Meadville.  And while on my recent trip I learned that Route 6 actually runs coast to coast, from Bishop CA to Provincetown MA, and at one time was the longest highway in the US.  It covers about 400 miles in PA and 3,200+…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’

    19 Sep 2014 | 2:00 am
    I had a great trip to Wellsboro PA (about 160 miles away on Route 6W) earlier this week.  I will post about it on Anything But Taxes Sunday.  Today’s BUZZ is rather meaty – to make up for Monday’s abbreviated installment.* Are there still tax pros out there who have not yet read the September “issue” of THE TAX PROFESSIONAL?  I am waiting to hear your comments on the items discussed in this issue! * Jason Dinesen asks the question “Will Software Really Replace Accountants?” at DINESEN TAX TIMES.I agree with Jason’s answer - “there will ALWAYS be a need for tax…
  • WHAT I LEARNED (OR WAS REMINDED) AT THE NATP TAX FORUM

    17 Sep 2014 | 2:00 am
    Here are some items of interest or note that were discussed in the educational sessions at last week’s NATP Tax Forum in Atlantic City.·THE AFFORDABLE CARE ACT – INDIVIDUALS AND BUSINESSThese 2 sessions were the most popular of the Forum.  They were probably attended by every registrant.  Perhaps they should have been offered together in one “general session” on the first day.If there was ever any question these sessions verified the fact that, while the basic concept of “Obamacare” – attempting universal health insurance coverage without resorting to UK-like…
  • THE NATP TAX FORUM IN ATLANTIC CITY

    16 Sep 2014 | 2:00 am
    Last week I attended the National Association of Tax Professionals Tax Forum in Atlantic City. The NATP Tax Forums are formatted the exact same way as the IRS Nationwide Forums (except that the IRS Forum is 3 days while this event was on 2), copying both what was good and what was bad.  My main complaints with the IRS Forums was the fact that the individual educational topics were limited to a single “50-minute hour” presentation (often not enough time to properly cover a topic and take questions from the “audience”), there were no tables set up in the “classrooms” (forcing…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ - SPECIAL MONDAY EDITION

    15 Sep 2014 | 2:00 am
    There was no free wi-fi in the guest rooms at Bally’s in Atlantic City ($12.99 for 24 hours) - so no internet access during the NATP Forum.  I had to wait until I could stop at a McDonald’s on the way home to check emails.  Hence no Friday BUZZ last week and this special, albeit abbreviated, Monday edition.  Posts on the NATP Tax Forum will appear tomorrow and Wednesday.I get free in-room wi-fi at just about every motel (at every price level) I stay at – but not at a “higher class” casino hotel.  Go…
 
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    Start Making Sense

  • Another long silence ...

    21 Sep 2014 | 1:25 pm
    While on sabbatical, I've been traveling again, mixed personal and work.  Recent locales: Paris, Giverny, Vienna, Budapest, now Vienna again, all fantastic places in very different ways.  I'll be back in NYC on Wednesday.While away, I've noticed a disagreement about U.S. corporate inversions among 2 friends, Ed Kleinbard at USC Law School and Kim Blanchard at Weil Gotschal.  Ed's views on inversions are well-known, and I generally agree with them (although his approach and mine to U.S. international tax issues certainly differ in some respects - e.g., I am more hostile to the…
  • Allergies

    28 Aug 2014 | 7:16 pm
    ... are the body's version of McCarthyism.  The immune system can't find enough real enemies, so it invents fake ones and makes everything worse.
  • Explaining August's nearly unbroken radio silence

    28 Aug 2014 | 12:34 pm
    Another month almost gone - the last in my favorite three-month stretch of the year (aka the true, as opposed to purely astronomical or even meteorological, summer) - and I have scarcely posted lately.  Thus, for example, I have yet to mention here the Burger King inversion story, although over the last couple of days I have been discussing it with members of the press.I've been traveling for much of the month, first on vacation and then, as a parent, to help deliver a rising freshman to his college in southern California.  Two side benefits that I got from the latter trip were as…
  • The Obama Administration's move towards greater unilateral executive action

    19 Aug 2014 | 6:51 am
    Today's New York Times notes "Mr. Obama's increasingly expansive appetite for the use of unilateral action on issues including immigration, tax policy, and gay rights," which it says has "emboldened activists and businesses to flock to the administration with their policy wish lists."Esteemed colleagues at other law schools have been playing a prominent role in urging unilateral executive action to address significant tax policy issues that typically, in the past, would have been handled through legislation.  For example,  Steve Shay has written about what the Administration can do…
  • Forthcoming conference at NYU Law School on Piketty's Capital in the Twenty-First Century

    18 Aug 2014 | 11:07 am
    Here is the text of an announcement that has just been sent out.  The event has been in the works for some months now, but I didn't think I should mention it here until it officially went public.I will mention further details in due course.Fourth Annual NYU/UCLA Tax Policy Symposium:Thomas Piketty’s Capital in the Twenty-First CenturyNYU School of LawGreenberg Lounge (40 Washington Square South)Friday, October 3, 2014, 9:00 AM to 4:00 PMOn Friday, October 3rd, at NYU School of Law, the Fourth Annual NYU/UCLA Tax Policy Symposium will address Thomas Piketty’s groundbreaking and…
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    MauledAgain

  • An Epidemic of Tax Ignorance

    James Edward Maule
    19 Sep 2014 | 5:01 am
    Of course it’s not the worst mistake someone can make, if in fact it is a mistake. But when a person makes a mistake with respect to a simple thing, one’s confidence in that person’s ability to avoid mistakes doing other things is undermined.Perhaps it’s not the worst deliberately misleading comment, if in fact it is a deliberately misleading comment. But when a person makes a deliberately misleading comment about something that isn’t complicated, one’s faith in that person’s ability to tell the truth is undermined.Yes, I’m talking about that horrific phrase, “IRS Code.”…
  • The Scary Specter of Code Size Ignorance

    James Edward Maule
    17 Sep 2014 | 5:01 am
    It’s one of my favorite examples of how tax ignorance afflicts the nation. When something simple about tax cannot be understood, what happens when something complicated is tackled? What happens to confidence in tax policy decision-making when so many people who should know better just can’t get it right.I’m talking about the “size of the Internal Revenue Code” nonsense about which I’ve commented many times. I first visited the issue in Bush Pages Through the Tax Code?, and revisited many times, starting with Anyone Want to Count the Words in the Internal Revenue Code?, Tax…
  • The Persistence and Danger of Tax and Other Ignorance

    James Edward Maule
    15 Sep 2014 | 5:01 am
    Facebook is a wonderful window into the minds of Americans. Examining the posts that show up provides insights that shatter many of the stereotypes that mythologize this nation. For example, though this country allegedly has the world’s best educated citizens, it takes only a moment to realize that a good bit of intellectual deficiency, analytical failures, and embarrassing ignorance permeate the national culture.Recently, two exchanges in response to Facebook posts, one mine and one by a friend, reminded me of how much more work needs to be done to unravel the consequences of educational…
  • When They Talk About “Cutting Spending,” Why Is This Sort of Outlay Ignored?

    James Edward Maule
    12 Sep 2014 | 5:01 am
    The other day, I read a Philadelphia Inquirer article that gave me yet another reason to question the wisdom and cerebral skills of certain elected officials and the people who put them in office. According to the article, the Commonwealth of Pennsylvania is forking over more than $10 million in “grants” to a developer who is building an apartment and retail complex. The developer plans to construct stores, restaurants, a parking garage, and “upscale” apartments. Aside from the usual zoning, density, traffic-impact, and similar concerns that accompany most projects of this sort, what…
  • How the Rich Get Richer, Technique No. 49323

    James Edward Maule
    10 Sep 2014 | 5:01 am
    It just doesn’t stop. And it won’t stop, until the people adversely affected make their objections known rather than assuming someone else will fix what is wrong. According to this report, and others, the governor of Nevada is preparing to transfer to Tesla a variety of tax breaks and cash incentives to persuade it to build a battery factory in the state. Arguments are being advanced by opponents of the deal that it violates the Nevada Constitution. The more far-reaching questions, though, are why this sort of giveaway would be considered, and why those who complain about a few dollars…
 
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    accountingweb.com

  • The 6 Questions for Understanding Cybersecurity

    Terry Sheridan
    19 Sep 2014 | 9:51 am
    Cybersecurity is no longer merely an IT concern. Accountants and financial managers may have been thinking it's just the province of the tech guys, but now it's a financial issue as well.
  • Bramwell’s Lunch Beat: Here’s Some 2015 Tax Year Projections

