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May 2017 Archives

The Messi case, part 1: appeals court affirms tax fraud conviction

A year ago, the soccer star Lionel Messi was on the coveted cover of Sports Illustrated (SI). SI touted the success of his professional team and an upcoming match called the Copa America.What a difference a year makes. This week's news about Messi is that an appeals court has affirmed his conviction on tax fraud charges.In this two-part post, we will use a Q & A format to discuss what can U.S. taxpayers learn, as a cautionary tale, from the Messi case.

Struggling businesses and trust fund penalties: a Texas case

The Trust Fund Recovery Penalty (TFRP) is a powerful IRS tool for going after certain individuals who are considered personally responsible for a business's unpaid employment taxes.We discussed it in considerable detail in an article on which parties can be held responsible.In today's post, let's consider a Texas case that illustrates how this penalty can play out in practice.

Three tips to help tax preparers mitigate risks

Preparing tax forms is a tricky business. Those who pursue this profession are able to help better ensure that their clients make the most of their returns while also balancing obligations to the Internal Revenue Service (IRS). This balance is a slippery one, and a single misstep can result in a slip that is dangerous not only for the client, but for the tax professional as well.

Amazon, eBay and others: Can Texas and other states tax online sales?

It's been 25 years now since the U.S. Supreme Court held that states could not impose the obligation to collect sales-and-use taxes on out-of-state sellers who lack a physical presence in the state.Back then, the retailers in question were mail order companies. Now of course it's an online-driven sales world in which Amazon recently passed Macy's as the nation's largest seller of clothes and Uber has aggressively expanded its ride-sharing services into more and more cities.Are there initiatives underway to revisit the Supreme Court's 1992 decision that prohibited states from taxing out-of-state sellers?

Texas legislature moving forward proposal to tax online purchases

States are struggling to keep up with business innovations. The process of doing business has changed in recent years. Over the last few decades more and more business transactions are occurring online, causing the states to question when a business operates within its borders and is subject to state taxes.

Offers in compromise: Negotiate a tax settlement with the IRS

The IRS has a vast arsenal of tools to use when collecting taxes. It has a tool, however, that it can use to cut its losses, so to speak, in a case when full collection from a taxpayer is doubtful: the offer in compromise, sometimes referred to as an OIC.

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