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October 2017 Archives

Two lessons about shell corporations from the Manafort case

Shell corporations get a bad rap. There are situations when a shell corporation is not just legal, but makes good financial sense. Navigating through the legal intricacies that distinguish the legitimate use of a shell corporation from the illegal can be difficult. A recent case provides an example of an individual that allegedly failed to make this distinction.

Don't forget to report side job income to the IRS

America is now, at least in part, a so-called "side gig" economy. An estimated 25 percent of us now have side jobs to generate additional income. Such things as driving for a ride-share service like Uber or Lyft, dog-walking, renting out a residence part-time through Air BNB or Home Away, and being a freelance digital personal assistant can provide enough extra money to cover expenses, save for a big purchase or pay down debt. These so-called "side hustles" add billions of dollars in income to the national economy each year.

IRS settles class action lawsuits alleging discrimination

The Internal Revenue Service (IRS) recently settled class action lawsuits representing over 400 conservative groups that state they were “improperly” delayed tax-exempt status, according to a recent report by USA Today. It appears the federal agency singled out hundreds of groups due to their ideological stances. These groups underwent additional questioning which led to delays.

Underreporting business income can lead to prison time

Fraudulent business tax returns can come with prison time. That is the message the Internal Revenue Service (IRS) is trying to send with two recent cases. The federal agency recently sentenced three different individuals to imprisonment for errors on their corporate tax returns.

German “James Bond” busted for tax evasion

It seems like a plot from a blockbuster action movie. A man takes on a position as a deep undercover agent, a spy for Germany. He blends into the criminal underworld, gathering evidence to support the arrest and conviction of drug dealers, diamond smugglers and terrorists all over the world. He helps negotiate the release of hostages and stops the dumping of 41 barrels of toxic chemicals. He was so good at his job that he earned the nickname, the German “James Bond.”

Equifax breach might mean tax headaches for years to come

Credit giant Equifax, one of the three main credit reporting agencies, recently revealed a massive data breach that occurred earlier in the year. Hackers got through the company's electronic security protocols and into databases full of confidential information. Conservative estimates put the number of affected Americans at a staggering 143 million.

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