    Jason Bramwell
    19 Sep 2014 | 9:32 am
    The menu for Sept. 19 features specials on John Boehner says fixing “the whole tax code” is a top GOP priority, Senate passes short-term extension of Internet Tax Freedom Act, the 20 most overrated things in accounting, and more.
  • 10 Things to Consider Before Referring a Financial Advisor

    Bryce Sanders
    19 Sep 2014 | 4:44 am
    By referring an advisor, you can help your clients, many of whom need professional advice. But how can you know when the financial advisor you are referring is competent and ethical?
  • Accountants Use Their Skills in Divorce Arena

    Deanna White
    18 Sep 2014 | 10:20 am
    The fallout from divorce can wreak financial havoc long after the dust in the courtroom has settled. Accountants can help both parties move forward, thanks to their unique knowledge and skills.
  • Bramwell’s Lunch Beat: Supersized IRAs Under Scrutiny

    Jason Bramwell
    18 Sep 2014 | 9:37 am
    The menu for Sept. 18 features specials on ex-DOJ tax head Kathryn Keneally has a new gig, Treasury Secretary Jack Lew says action on inversions coming “very, very soon,” dissecting the OECD’s recommendations, and more.
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    TaxProf Blog

  • The IRS Scandal, Day 501

    Paul Caron
    22 Sep 2014 | 12:16 am
    Forbes: Congress Moves To Reform The IRS, by Robert W. Wood: Does the IRS need reforming? Many people think so, and not just people focused on the Tea Party targeting scandal, Lois Lerner and the missing emails. Anyone who has had a seriously bad tax audit or a run-in with...
  • TaxProf Blog Weekend Roundup

    Paul Caron
    22 Sep 2014 | 12:02 am
    Saturday: Harvard Law School Debate: Save the World by Working in BigLaw? Tax Papers at Canadian Law & Economics Association Annual Meeting S&P Lowers Thomas Jefferson Law School's Junk Bond Rating to CC (3 Notches Lower Than Venezuela's); Default Is Expected The IRS Scandal, Day 499 Sunday: Enrollments Decline at...
  • Enrollments Decline at 8 of 9 Ohio Law Schools

    Paul Caron
    21 Sep 2014 | 9:30 am
    The Blade, UT Law School Enrollment Decline Worst in Ohio as Slump Spooks Students: As law school enrollment continues a four-year slide locally and across the country, Toledo attorney Randall Dixon didn’t have any trouble coming up with a topic for his first column as president of the Toledo Bar...
  • ABA Tax Section Fall CLE Meeting

    Paul Caron
    21 Sep 2014 | 7:50 am
    The ABA Tax Section concludes its three-day Joint Fall CLE Meeting with the ABA Real Property, Trust and Estate Law Section today in Denver. The full program is here. Tax Profs with speaking roles include: Diversity: Anthony Infanti (Pittsburgh) Employee Benefits: Jon Forman (Oklahoma), Kathryn Kennedy (John Marshall) Exempt Organizations:...
  • Top 5 Tax Paper Downloads

    Paul Caron
    21 Sep 2014 | 3:09 am
    There is a bit of movement in this week's list of the Top 5 Recent Tax Paper Downloads on SSRN, with a new paper debuting on the list at #5. The #1 paper is now #20 in all-time downloads among 10,321 tax papers: [2997 Downloads] 'Competitiveness' Has Nothing to Do...
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    Roth & Company, P.C

  • Great moments in urban planning

    Joe Kristan
    19 Sep 2014 | 9:42 am
    A city planner who claimed to be responsible for the selection of the site of the new Des Moines Palace of Transit said he chose the location so it would be convenient to passenger rail; he spoke at a luncheon I attended a few years ago. Because it is located between two one-way streets, all buses on north-side routes have to cross the tracks twice.  As I look out my window, I can see how that works with a freight train having stopped for about 1/2 hour (accident, maybe?) across both the one-way streets.  You can spot nine stranded buses in this picture (The bus palace is the white-roofed…
  • Tax Roundup, 9/19/14: Brutal Assault on Reason Season Edition. Arrggh!

    Joe Kristan
    19 Sep 2014 | 6:42 am
    Brutal Assault on Reason Season is underway. Elections depress me. Arnold Kling sums up my feelings: To me, political campaigns are not sacred events, to be eagerly anticipated and avidly followed. They are brutal assaults on reason. I look forward to election season about as much as a gulf coast resident looks forward to hurricane season. Very few of us are in a position to have more than intuitions on the great issues of the day. Rarely are voters health-care economists, trade experts, military or foreign policy specialists, etc., and most of us have little basis to tell when the…
  • IRS issues Applicable Federal Rates (AFR) for October 2014

    Joe Kristan
    19 Sep 2014 | 5:28 am
    The IRS has issued (Rev. Rul. 2014-26) the minimum required interest rates for loans made in October 2014: Short Term (demand loans and loans with terms of up to 3 years): 0.38% -Mid-Term (loans from 3-9 years): 1.85% -Long-Term (over 9 years): 2.89% The Long-term tax-exempt rate for Section 382 ownership changes in October 2014 is 3.05%. Historical AFRs may be found here or from prior Tax Update posts.
  • Tax Roundup, 9/18/14: The $14.8 million suitcase squeeze. And: Koskinen visits the Hill.

    Joe Kristan
    18 Sep 2014 | 6:53 am
    Flickr image courtesy Sascha Kohlmann under Creative Commons license Accounting Today visitors: click here for the item from the September 17 “In the Blogs.” When tax-free merger isn’t. Working with family-owned businesses, a common misunderstanding arises: if a deal is tax-free, like an “A” merger or a partnership contribution, there can’t be gift tax, right?  Very wrong, as a New Hampshire couple’s experience in Tax Court shows. The parents, Mr. and Mrs Cavallero, had a successful S corporation known as Knight Tool Co. Their son Ken set up…
  • Tax Roundup, 9/17/14: Is 30 years long enough to find a tenant? And more!

    Joe Kristan
    17 Sep 2014 | 6:37 am
    If you can’t get a tenant in 30 years, maybe you’re doing something wrong.  A Minnesota architect named Meinhardt bought a farmstead in 1976.  He  rented out the cropland to neighboring farmers. He looked for a tenant for the farmhouse, too.  He was still looking in 2007, but never managed to find a cash-rent tenant for the house. Though he never reported any rental income on the house, he paid for house expenses, including repairs, insurance supplies and utilities, deducting them on Schedule E on a joint return.  The deductions totaled $42,694 from 2005 through 2007. The IRS…
 
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    RUBIN ON TAX

  • APPLICABLE FEDERAL RATES–OCTOBER 2014

    Charles (Chuck) Rubin
    20 Sep 2014 | 3:22 pm
    Follow @crubincrubin
  • FREQUENT FLYER MILES–SOMETIMES TAXABLE, SOMETIMES NOT

    Charles (Chuck) Rubin
    17 Sep 2014 | 1:05 pm
    A recent Tax Court case adds to the rules that now exist whether frequent flyer miles will be considered taxable income. Below is a summary. 1. The general rule under Announcement 2002-18 is that awarded miles, whether issued by an airline for purchasing tickets, or from other issuers (well, at least rental car companies and hotels) in exchange for purchases, is not presently taxable. The IRS reserves the right to change this rule in the future on a prospective basis. 2. That announcement indicates the awarded miles will be taxable if they are converted to cash, to compensation that is paid…
  • INTEREST INCOME RISK ON UNPAID RELATED PARTY LOANS

    Charles (Chuck) Rubin
    13 Sep 2014 | 11:01 am
    SUMMARY: If interest is not timely paid on related party indebtedness, the payee may need to report original interest discount income. How often do you see or implement interest-bearing related party loans (e.g., among family members or between related corporations or other entities)? Pretty often, I’m sure. How often do you see these loans not kept current? Not a rare occurrence. How often do you see interest income picked up on the income tax return of the holder relating to unpaid interest income? Maybe not so much. Such holders are running a significant risk of omitting an item from…
  • HOMESTEAD STATUS WITHOUT CURRENT USE OR POSSESSION; INTERACTION OF HOMESTEAD SUCCESSOR RIGHTS WITH TERMS OF MARITAL SETTLEMENT AGREEMENT [FLORIDA]

    Charles (Chuck) Rubin
    8 Sep 2014 | 3:22 pm
    Under Florida law, a decedent will be restricted in devising his or her homestead property at death. If those restrictions apply, surviving spouses and heirs received the interests they would receive under intestacy law. For this reason, among others, a determination is often needed whether residential property qualifies as “homestead” for these purposes. In a recent Florida case, at the time of the decedent’s death his decedent’s former wife was living in the former marital home with the two children of the marriage pursuant to a provision in a marital settlement agreement awarding…
  • INTEREST RATES FOR TAX OVERPAYMENTS AND UNDERPAYMENTS (4th Quarter 2014)

