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August 2016 Archives

Marital status and taxes, part 2: a Q & A divorce and separation

Let's continue the discussion we began last week of the impact of marital status on taxes.In the first part of the post, we noted that married people don't necessarily get better tax treatment than unmarried people. For example, an unmarried couple can come off better than a married couple when it comes to deductions for home-mortgage interest.In this part of the post, we will use a Q & A format to look at the effect of divorce or separation on taxes.

Marital status and taxes, part 1: mortgage deductions

About a year ago, we devoted a post to the impact of marriage on taxes.In that post, we asked whether there really is a "marriage penalty," by which married couples may end up paying more in federal income tax than they would have if they had filed separately. We noted that the answer depends on several factors, particularly the couple's income.In this two-part post, we will look at two other aspects of how marital status affects taxes. Part one will look at the mortgage deductions for non-married partners. Part two will discuss the tax effects of separation or divorce.

Not paying energy-related taxes can result in evasion or fraud charges

As high-profile energy industry investor Morris Zuckerman can attest, failure to pay taxes on money earned through energy production can result in serious criminal tax evasion or fraud charges. The Zuckerman case is a complicated one, involving a number of years and myriad investments on behalf of his Manhattan-based M.E. Zukerman & Co. (MEZCO).

Tax inversion transactions, part 2: Lawsuit challenges new rules

Let's continue the discussion of tax inversion transactions that we began in a post last week.
As we noted, transactions by which a U.S. company acquires a partner abroad and avoids U.S. taxes by reincorporating have attracted increasing attention from federal regulators. Last spring, the Treasury Department put into effect new regulations to remove the tax benefits of these transactions.In this part of the post, we will update you on a lawsuit filed against these rules by business groups.

IRS is not just the tax collector; it is also the tax police

The Internal Revenue Service is much more than just the federal agency that collects taxes. It has broad power to investigate individuals and businesses for evidence of potential tax crimes like fraud or evasion involving tax preparation, bankruptcy, banking, gaming, health care, underreporting, employment taxes, identity theft, money laundering, tax avoidance schemes, failure to file returns and much more.

Tax inversion transactions, part 1: background for the new rules

In a junior-high civics class, the roles seem so settled. The legislative branch makes laws, the executive branch enforces them and the judicial branch interprets them.
n practice of course, the interactions of the branches of government are often not so clear.Consider, for example, the current controversy about new IRS rules on tax inversions. In this two-part post, we will discuss those rules and the situation they are responding to.

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