Foodman CPAs and Advisors

When the Wall of Secrecy Collapses

jd supra logo

Foreign Accounts, Shell Companies, Blind Trusts, Asset Protection Trusts, Offshore Trusts, Global Citizenship, secrecy and US Residency are just a few of the Terms highlighted in the mega divorce proceedings of a Palm Beach County couple -Sarah Pursglove versus Robert Oesterlund – and their $400MM fortune. After the divorce caught the attention of the New […]

Do You Know What an IRS Criminal Investigation is?

jd supra logo

Your worldwide income is subject to U.S. income tax, regardless of where you reside”.  The integrity and fairness of the US tax system is based on the premise that all income may be taxable, and that its taxpayers will self-assess taxes owed, and comply voluntarily.    Individuals and entities making decisions to not comply with the law could face a […]

Are Forensic Accountants an Attorney’s Silver Bullet?

jd supra logo

From the art of interviewing, to recognizing mathematical irregularities, and following the money, Forensic Accountants are a proven invaluable tool for Attorneys and their clients. “Finding” the money combines the skill set of a financial investigator with the experience of locating otherwise hidden trails. Examples of cases requiring the experience of a Forensic Accountant are […]

Bankers, Do your US Clients tell you everything that you need to know?

jd supra logo

Given the information publicly revealed by “Panama Papers”, and recent IRS reminders to out-of-compliance US Taxpayers to come into full compliance with their federal tax obligations, it is critical that Bankers and Financial Institutions educate their clients regarding banking industry Customer Due Diligence (CDD) guidelines. FATCA reporting exchanges took place in 2015 and 2016. When […]

Claiming Vehicle Expenses… Keep a Record!

jd supra logo

Recently, a CPA lost his own business automobile deduction case in the U.S. Tax Court. The CPA had deducted business automobile expenses based on calculations from an after the fact MapQuest and not a contemporaneous diary or log. Tax court determined in this case that MapQuest did not provide adequate records for the purpose of […]

Ready to File your Return and You OWE MONEY!

foodman logo

Ready to File your Return and You OWE MONEY! published by Foodman CPAs & Advisors Taxpayers could unexpectedly owe taxes at the end of the year. If Taxpayers are self-employed, or have other income wherein taxes have not been withheld, they should make quarterly estimated tax payments. Another reason for a Taxpayer owing taxes at the […]

What You Need to Know About IRS Outstanding Inactive Tax Receivables

jd supra logo

Legislation enacted in 12/15 (FAST ACT – Fixing America’s Surface Transportation Act)) required IRS to utilize private debt collection agencies to collect inactive federal tax receivables debts. Starting SPRING 2017, IRS will use private debt collectors to pursue overdue federal tax debts.  IRS has selected 4 Contractors to launch this new program.  The 4 companies […]