    Charles (Chuck) Rubin
    6 Sep 2014 | 11:14 am
    The IRS has announced the interest rates that will be imposed on late taxes, and paid on tax refunds, for the 4th quarter of 2014. Follow @crubincrubin
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    Tax Problem Attorney Blog

  • Florida Doctor Sentenced in Criminal Tax Case for Concealing Assets and Filing False Individual Income Tax Returns

    16 Sep 2014 | 10:00 am
    Individuals using offshore bank accounts to conceal assets and facilitate tax fraud continue to be prosecuted by the Department of Justice. Under the Bank Secrecy Act, citizens and lawful permanent residents (i.e. "Green Card" holders) that have an interest in or signature authority over a financial account in a foreign country with assets in excess of $10,000 at any time during the year are required to disclose the accounts on their individual income tax returns, both on Schedule B, and if the accounts are large enough on Form 8938. They must also file a FBAR (Report of Foreign Bank and…
  • Business Owners Get Jail Time for Tax Evasion

    3 Sep 2014 | 12:15 pm
    Sometimes understating income is just carelessness. Sometimes its tax fraud or tax evasion. People don't always realize that tax fraud or tax evasion can lead to time in jail. Convincing judges to sentence defendants to prison for criminal tax evasion continues to be a priority for the Department of Justice where taxpayers have willfully underreported their income or made false statements to the IRS revenue agents regarding their tax liabilities, as shown by unrelated decisions handed down against Abdelhamid M. Horany and Robert C. Sathre. Horany, a business owner, admitted to underreporting…
  • Expect Increased Assessment and Collection of Trust Fund Recovery Penalties

    22 Aug 2014 | 10:00 am
    Enforcement of The Trust Fund Recovery Penalty (TFRP) is a source of potential government revenue that, according to the Treasury Inspector General for Tax Administration (TIGTA), needs to be revamped to become more efficient. Under existing law, employers are required to withhold from their employees' salaries amounts to cover Federal income, Social Security, and Medicare taxes. These are referred to as "trust fund taxes." When the employer fails to pay these taxes, the IRS can collect them from "responsible persons," who have willfully failed to pay them. In determining who is a responsible…
  • Big Changes to IRS Offshore Voluntary Disclosure Program (OVDP) for FBAR Non-Filers

    19 Jun 2014 | 10:52 am
    Massive change is coming to the IRS
  • Swisspartners Group Entered Into NPA to Avoid Criminal Tax Prosecution But Must Pay $4.4 Million in Forfeiture and Restitution for Assisting U.S. Tax Evasion

    13 Jun 2014 | 7:00 am
    To avoid prosecution for tax evasion and other alleged crimes, the Swisspartners Investment Network AG, a Swiss-based asset management firm, and three of its wholly-owned subsidiaries (collectively, the Swisspartners Group) entered into a non-prosecution agreement (NPA) with the U.S. Attorney's Office. Although many taxpayers have been entering the tax litigation attorneys at Brager Tax Law Group, A P.C.
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    Taxable Talk

  • They Both Begin With “E”

    Russ
    21 Sep 2014 | 7:53 pm
    Here’s a good way to make some money (for a while). You create a phony vendor, and send invoices to your company for that vendor for work that was, of course, never preformed. The money from the phony vendor isn’t reported on your tax return–it’s always good when your after-tax income is the same as your before-tax income. Now, there are some potential drawbacks to this scheme. You would be embezzling from your company. Depending on how you do that, it will be some sort of felony. Not reporting the illegal income on your tax return is tax evasion, another felony. And…
  • “I’ve tried to tell you the truth every time I’ve been here”

    Russ
    21 Sep 2014 | 1:07 pm
    That quote is from IRS Commissioner John Koskinen during his testimony from earlier this week on Capitol Hill. I have a simple question for Commissioner Koskinen: Why doesn’t that quote read, “I’ve told you the truth every time I’ve been here”? The obfuscation coming from the IRS hurts the entire US population. The IRS’s budget has been (rightfully) cut: Republicans are not willing to fund what appears to be a partisan office being used against the GOP.
  • Hyatt Decision a Win for FTB as Far as Damages, but Decision Upheld that FTB Committed Fraud

    Russ
    18 Sep 2014 | 3:02 pm
    The Nevada Supreme Court released its decision today in Franchise Tax Board of California v. Hyatt. The decision is definitely a win for the FTB as far as damages; however, the Court upheld that the FTB committed fraud against Mr. Hyatt and the damage award for fraud. Overall, some portions of the District Court decision were reversed, other portions were upheld, and still other portions were remanded for more proceedings. First, for those who want to read more than the summary I’m going to present, I strongly recommend reading the opinion. It’s quite readable though long (it runs…
  • Zuckermans Sentenced; No Word on Fido & Lulu

    Russ
    17 Sep 2014 | 7:30 pm
    Earlier this year I reported on the case of Mathew and Sandra Zuckerman. The Zuckermans stopped filing and correctly paying taxes back in 1986. When you’re doing something illegal it’s best to keep a low profile. The Zuckermans eschewed that philosophy. Mr. Zuckerman became very successful in leading companies through reverse IPOs. They owned two expensive homes: one in Colorado and one in California. That’s not keeping a low profile. But what drew my attention to the case was a strategy that probably will never be tried again. No, it wasn’t the interlocking web of…
  • Hyatt Decision Due Tomorrow (Thursday)

    Russ
    17 Sep 2014 | 2:04 pm
    The long running battle between Gilbert Hyatt and the Franchise Tax Board of California here in Nevada is likely nearing a conclusion. The Nevada Supreme Court listed the Hyatt case in their list of Forthcoming Opinions. Given that the FTB’s liability is up to $500,000,000 (if the lower court decision is upheld), this is a very important decision. For those unfamiliar with the case, Gilbert Hyatt moved to Nevada from California. He moved in October 1991, but the FTB held that he didn’t move until April 1992, conveniently after Mr. Hyatt received significant income from patents he…
 
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    IRS Hitman 888-415-1337

  • Report Changes to Avoid Problems with Premium Tax Credit

    19 Sep 2014 | 7:57 am
    If you got married, moved to a different state, had an income increase or adopted a child, remember to report the change(s) to the health Insurance Marketplace. Some of the other institutes that you need to report any major life changes are:The postal serviceUtility companiesYour employerFinancial institutions, including bank(s)When it comes to the premium tax credit, reporting changes helps the health care department correctly determine the correct insurance coverage and accurately calculate the amount of credit you are allowed. It’s important to inform the Health Insurance Marketplace of…
  • Paying Tax Debt When You Can Pay in Full

    12 Sep 2014 | 10:56 am
    Most taxpayers that have a tax debt can pay it in full. As such, there are generally two options for resolution: taxpayers can pay their entire tax debt at once or they can pay what’s owed in monthly installments. Paying in a single payment saves money on penalties and interest. The IRS continues charging these fees even after a taxpayer has qualified for an installment plan and has begun to make payments. In this instance, both penalties and interest will be charged until the amount owed is paid in full. Satisfying a tax debt in monthly installments is a good option for those who can pay,…
  • Tax Scam Alert: Phishing and Phone Scams

    5 Sep 2014 | 10:06 pm
    Emails and phone calls are the most common methods scammers use to dupe people. At any time, someone claiming to be from the IRS can reach out to you. The phony IRS agent may try to extract sensitive information from you such as your Social Security Number or convince/intimidate you into transferring your money to them to pay for your alleged tax debt.The latest email phishing scheme is Update your IRS efile. In this scam, fraudsters send an email to random people claiming to be the IRS. The email contains a link to a bogus website that is designed to look like the IRS site, and youll be…
  • Why Tax Debt Should be Paid

    29 Aug 2014 | 10:36 am
    Regardless of how much you owe in tax debt, if you elect not to pay it there are a couple of things you should expect. The first is that your tax debt will increase due to the accumulation of penalties and interest. The second is that the IRS will try to collect back taxes. Both of these can have an impact on your finances. Collection efforts such as a lien or levy can be even more damaging, as they can compromise your money and your credit.Many taxpayers postpone or avoid payment of tax debt because they are not aware of the penalties and interest the IRS charges on back taxes. As these fees…
  • Paying Tax Debt in Monthly Installments

    22 Aug 2014 | 8:36 am
    If youre looking to resolve your tax debt and you dont want to pay the entire amount in a single payment, then you may be able to pay it in fixed monthly installments through an IRS installment plan. In order to make it feasible for individuals to resolve their back taxes, the IRS has various types of installment agreements, or IAs. Each IA has specific qualifying requirements, largely depending upon the amount of tax debt owed and a taxpayer’s financial ability.Paying a tax debt in fixed installments helps individuals retain their financial stability while resolving their liabilities. Its…
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    L & R Tax Preparation LLC RSS Feed

  • The Affordable Care Act and You

    1 Sep 2014 | 7:00 am
    The Patient Protection and Affordable Care Act of 2010 resulted in several changes to the U.S. tax code that affect individuals purchasing health care insurance through the health care exchanges. Let's take a closer look at what it all means for you.
  • Renting Out a Vacation Home

    1 Sep 2014 | 7:00 am
    Summer may be over, but ski season is just around the corner. If you're thinking of buying a vacation home in the mountains and renting it out, or perhaps using it yourself as well, there may be tax consequences you haven't considered. Here's what you need to know.
  • A SIMPLE Retirement Plan for the Self-Employed

    1 Sep 2014 | 7:00 am
    Of all the retirement plans available to small business owners, the SIMPLE IRA plan is the easiest to set up and least expensive to manage. Learn more about SIMPLE IRA plans for your business.
 
