SCOTUS recently heard oral arguments on a case involving a New York businessman convicted of several counts of tax evasion for failing to pay personal or company taxes for a number of years. The government presented evidence that Carlo Marinello II purposely destroyed business records (including bank statements, receipts, employee […]
Cleaning out paperwork is an important part of keeping records. It is unrealistic to keep all records, but when is it okay to start purging important documents? The Supreme Court of the United States (SCOTUS) will provide some clarification in an upcoming case. Details of the case: shredding records and […]
Here at Brown, PC, we advise wealthy taxpayers and their fiduciaries, including business owners, heirs and beneficiaries, farmers and ranchers, and professionals in the Dallas-Fort Worth area, across Texas and nationally about estate tax matters, which are usually highly complex and sometimes controversial. We represent taxpayers against the IRS in estate […]
The soaring price of bitcoin has crossed the $10,000 mark. Fail to claim gains on a tax return and it could prove costly as the IRS continues an investigation into virtual currency reporting. For about a year, the IRS has been seeking user information from Coinbase, one of the largest […]
On behalf of Brown, PC posted in Audits on Tuesday, December 5, 2017. If you sell oil in Texas, you likely need to pay the Texas Automotive Oil Sales Fee. The application for the Automotive Oil Sales Fee states that everyone that either manufacturers and sells automotive oil in the state, imports oil into […]
The Paradise Papers, like the Panama Papers before them, were released in an effort to bring attention to the use of offshore accounts. As noted in previous posts, these accounts are not illegal. Issues arise if the account holder is making use of the account in an attempt to hide assets […]
Some Texans with financial concerns go to bed at night worrying about things like student tuition and credit card debt. Others, though, more likely have bad dreams about what a recent Forbes article calls “the fear of 2704 regs looming.” Concededly, many people have no concern with that number or […]
The IRS sends out tens of thousands of notices annually to individual and business taxpayers. The reasons for these vary, but can include requests for additional information, payment reminders, audit or investigation notices, refund checks and more. Most of these are fairly basic and straightforward. A simple response, an additional […]
The Internal Revenue Service (IRS) has a reputation for making tax matters difficult. Filling out tax forms is not an easy matter, but the agency has made matters even more difficult when it comes to cryptocurrency. Why are tax matters for cryptocurrency so difficult? The biggest issue is the agency’s failure […]
Offshore accounts are in the news again. Another massive data leak, this one referred to as the Paradise Papers, has resulted in the disclosure of the identity of a number of people and businesses that use these accounts. So what have we discovered from this most recent leak? Basically, we are […]