The Obama administration voiced its opinion in a letter to leaders of the congressional tax-writing committees over urging lawmakers to pass legislation that would limit U.S. companies’ ability to reincorporate overseas for tax purposes. In the letter, Treasury Secretary Jacob Lew encouraged that lawmakers “should enact legislation immediately…to shut down […]
On July 17, 2014, the House passed legislation called the “America Gives More Act of 2014” (H.R. 4719). The bill contained “tax extenders” for two charitable tax breaks that could expire, but are normally renewed for one or two years at a time. In addition, there were two new ideas. […]
Internal Revenue Service Commissioner John Koskinen unveiled the agency’s plan to create a voluntary tax preparer certification program. The lower court and the appellate court in Loving V. Commissioner ruled that the IRS did not have the authority to regulate preparers. However, the IRS remained undeterred in its quest to […]
Following last month’s Zwerner decision, in which a Florida jury upheld three 50% civil FBAR penalties against a business man and banker, the IRS has again imposed the maximum civil FBAR penalty against a taxpayer for three years. Ashvin Desai, a medical device manufacturer living in San Jose, California, was […]
In general, the Internal Revenue Service treats a cancellation or discharge of debt as income. You may wonder how you are to pay tax on the cancelled portion of a loan, if you did not have the money to pay the debt in the first place. Only the debtor who […]
Walgreen Co’s Chief Executive Greg Wasson said on Tuesday that the company is exploring the idea of moving outside the U.S. as it considers buying the remaining shares it doesn’t already own in European pharmacy Alliance Boots GmbH. The company has been under increased pressure from shareholders to use a […]
Paul M. Daugerdas, a Chicago-area attorney and accountant, has been labeled by the government as history’s most prolific and unrepentant tax cheat. The judge overseeing Daugerdas’ case referred to the attorney as having “incredible greed.” Daugerdas was then ordered to pay nearly half-billion dollars in restitution and forfeit $164 million […]
The proverb goes that nothing is certain but death and taxes. Even after death, your estate may need to pay taxes on the property transferred to loved ones. All the items receive a fair market value and become part of the “Gross Estate.” Property is a broad term. Some of […]
When homework was completed with a pen and paper, the excuse that the dog ate your homework was plausible. It could happen, although it has always been unlikely. As everyone moves to digital, the excuse becomes the dog chewed up the flash drive or maybe the external hard drive. Recently, […]
U.S. taxpayers hiding assets abroad should take note of the Internal Revenue Service’s plan to sharply increase penalties for such acts, while those who unintentionally fail to disclose offshore accounts will experience much more leniency. The IRS’s June 18 changes to offshore disclosure programs constitute the latest in the U.S. […]