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  • Wis. bride-to-be killed in tragic car accident

    22 Sep 2014 | 1:32 am
    Wis. bride-to-be killed in tragic car accidentCaringBridge.orgJustin Cyzan and his fiancée Shannon Hall were driving home from a pre-marriage counseling session when they collided with a school bus.Touching tribute by her bridesmaidsOther news headlinesNYPD: 1 officer killed, 8 hurt in crashBus overturns, at least 1 dead
  • Amber Heard reportedly hit hard in leak

    22 Sep 2014 | 1:32 am
    Amber Heard reportedly hit hard in leakChris Pizzello/Invision/APAccording to reports, hackers uploaded 50-plus photos of the 28-year-old Texan and fiancée to Johnny Depp over the weekend.Note in topless pic getting attentionMore in the newsEric 'The Actor' Lynch dies at 39Canabis dating site turning heads
  • What you need to know about the Apple watch

    22 Sep 2014 | 1:32 am
    What you need to know about the Apple watchGettyThe tech giant shocked the world when the company announced its plan to unveil a line of smart watches. Is it really worth your money? More from Fortune Top women in businessBuffett's view on Detroit
  • Emma Watson's speech takes UN by storm

    22 Sep 2014 | 1:32 am
    Emma Watson's speech takes UN by stormGettyThe actress, in her position as UN Women Goodwill Ambassador, gave a rousing talk in which she posed a challenge to the audience.Word she is seeking to redefineMore from MAKERSSTEM fields a no-brainer for CEOsIcon to guest star on CBS show
  • Quite possibly the world's oddest yard sale

    22 Sep 2014 | 1:32 am
    Quite possibly the world's oddest yard sale Andy Campbell / The Huffington PostThe front lawn of this church in the backwoods of Pennsylvania boasts a gigantic, round the clock yard sale -- but its origin is baffling.See the eclectic collection of itemsMore to see'Maze Runner' tops box office3-D printing enters final frontier
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  • Wis. bride-to-be killed in tragic car accident

    22 Sep 2014 | 1:32 am
    Wis. bride-to-be killed in tragic car accidentCaringBridge.orgJustin Cyzan and his fiancée Shannon Hall were driving home from a pre-marriage counseling session when they collided with a school bus.Touching tribute by her bridesmaidsOther news headlinesNYPD: 1 officer killed, 8 hurt in crashBus overturns, at least 1 dead
  • Amber Heard reportedly hit hard in leak

    22 Sep 2014 | 1:32 am
    Amber Heard reportedly hit hard in leakChris Pizzello/Invision/APAccording to reports, hackers uploaded 50-plus photos of the 28-year-old Texan and fiancée to Johnny Depp over the weekend.Note in topless pic getting attentionMore in the newsEric 'The Actor' Lynch dies at 39Canabis dating site turning heads
  • What you need to know about the Apple watch

    22 Sep 2014 | 1:32 am
    What you need to know about the Apple watchGettyThe tech giant shocked the world when the company announced its plan to unveil a line of smart watches. Is it really worth your money? More from Fortune Top women in businessBuffett's view on Detroit
  • Emma Watson's speech takes UN by storm

    22 Sep 2014 | 1:32 am
    Emma Watson's speech takes UN by stormGettyThe actress, in her position as UN Women Goodwill Ambassador, gave a rousing talk in which she posed a challenge to the audience.Word she is seeking to redefineMore from MAKERSSTEM fields a no-brainer for CEOsIcon to guest star on CBS show
  • Quite possibly the world's oddest yard sale

    22 Sep 2014 | 1:32 am
    Quite possibly the world's oddest yard sale Andy Campbell / The Huffington PostThe front lawn of this church in the backwoods of Pennsylvania boasts a gigantic, round the clock yard sale -- but its origin is baffling.See the eclectic collection of itemsMore to see'Maze Runner' tops box office3-D printing enters final frontier
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  • Wis. bride-to-be killed in tragic car accident

    22 Sep 2014 | 1:32 am
    Wis. bride-to-be killed in tragic car accidentCaringBridge.orgJustin Cyzan and his fiancée Shannon Hall were driving home from a pre-marriage counseling session when they collided with a school bus.Touching tribute by her bridesmaidsOther news headlinesNYPD: 1 officer killed, 8 hurt in crashBus overturns, at least 1 dead
  • Amber Heard reportedly hit hard in leak

    22 Sep 2014 | 1:32 am
    Amber Heard reportedly hit hard in leakChris Pizzello/Invision/APAccording to reports, hackers uploaded 50-plus photos of the 28-year-old Texan and fiancée to Johnny Depp over the weekend.Note in topless pic getting attentionMore in the newsEric 'The Actor' Lynch dies at 39Canabis dating site turning heads
  • What you need to know about the Apple watch

    22 Sep 2014 | 1:32 am
    What you need to know about the Apple watchGettyThe tech giant shocked the world when the company announced its plan to unveil a line of smart watches. Is it really worth your money? More from Fortune Top women in businessBuffett's view on Detroit
  • Emma Watson's speech takes UN by storm

    22 Sep 2014 | 1:32 am
    Emma Watson's speech takes UN by stormGettyThe actress, in her position as UN Women Goodwill Ambassador, gave a rousing talk in which she posed a challenge to the audience.Word she is seeking to redefineMore from MAKERSSTEM fields a no-brainer for CEOsIcon to guest star on CBS show
  • Quite possibly the world's oddest yard sale

    22 Sep 2014 | 1:32 am
    Quite possibly the world's oddest yard sale Andy Campbell / The Huffington PostThe front lawn of this church in the backwoods of Pennsylvania boasts a gigantic, round the clock yard sale -- but its origin is baffling.See the eclectic collection of itemsMore to see'Maze Runner' tops box office3-D printing enters final frontier
 
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  • Wis. bride-to-be killed in tragic car accident

    22 Sep 2014 | 1:32 am
    Wis. bride-to-be killed in tragic car accidentCaringBridge.orgJustin Cyzan and his fiancée Shannon Hall were driving home from a pre-marriage counseling session when they collided with a school bus.Touching tribute by her bridesmaidsOther news headlinesNYPD: 1 officer killed, 8 hurt in crashBus overturns, at least 1 dead
  • Amber Heard reportedly hit hard in leak

    22 Sep 2014 | 1:32 am
    Amber Heard reportedly hit hard in leakChris Pizzello/Invision/APAccording to reports, hackers uploaded 50-plus photos of the 28-year-old Texan and fiancée to Johnny Depp over the weekend.Note in topless pic getting attentionMore in the newsEric 'The Actor' Lynch dies at 39Canabis dating site turning heads
  • What you need to know about the Apple watch

    22 Sep 2014 | 1:32 am
    What you need to know about the Apple watchGettyThe tech giant shocked the world when the company announced its plan to unveil a line of smart watches. Is it really worth your money? More from Fortune Top women in businessBuffett's view on Detroit
  • Emma Watson's speech takes UN by storm

    22 Sep 2014 | 1:32 am
    Emma Watson's speech takes UN by stormGettyThe actress, in her position as UN Women Goodwill Ambassador, gave a rousing talk in which she posed a challenge to the audience.Word she is seeking to redefineMore from MAKERSSTEM fields a no-brainer for CEOsIcon to guest star on CBS show
  • Quite possibly the world's oddest yard sale

    22 Sep 2014 | 1:32 am
    Quite possibly the world's oddest yard sale Andy Campbell / The Huffington PostThe front lawn of this church in the backwoods of Pennsylvania boasts a gigantic, round the clock yard sale -- but its origin is baffling.See the eclectic collection of itemsMore to see'Maze Runner' tops box office3-D printing enters final frontier
  • add this feed to my.Alltop

