What you need to know about Tax Court

December 2017

The US Tax Court is a Federal trial court established by Congress.  It is independent from the IRS.  The mission of Tax Court is to resolve disputes between Taxpayers and IRS. Tax Court has the authority to provide rulings on

  • JD Supra

Pass-Through Treatment: Don’t bite the hand that feeds most Americans!

December 2017

According to the U.S. Bureau of Labor Statistics (https://www.bls.gov/emp/ep_table_201.htm), the Professional and Business Services (PBS) industry sector accounted for 12.9% of jobs in the U.S. during 2016 as opposed to 7.9% for the Manufacturing Sector (MS).  The Bureau projects that

  • JD Supra

Are You Receiving Income From the “Sharing Economy”? You might owe Taxes and Penalties

December 11 2017

  • South Florida Legal Guide - Supplement for the Miami Herald Business Monday

Do you know which Business Structure to choose when starting a New Business?

December 2017

When opening a new business, electing a business structure is an important decision.  The business structure elected can affect how much will be paid in entity income taxes, record-keeping requirements,  how much personal  tax liability might be incurred, if any,

  • JD Supra

Here is what you need to know about IRS proposed draft of Form 1040 for 2017

November 2017

As a courtesy to Taxpayers, IRS provides an “early release draft” of an IRS tax form.  The drafts are not to be used for filing, but are generally released when most changes have been incorporated into the Form.  The highlights

  • JD Supra

Is your spouse having trouble with the IRS and you didn’t know?

November 2017

In a joint tax return filing, IRS has the right to assess both spouses that sign a joint income tax return under the penalty of perjury.  This is similar to jointly signing for a loan at a Bank.   The Bank

  • JD Supra

New GTO covers Wire Transfers

October 2017

On August 22, 2017, FinCEN (Financial Crimes Enforcement Network) published a new Advisory regarding Geographic Targeting Orders (GTOs) covering residential real estate transactions in certain counties or boroughs of New York, Florida, California, Texas and Hawaii (newly added in this GTO).   The

  • JD Supra

Greedy Charitable Deductions May Cost You

October 2017

Taxpayers are not required to pay a negligence penalty for underpayment of income taxes if, under Internal Revenue Code regulations, there is reasonable cause for a position that the Taxpayer takes in an income tax return. http://www.jdsupra.com/legalnews/greedy-charitable-deductions-may-cost-24327/

  • JD Supra

Watch out if you are an Expatriate US Passport Holder with Tax Debt and receive Notice CP-508C!

September 2017

According to the US Department of State, there are approximately nine (9) Million US passport holders living overseas.  There continues to be a misimpression by certain US Taxpayers living overseas that they are not required to file US income tax

  • JD Supra

Out of Compliance Taxpayers: Beware of new IRS-Programs!

September 2017

The IRS-Criminal Investigation Unit (IRS-CI) is the Criminal Law Enforcement Arm of the IRS.  Its conviction rate of over 90% is one of the highest in federal law enforcement.  Those convicted pay taxes, penalties and interest with the Courts imposing

  • JD Supra

Taxpayer, Was Your Conduct Non-willful?

September 25, 2017

  • South Florida Legal Guide Supplement for the Miami Herald - Business Monday

Does investing in a PFIC make sense given FATCA reporting?

September 2017

Since FATCA’s implementation in 2010, investing in a Passive Foreign Investment Company (PFIC) is a questionable decision.  PFICs are reportable investments and their tax regime is punitive.  Under FATCA, US Taxpayers’ undisclosed foreign financial holdings are available to IRS through

  • JD Supra