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October 2016 Archives

Contentious Wyly case continues to unfold

Contentious tax litigation can take a very long time to resolve.For over two years, we've been following a complicated fraud and tax evasion case involving two Texas brothers, Charles and Sam Wyly, who set up a series of offshore tax shelters that ran afoul of federal regulators. The twists and turns have included Charles's death and Sam's bankruptcy filing. The case also involves monetary sanctions by the Securities and Exchange Commission (SEC) and huge tax penalties.In this post, we will update you on the latest development: Sam Wyly's settlement with the SEC.

Any taxpayer can face tax problems with the IRS, even a tax judge

This past week, news hit the airwaves about a former U.S. Tax Court judge who pleaded guilty to violation of federal tax law. This dramatic story speaks to every taxpayer with the message that anyone of any stature or with any level of education can potentially face criminal tax charges.

Offshore account "safe harbor" programs by the numbers

While it's not against the law to own a foreign bank account, the tax code requires that you disclose it and pay tax on income. Since 2009, the IRS has devoted significant resources to offshore account compliance.

Midco transactions: when is one party liable for another's taxes?

Yesterday news broke about the merger of AT & T and Time Warner. The deal is worth a reported $85 billion, so understandably there's a lot of buzz.There are all sorts of deals, however, involving little media attention but important tax issues. In this post, we will discuss a fairly common scenario known as a "midco transaction."  This is a transaction in which a third party serves as an intermediary between buyer and seller when a business is sold.Can companies use these midco entities to keep tax liabilities of the first entity from being transferred to the entity that acquires it?

Using private contractors to collect tax debt: IRS announces choices

The wheels of government don't always grind quickly. But when there is enough momentum and legal direction behind an initiative, they do grind.To be sure, it has taken most of this year for the IRS to organize a program to implement a directive from Congress that private contractors be used for tax debt. In late September, however, the IRS announced the names of the private firms it has chosen to participate in the program.In this post, we will use a Q & A format update you on that development.

Generations, part 2: Millennials and tax compliance resources

In the first part of this two-part post, we began discussing a few of the ways in which the different approach that the Millennial generation tends to take to tax compliance compared to other generational cohorts. We noted, for example, that Millennials tend to have a lot of concerns about taxes. More than 4 out of every 5 Millennials in a survey conducted by NerdWallet, a personal finance website, reported being worried about some aspect of their taxes.In this part of the post, let's look at some strategies that Millennials can use to get beyond tax worries and stay in compliance with the law without undue effort.

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