  • Wis. bride-to-be killed in tragic car accident

    22 Sep 2014 | 1:32 am
    Wis. bride-to-be killed in tragic car accidentCaringBridge.orgJustin Cyzan and his fiancée Shannon Hall were driving home from a pre-marriage counseling session when they collided with a school bus.Touching tribute by her bridesmaidsOther news headlinesNYPD: 1 officer killed, 8 hurt in crashBus overturns, at least 1 dead
  • Amber Heard reportedly hit hard in leak

    22 Sep 2014 | 1:32 am
    Amber Heard reportedly hit hard in leakChris Pizzello/Invision/APAccording to reports, hackers uploaded 50-plus photos of the 28-year-old Texan and fiancée to Johnny Depp over the weekend.Note in topless pic getting attentionMore in the newsEric 'The Actor' Lynch dies at 39Canabis dating site turning heads
  • What you need to know about the Apple watch

    22 Sep 2014 | 1:32 am
    What you need to know about the Apple watchGettyThe tech giant shocked the world when the company announced its plan to unveil a line of smart watches. Is it really worth your money? More from Fortune Top women in businessBuffett's view on Detroit
  • Emma Watson's speech takes UN by storm

    22 Sep 2014 | 1:32 am
    Emma Watson's speech takes UN by stormGettyThe actress, in her position as UN Women Goodwill Ambassador, gave a rousing talk in which she posed a challenge to the audience.Word she is seeking to redefineMore from MAKERSSTEM fields a no-brainer for CEOsIcon to guest star on CBS show
  • Quite possibly the world's oddest yard sale

    22 Sep 2014 | 1:32 am
    Quite possibly the world's oddest yard sale Andy Campbell / The Huffington PostThe front lawn of this church in the backwoods of Pennsylvania boasts a gigantic, round the clock yard sale -- but its origin is baffling.See the eclectic collection of itemsMore to see'Maze Runner' tops box office3-D printing enters final frontier
  • add this feed to my.Alltop

  • Wis. bride-to-be killed in tragic car accident

    22 Sep 2014 | 1:32 am
    Wis. bride-to-be killed in tragic car accidentCaringBridge.orgJustin Cyzan and his fiancée Shannon Hall were driving home from a pre-marriage counseling session when they collided with a school bus.Touching tribute by her bridesmaidsOther news headlinesNYPD: 1 officer killed, 8 hurt in crashBus overturns, at least 1 dead
  • Amber Heard reportedly hit hard in leak

    22 Sep 2014 | 1:32 am
    Amber Heard reportedly hit hard in leakChris Pizzello/Invision/APAccording to reports, hackers uploaded 50-plus photos of the 28-year-old Texan and fiancée to Johnny Depp over the weekend.Note in topless pic getting attentionMore in the newsEric 'The Actor' Lynch dies at 39Canabis dating site turning heads
  • What you need to know about the Apple watch

    22 Sep 2014 | 1:32 am
    What you need to know about the Apple watchGettyThe tech giant shocked the world when the company announced its plan to unveil a line of smart watches. Is it really worth your money? More from Fortune Top women in businessBuffett's view on Detroit
  • Emma Watson's speech takes UN by storm

    22 Sep 2014 | 1:32 am
    Emma Watson's speech takes UN by stormGettyThe actress, in her position as UN Women Goodwill Ambassador, gave a rousing talk in which she posed a challenge to the audience.Word she is seeking to redefineMore from MAKERSSTEM fields a no-brainer for CEOsIcon to guest star on CBS show
  • Quite possibly the world's oddest yard sale

    22 Sep 2014 | 1:32 am
    Quite possibly the world's oddest yard sale Andy Campbell / The Huffington PostThe front lawn of this church in the backwoods of Pennsylvania boasts a gigantic, round the clock yard sale -- but its origin is baffling.See the eclectic collection of itemsMore to see'Maze Runner' tops box office3-D printing enters final frontier
 
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  • Wis. bride-to-be killed in tragic car accident

    22 Sep 2014 | 1:32 am
    Wis. bride-to-be killed in tragic car accidentCaringBridge.orgJustin Cyzan and his fiancée Shannon Hall were driving home from a pre-marriage counseling session when they collided with a school bus.Touching tribute by her bridesmaidsOther news headlinesNYPD: 1 officer killed, 8 hurt in crashBus overturns, at least 1 dead
  • Amber Heard reportedly hit hard in leak

    22 Sep 2014 | 1:32 am
    Amber Heard reportedly hit hard in leakChris Pizzello/Invision/APAccording to reports, hackers uploaded 50-plus photos of the 28-year-old Texan and fiancée to Johnny Depp over the weekend.Note in topless pic getting attentionMore in the newsEric 'The Actor' Lynch dies at 39Canabis dating site turning heads
  • What you need to know about the Apple watch

    22 Sep 2014 | 1:32 am
    What you need to know about the Apple watchGettyThe tech giant shocked the world when the company announced its plan to unveil a line of smart watches. Is it really worth your money? More from Fortune Top women in businessBuffett's view on Detroit
  • Emma Watson's speech takes UN by storm

    22 Sep 2014 | 1:32 am
    Emma Watson's speech takes UN by stormGettyThe actress, in her position as UN Women Goodwill Ambassador, gave a rousing talk in which she posed a challenge to the audience.Word she is seeking to redefineMore from MAKERSSTEM fields a no-brainer for CEOsIcon to guest star on CBS show
  • Quite possibly the world's oddest yard sale

    22 Sep 2014 | 1:32 am
    Quite possibly the world's oddest yard sale Andy Campbell / The Huffington PostThe front lawn of this church in the backwoods of Pennsylvania boasts a gigantic, round the clock yard sale -- but its origin is baffling.See the eclectic collection of itemsMore to see'Maze Runner' tops box office3-D printing enters final frontier
  • add this feed to my.Alltop

  • Wis. bride-to-be killed in tragic car accident

    22 Sep 2014 | 1:32 am
    Wis. bride-to-be killed in tragic car accidentCaringBridge.orgJustin Cyzan and his fiancée Shannon Hall were driving home from a pre-marriage counseling session when they collided with a school bus.Touching tribute by her bridesmaidsOther news headlinesNYPD: 1 officer killed, 8 hurt in crashBus overturns, at least 1 dead
  • Amber Heard reportedly hit hard in leak

    22 Sep 2014 | 1:32 am
    Amber Heard reportedly hit hard in leakChris Pizzello/Invision/APAccording to reports, hackers uploaded 50-plus photos of the 28-year-old Texan and fiancée to Johnny Depp over the weekend.Note in topless pic getting attentionMore in the newsEric 'The Actor' Lynch dies at 39Canabis dating site turning heads
  • What you need to know about the Apple watch

    22 Sep 2014 | 1:32 am
    What you need to know about the Apple watchGettyThe tech giant shocked the world when the company announced its plan to unveil a line of smart watches. Is it really worth your money? More from Fortune Top women in businessBuffett's view on Detroit
  • Emma Watson's speech takes UN by storm

    22 Sep 2014 | 1:32 am
    Emma Watson's speech takes UN by stormGettyThe actress, in her position as UN Women Goodwill Ambassador, gave a rousing talk in which she posed a challenge to the audience.Word she is seeking to redefineMore from MAKERSSTEM fields a no-brainer for CEOsIcon to guest star on CBS show
  • Quite possibly the world's oddest yard sale

    22 Sep 2014 | 1:32 am
    Quite possibly the world's oddest yard sale Andy Campbell / The Huffington PostThe front lawn of this church in the backwoods of Pennsylvania boasts a gigantic, round the clock yard sale -- but its origin is baffling.See the eclectic collection of itemsMore to see'Maze Runner' tops box office3-D printing enters final frontier
  • add this feed to my.Alltop

  • Wis. bride-to-be killed in tragic car accident

    22 Sep 2014 | 1:32 am
    Wis. bride-to-be killed in tragic car accidentCaringBridge.orgJustin Cyzan and his fiancée Shannon Hall were driving home from a pre-marriage counseling session when they collided with a school bus.Touching tribute by her bridesmaidsOther news headlinesNYPD: 1 officer killed, 8 hurt in crashBus overturns, at least 1 dead
  • Amber Heard reportedly hit hard in leak

    22 Sep 2014 | 1:32 am
    Amber Heard reportedly hit hard in leakChris Pizzello/Invision/APAccording to reports, hackers uploaded 50-plus photos of the 28-year-old Texan and fiancée to Johnny Depp over the weekend.Note in topless pic getting attentionMore in the newsEric 'The Actor' Lynch dies at 39Canabis dating site turning heads
  • What you need to know about the Apple watch

    22 Sep 2014 | 1:32 am
    What you need to know about the Apple watchGettyThe tech giant shocked the world when the company announced its plan to unveil a line of smart watches. Is it really worth your money? More from Fortune Top women in businessBuffett's view on Detroit
  • Emma Watson's speech takes UN by storm

    22 Sep 2014 | 1:32 am
    Emma Watson's speech takes UN by stormGettyThe actress, in her position as UN Women Goodwill Ambassador, gave a rousing talk in which she posed a challenge to the audience.Word she is seeking to redefineMore from MAKERSSTEM fields a no-brainer for CEOsIcon to guest star on CBS show
  • Quite possibly the world's oddest yard sale

    22 Sep 2014 | 1:32 am
    Quite possibly the world's oddest yard sale Andy Campbell / The Huffington PostThe front lawn of this church in the backwoods of Pennsylvania boasts a gigantic, round the clock yard sale -- but its origin is baffling.See the eclectic collection of itemsMore to see'Maze Runner' tops box office3-D printing enters final frontier
 
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    Value Added Tax Blog

  • Oh, those 2015 rules…

    Mark
    20 Sep 2014 | 11:35 am
    It seems like every VAT consultant, in the US and in the EU, has jumped on the new EU VAT rules that kick in on January 1, 2015. I have not paid as much attention to the changes, simply because the impact on U.S. companies is rather limited. As a reminder, this is about the supplies […]
  • Scandia – supplies to a branch

    Mark
    20 Sep 2014 | 11:14 am
    In a wholly unsurprising ruling the European Court of Justice ruled last week that supplies by a head-office to a branch are within the scope of VAT if the branch is part of a VAT group / fiscal unity. The Netherlands at least has had this rule in their regulations for decennia, but see here […]
  • OECD news: BEPS

    Mark
    20 Sep 2014 | 10:54 am
    “Base Erosion & Profit Shifting” sounds like something that has nothing to do with VAT. VAT expert James Robinson penned his thoughts on this OECD initiative – well worth a read.
  • I’m back…

    Mark
    20 Sep 2014 | 10:48 am
    Last week at the IPT VAT conference I was encouraged to pick up blogging about VAT. Thanks everybody! Here we go… Starbucks session at IPT Reagan airport
  • Portugal – VAT rate up to 23.5%?

    Mark
    8 May 2014 | 10:51 am
    Just when you thought that VAT rate increases have died down, Portugal announced plans to increase their VAT rate from 23% to 23.5%… From January 1, 2015, or so they say now.
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    J. Stefan - EzineArticles Expert Author

  • No Articles Found

    22 Sep 2014 | 2:07 am
    No articles were found for the Author that was requested. This may mean that the author has no articles that are live on the site or that there may be a misspelling in the requested file. Please check the file name and try again. If you continue to have issues, please contact EzineArticles Support at http://www.ezinearticles.com/contact.html.
 
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    The Dinesen Tax Times by Jason T. Dinesen, LPA, E.A.

  • IRS Says Online Sorority Is Not Tax Exempt

    Jason Dinesen
    19 Sep 2014 | 4:30 am
    Tax law says certain clubs and social groups are exempt from income tax. This can include college sororities. But according to the IRS, this doesn’t apply to sororities created by online schools where the sorority members never meet face-to-face. Background A national, for-profit college (the IRS ruling didn’t say which one) started an online sorority. Reading through IRS Letter Ruling 201434022, it appears that this sorority operates similar to other sororities, except almost all activities take place online. Section 501(c)(7) of the Internal Revenue Code says organizations…
  • Will Software Really Replace Accountants?

    Jason Dinesen
    17 Sep 2014 | 4:30 am
    In July, an article in AccountingWeb caught my attention: “Can Software Really Replace Accountants?” Around the same time, the Don’t Mess with Taxes blog published a story saying that a recent study indicates that tax preparers have a 99% probability of being replaced by robots someday. I think the 99% figure is over-dramatic. If I ran a tax-preparation business that relied on preparing a high volume of simple tax returns, I would be worried. In fact, when people ask if they should start a tax preparation business, I respond by saying no, unless you can find…
  • Putting Profit First While Planning for Expenses

    Jason Dinesen
    15 Sep 2014 | 4:30 am
    In July, Michael Michalowicz, who writes books about entrepreneurship (which I have heard are very good; “The Pumpkin Plan” is on my to-read list) wrote a blog post titled “Take Your Profit First, Always.” The gist of the post is, instead of looking at profitability as “Income minus Expenses = Profit” you should flip the formula. “Income minus Profit = Expenses.” Pay yourself first, then spend money on expenses. As the author says: In practice, as deposits from sales come in a predetermined percentage, for example 15%, is immediately transferred…
  • When Does the “1099s to Veterinarians” Rule Start?

    Jason Dinesen
    11 Sep 2014 | 4:30 am
    My blog post in January about issuing 1099s to incorporated veterinarians has become one of the most popular posts I’ve ever written. It’s generated phone calls, e-mails and questions. The most-common question is: when do we need to start issuing 1099s to incorporated veterinarians? When does this rule start? The answer is: there’s not a “start date” to this rule. The IRS’s guidance was in a letter ruling that simply said “yes, 1099s should be issued to incorporated veterinarians.” In other words, the IRS says it’s how things have always…
  • What Responsibilities Do Tax Preparers Have in Assessing ACA Penalties?

    Jason Dinesen
    9 Sep 2014 | 4:30 am
    Robert Flach at his “The Tax Professional” blog asks the following question regarding Affordable Care Act penalties assessed on tax returns against people who do not carry health insurance: What is our legal responsibility as tax preparers when it comes to calculating the new convoluted and potentially expensive Obamacare penalty for clients who are not covered by health insurance? Or perhaps a more inclusive question – Are we as tax preparers legally required to assess a client an IRS penalty “up front” when preparing a tax return? It appears from Robert’s statements…
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    IncomeTaxReturnIndia.com

  • LIC Jeevan Shagun Single Premium Policy provides insurance and good returns

    Tax Dost
    9 Sep 2014 | 5:34 pm
      LIC Jeevan Shagun is new Money Back Plan Single premium policy from LIC. Jeevan Shagun (Plan No. 826) is good option as it provides good return and is available against one time payment. Jeevan Shagun is  a close ended plan which would be open for sale from 01 September , 2014 … Continue reading →
  • Late filing of Income tax Return after 31.07.2014

    Tax Dost
    3 Aug 2014 | 4:04 am
    Due date for filing tax return was 31.07.2014 ( 31 st July ) for all Individuals getting salary and running their own business or profession or working as free lancer. Due date for assessee who are required to get their books audited, the last date for filing return is 30th September. … Continue reading →
  • Return Filing camp in Delhi will remain open on Saturday and Sunday

    Tax Dost
    25 Jul 2014 | 9:45 am
    Income Tax Return filing Camp will start from 25th july 2014 till 31 st july 2014. These camps will remaim open on Saturday ( 27 th July 2014) and Sunday ( 28th july 2014) Location of these camps: In Delhi These camps will be held at Pratyakshar Bhawan, Civic City … Continue reading →
  • Income Tax Rates for current year 2014-2015 (Assessment year 2015-2016)

    Tax Dost
    21 Jul 2014 | 10:12 am
    Income Tax Rates for Assessment year 2015-2016 (Previous year 2013-14) Income Tax Rates/Slab for Assessment Year 2015-16 (Previous Year 2013-14) Rates/ %age Up to 2,50,000 Up to 2,50,000 (for women) Up to 3,00,000 (for resident individual of 60 years till 80 years) Nil 250,001 – 5,00,000 Up to 500,000 (for … Continue reading →
  • Which ITR should I use for Filling tax return – ITR 1 or ITR2

    Tax Dost
    20 Jul 2014 | 10:05 am
    Income Tax Return filing last date is 31st july 2014 for non- Audit cases. There is lot of confusion among tax payers, which is the correct income tax form. Whether I should use ITR 1 or ITR 2. Who can use ITR 1 ITR–1 Form is to be used by … Continue reading →
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    Tax Lien Certificates - Smart Investing

  • Tax Lien Sales – Who Can Invest?

    eluke
    8 Sep 2014 | 10:00 pm
    Thіѕ ѕееmѕ tо bе оnе оf thе mоrе popular questions asked? Thе answer іѕ аlmоѕt everyone can participate in Tax Lien Sales. However, thеrе аrе ѕоmе exceptions. Fоr example, county employees аnd аn individual owing delinquent property taxes іn thе … Continue reading → The post Tax Lien Sales – Who Can Invest? appeared first on Tax Lien Certificates - Smart Investing.
  • Tax Lien Certificates – Predictable, Certain, And Secure

    eluke
    9 Aug 2014 | 11:14 pm
    9EBKJS9FRSWX  Hоw wоuld уоu lіkе tо find оut аbоut аn investment vehicle thаt іѕ nоt affected bу thе topsy-turvy nature оf thе stock market? Hоw wоuld уоu lіkе tо knоw аbоut а method оf investing thаt locks іn уоur rate … Continue reading → The post Tax Lien Certificates – Predictable, Certain, And Secure appeared first on Tax Lien Certificates - Smart Investing.
  • Tax Lien Sale Investments Can Provide High Rates of Return

    eluke
    17 Jul 2014 | 5:23 am
    Wіth lаrgе numbеrѕ оf Amеrісаnѕ nоw lооkіng fоr ѕаfеr іnvеѕtmеntѕ fоr thеіr lоng tеrm wеаlth buіldіng рrоgrаmѕ. Mоѕt wаnt hіghеr rеturnѕ thаn thеу саn gеt frоm рuttіng thеіr hаrd еаrnеd mоnеу іntо Bаnk CD’ѕ, mаnу аrе ѕееkіng іnfоrmаtіоn аbоut a … Continue reading → The post Tax Lien Sale Investments Can Provide High Rates of Return appeared first on Tax Lien Certificates - Smart Investing.
  • Tax Liens – Frequently Asked Questions

    eluke
    16 Jun 2014 | 4:47 pm
    I frequently received many questions regarding both tax lien and tax deed investing. Many are from investors that are just starting out in the field but, some are from individuals that already have a few deals under their belt. From … Continue reading → The post Tax Liens – Frequently Asked Questions appeared first on Tax Lien Certificates - Smart Investing.
  • Tax Deed Investing

    eluke
    18 May 2014 | 8:17 am
    If you’re looking to invest in real estate, Tax Deed Investing may be of interest to you. With just a little knowledge and some due diligence, it really is quite possible to get homes for as little as ten to … Continue reading → The post Tax Deed Investing appeared first on Tax Lien Certificates - Smart Investing.
 
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    Philadelphia Estate and Tax Attorney Blog

  • College Tuition: Discover How Grandparents Can Help Their Grandchildren and Save Taxes Too

    Steven J. Fromm
    1 Sep 2014 | 7:15 am
    With college tuition coming due, families should consider tax efficient ways to pay for these expenses. Grandparents who wish to help their children with tuition costs can take advantage of some special gift tax breaks. Grandparents have the usual annual present interest gift tax exclusion (now $14,000) and a lifetime exclusion (now $5,340,000). When a spouse joins in the gift (the called “spousal joinder”), these amounts double . But these are not the only tax breaks available to a grandparent who wants to help the family. In addition, grandparents have an unlimited gift tax…
  • Summer Weddings: Quick and Easy Tax Guide For Those Getting Married and Newlyweds

    Steven J. Fromm
    14 Jul 2014 | 12:31 pm
    Rita and Joe, My Wonderful In-Laws, On Their Wedding Day, June 23,1950 The excitement, joy and anticipation of getting married can be almost overwhelming.  With the planning that goes into the wedding it is easy to overlook the tax implications of marriage.  Although taxes are probably not high on your summer wedding plan checklist, it is important to be aware of the tax changes that come along with marriage. Here are some basic tips that can help keep those issues under control. Name Change: The names and Social Security numbers on your tax return must match your Social Security…
  • US Citizens Living Outside America: Streamlined Foreign Offshore Procedure Offers Tax and Compliance Relief

    Steven J. Fromm
    19 Jun 2014 | 10:45 am
    United States Citizens Living Abroad: New IRS Streamlined Procedure Offers Relief A couple of weeks ago, I had someone come in my office who has lived abroad since he was 7 years old. He is a citizen of the United States and Netherlands. He has never filed United States income tax returns. We discussed the general rule that US citizens must file returns and pay tax on their worldwide income. This meant that he should be filing a Form 1040 Return each year.  It also meant that he should have been filing for the last 20 years or so of his adult working years a Form 1040 even though he is not…
  • Philip Seymour Hoffman: Estate Planning Lessons For Us and Especially Women

    Steven J. Fromm
    4 Mar 2014 | 8:25 am
    Attribution: Josh Jensen      CC-By-SA-2.0 The sad and tragic death of Philip Seymour Hoffman at age 46 last month is yet another reminder of the importance of estate planning. Most of us go along each day not thinking or worrying about what would happen to our loved ones if we suddenly died.  Some, in an attempt to be conscientious, draft an estate plan but fail to keep such plan up to date.  But most people die without ever doing any estate planning leaving state laws and the courts to decide who should get their estate. When these matters are neglected, surviving family members can…
  • The Biggest (Tax) Loser: Misguided Gifts of Real Estate By Uninformed Do It Yourselfers, Realtors & Attorneys

    Steven J. Fromm
    10 Jan 2014 | 12:05 pm
    “Son, I am sick and getting old, so fill out a deed to transfer my house into your name now.” With the increase of the federal estate tax exemption to $5,340,000 in 2014, most taxpayers are not subject to federal estate taxes.  The focus for many now has shifted to the income tax implications that arise when wealth passes to the next generation.  With no regard to the income tax implications, many times elderly people get the idea that the transfer of real estate to children during their lifetime is a good idea in trying to avoid probate and to make things easier for loved ones.
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    San Diego Tax Attorney

  • Opting Out of the Offshore Voluntary Disclosure Program (ODVP) – Part Two

    Samuel Brotman
    25 Aug 2014 | 7:34 am
    Here are the steps that IRS examiners take before a taxpayer makes the irrevocable decision to opt out: 1. Send Status Letter to the taxpayer setting forth the status of the voluntary disclosure certification, documents required to finalize the certif1ication, and, if known, the tax, interest, and penalties likely to be due under the terms the OVDP. 2. If the taxpayer does not provide the documents or make arrangements to provide the documents within 30 days of the status letter, the examiner will issue a second letter explaining that the decision to opt out is irrevocable and must be made in…
  • Delinquent FBAR Submission Procedures

    Samuel Brotman
    24 Aug 2014 | 12:56 pm
    DELINQUENT FBAR SUBMISSION PROCEDURES Some taxpayers may not need to use the Offshore Voluntary Disclosure Program or the Streamlined Filing Compliance Procedure options, but still may have a delinquent FBAR or Foreign Bank Account Report. FinCEN has established a procedure to address this problem.[1] The solution is available to those who: (1) have not filed a required Report of Foreign Bank and Financial Accounts (FBAR) (FinCEN) Form 114, previously Form TD F 90-22.1), (2) are not under a civil examination or a criminal investigation by the IRS, and (3) have not already been contacted by…
  • Opting out of the Offshore Voluntary Disclosure Program – Part One

    Samuel Brotman
    24 Aug 2014 | 12:55 pm
    Opting out of the offshore voluntary disclosure program can be a difficult choice. An opt out is an irrevocable election made by a taxpayer to leave the safe harbor of the OVDP, and have his or her case handled under the standard audit process. This is different from removal, which is a determination made by IRS personnel to remove a taxpayer from the civil settlement structure of the OVDP because the taxpayer or taxpayer’s representative has not cooperated. The IRS has recognized that there are cases were opting out may be the better approach for the taxpayer. In these cases, the results…
  • The OVDP Process – Part Four

    Samuel Brotman
    24 Aug 2014 | 12:50 pm
    Example of the Penalty Structure The Criminal Investigative unit is charged with assessing the penalty structure. The structure itself is nonnegotiable and the examiner lacks discretion to make any adjustments. The following is an example prepared by the IRS[1]: The values of OVDP assets are aggregated for each year and the offshore penalty is calculated at the applicable rate (either 27.5 percent or 50 percent) of the highest year’s aggregate value during the period covered by the voluntary disclosure. If the taxpayer has multiple OVDP assets where the highest value of some OVDP assets is…
  • The OVDP Process – Part Three

    Samuel Brotman
    24 Aug 2014 | 12:49 pm
    Interview with your examiner Typically a taxpayer participating in the OVDP must at some point have a meeting with the IRS examiner assigned to the case. This meeting is likely to involve other federal agents from the Department of Treasury and the Department of Justice.  The primary purpose of this meeting is to determine if the conduct was willful or non-willful.  In addition, it is a federally sponsored fishing expedition to determine what they taxpayer may know about the institution with whom they dealt and any individuals who helped them create the account.  If the taxpayers conduct…
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    Blog

  • What to Expect at a Tax Appeals Conference

    Bill Hartsock
    18 Sep 2014 | 2:13 pm
    Tax Appeals conferences are typically rather informal. There is generally no stenographer present to record the issues of fact and tax law discussed, unless specifically requested by the taxpayer via specific procedures. When you or others provide testimony during the tax appeals conference , it is not under oath; however, matters of fact must be stated on a signed affidavit under penalty of perjury (1).Tags: Tax Appeal Information & Advice From The Tax LawyerRead more about What to Expect at a Tax Appeals Conference
  • The Tax Appeals Conference - How To Prepare

    Bill Hartsock
    15 Sep 2014 | 12:33 pm
    The Tax appeals Conference is generally an informal affair. However, despite the informality, it is worth noting that the judge presiding over the tax appeals conference is technically an adversary to the taxpayer who argues the IRS’s position.Tags: Tax Appeal Information & Advice From The Tax LawyerRead more about The Tax Appeals Conference - How To Prepare
  • Tax Appeals - How to Prepare a Written Protest

    Bill Hartsock
    12 Sep 2014 | 11:55 am
    Once you have decided that filing a written protest in tax appeals is the correct strategy for addressing your dispute with the IRS, you must then prepare the written protest itself.Tags: Tax Appeal Information & Advice From The Tax LawyerRead more about Tax Appeals - How to Prepare a Written Protest
  • How Do Tax Appeals Cases Get Settled?

    Bill Hartsock
    10 Sep 2014 | 10:52 am
    In a civil appeals matter, Appeals Officers typically have brought authority to reach settlement agreements with taxpayers by considering the various hazards of litigation. The hazards of litigation standard used by Appeals states that Appeals Officers can consider the potential outcome at trial when deciding whether to settle a controversy with the taxpayer.Tags: Tax Appeal Information & Advice From The Tax LawyerRead more about How Do Tax Appeals Cases Get Settled?
  • Civil Penalties For Failure to Participate in OVDP

    Bill Hartsock
    4 Sep 2014 | 12:10 pm
    If a taxpayer who is eligible to participate in the Offshore Voluntary Disclosure Program fails to do so, he or she may be open to certain civil penalties if the IRS discovers the taxpayer’s nondisclosure of foreign accounts and assets. Depending on the taxpayer’s facts and circumstances, the following penalties may apply.Tags: FBAR News and Information On Programs and ProceduresRead more about Civil Penalties For Failure to Participate in OVDP
 
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    Bankrate.com » Taxes

  • Tax effects on retirement savings

    Kay Bell
    18 Sep 2014 | 7:30 am
    Do you take advantage of tax-favored retirement savings accounts? Congress is looking at ways to make IRAs and 401(k) plans more appealing.
  • US 32nd in tax competitiveness

    Kay Bell
    16 Sep 2014 | 12:43 pm
    Business leaders have long complained the U.S. tax code penalizes businesses. A new study agrees, putting America near the bottom of a tax competitiveness list.
  • Direct Pay option for estimated taxes

    Kay Bell
    11 Sep 2014 | 7:59 am
    The IRS is hoping that Direct Pay, another tax e-payment option introduced this year, will get a boost from September's estimated tax payments.
  • The end of tax-free lunches?

    Kay Bell
    9 Sep 2014 | 12:50 pm
    Employer-provided lunches could soon show up as added income in workers' paychecks if the IRS follows through on plans to evaluate this workplace perk.
  • Massachusetts tax amnesty underway

    Kay Bell
    4 Sep 2014 | 10:55 am
    Delinquent Massachusetts taxpayers have a chance to get right with the state revenue office if they pay up during the amnesty period, which ends Oct. 31.
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    Sales Use Tax

  • Colorado Statute of Limitations: Watch Dates in Home Rule Cities

    Keith Crichton
    16 Sep 2014 | 4:49 pm
    Article XX, Section 6 of the Colorado Constitution grants a great deal of authority to the state’s Home Rule cities.  However the legislature determined “that the enforcement of sales and use taxes can affect persons and entities across the jurisdictional … Continue reading →
  • Colorado DMA “Amazon Tax ” Case Moves Forward

    Jerry Donnini
    12 Sep 2014 | 9:59 am
    Direct Marketing Association has continued its fight for consumer privacy with Colorado. Specifically, DMA filed its opening brief in the Supreme Court of the United States on September 9, 2014. The Supreme Court will hear the case during its upcoming … Continue reading →
  • Back to School for Sales Tax Exemptions

    Annette Nellen
    19 Aug 2014 | 10:49 am
    Special tax rules tend to violate principles of good tax policy, such as simplicity, neutrality and equity. For example, a sales tax exemption for certain types of manufacturing equipment will require specific definitions of the eligible equipment. We have seen … Continue reading →
  • Showdown in Congress: The Marketplace Fairness Act Update

    Jerry Donnini
    14 Aug 2014 | 9:21 am
    Over the past few years, small and mid-sized businesses have feared the Marketplace Fairness Act (“MFA”).  Under the new Act online retailers that have sales over a certain threshold would be required to charge, collect, and remit tax in any … Continue reading →
  • Permanent Internet Tax Freedom Act Moves One Step Closer to Final Law

    Sylvia F. Dion
    16 Jul 2014 | 8:35 am
    The Permanent Internet Tax Freedom Act, H.R. 3086, made big news yesterday – July 15th! This significant piece of legislation was approved via voice vote by the U.S. House of Representatives, moving the proposal one step further to becoming final … Continue reading →
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    US Tax Program

  • Swiss versus Liechtensteinian Solution in the US Tax Dispute

    admin
    18 Sep 2014 | 3:50 pm
    This article published by Le Temps explores the solutions to the tax dispute with the US from the perspective of Switzerland vs Liechtenstein. The solution applied by Liechtenstein was to adopt an urgency measure approved by its government to transfer sensitive data about the US client to the USA. On the other hand Switzerland considered this solution, that was supported by a number of Swiss banks, to be legally unacceptable to Swiss standards. As well as writing to the US Department of Justice (DoJ), the Swiss federal government then negotiated with the USA. It proposed a number of…
  • To Get Away from Misbehaving the DoJ Suggests that the Banks Implicate the Employees

    admin
    17 Sep 2014 | 3:18 pm
    Principal Deputy Assistant Attorney General for the Criminal Division Marshall L. Miller suggested at the Global Investigation Review Program that corporations involved in wrong doing cooperate closely with the US Department of Justice (DoJ). In turn the DoJ will consider the full range of corporate resolutions – from non-prosecution agreements and deferred prosecution agreements to guilty pleas. He reminded the audieance about the Credit Suisse case and its guilty plea. He added ‘we will reward with cooperation credit companies who identify criminal wrongdoers and provide evidence…
  • Swiss Banking Sector Fueled with Overblown Merger Speculations

    admin
    12 Sep 2014 | 2:43 pm
    Higher regulatory and compliance costs paired with thinner margins prompted a wave of speculations for mergers in the Swiss banking industry. It is happening confirms Zeno Staub, Vontobel CEO, to Bloomberg, but at a slower pace. Vontobel, a category 3 bank under the US Program, is still interested in acquiring a private bank in Switzerland or a management firm on- or offshore. Zeno Staub mentioned that they have declined a number of potential purchases this year. Consolidation in the Swiss banking sector will continue according to consultancy firms. 2014 saw, for example, HSBC Holdings Plc…
  • The Swiss Banking Industry Is Changing Focus and Approach

    admin
    4 Sep 2014 | 2:27 pm
    Since 2009 the veil of Swiss banking secrecy was first lifted when UBS agreed to pay $780m in fines and pass on a number of information about tax-evading US citizens. With the Swiss banking secrecy under threat clients have withdrawn c.a. $381bn since 2008 according to an estimates from the accounting firm PricewaterhouseCoopers. Those outflows paired with the low-risk preferences from the clients have impacted the banks’ profits. Hence, according to a study by the firm KPMG, the number of loss-making banks rose to 34 out of 94 banks considered, a 50% increase from the previous year. This…
  • The Withdrawal from a Number of Category 2 Banks from the US Program Marks a Change in the Banks’ Attitude

    admin
    3 Sep 2014 | 7:22 am
    The Swiss newspaper L’Agefi analyses the recent withdrawal from the Category 2 of US Program from a dozen of banks. According to the journalist the process is the result of the analytical work conducted in 2014. Encouraged by the FINMA, at the end of 2013, 106 banks rushed to join the US Program under Category 2, i.e. banks that are not already under investigation by the US Department of Justice (DoJ) but have reasons to believe that they have committed tax-related offenses. The newspaper points out that the existence of offshore structures is considered by the DoJ as a clue to indicate…
 
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