With FATCA set to take effect on July 1, financial institutions around the world have been lobbying to delay implementation of the law, citing concerns about costs and potential disruptions to global markets. Over the weekend of May 3rd, the Treasury Department announced that it would not strictly enforce many […]
In a case that has raised eyebrows in the tax community, a jury in the Southern District of Florida has sustained the IRS’s assessment of multiple willful FBAR penalties against an American business man and bank director. Carl Zwerner, an 87 year-old man born in Yonkers, New York, started a […]
Since the IRS announced the 2009 Offshore Voluntary Disclosure Program (OVDP) over five years ago, our firm has been assisting taxpayers submit accurate and complete disclosures in accordance with the program guidelines and procedures. The evolution of the OVDP through the 2011 and 2012 programs has brought a longer look-back […]
President Donald Trump recently signed a new travel order that limits entrée to the U.S. for people coming from certain countries. This highly publicized notice has many American companies scrambling to work around travel restrictions for remote or traveling employees that could leave them stranded outside the U.S. A much […]
Many companies hire independent contractors for limited projects to reduce overall costs. Companies do not withhold income, Social Security or Medicare taxes for independent contractors and do not provide the same benefits generally offered to regular employees. It becomes the contractors’ responsibility to pay their own self-employment taxes and benefits. […]
It isn’t easy being a landlord. Trying to keep customer-tenants satisfied enough to renew their leases is often a frustrating and not necessarily lucrative endeavor. The tax code often isn’t much help either, with arcane rules limiting the ability of real estate owners to deduct losses. These rules concern what […]
As part of the 2010 Hiring Incentives to Restore Employment (HIRE) Act, the authority of the Internal Revenue Service (IRS) will soon reach across international borders to tax or fine foreign financial institutions (FFIs) and non-financial foreign entities (NFFEs). The FATCA Makes FFIs and NFFEs Do the IRS’s Dirty Work […]
A tax return preparer is any individual who accepts payment for preparing “all or a substantial portion of a tax return or claim for refund under … the Internal Revenue Code.” Making a little more income over tax season by preparing returns for family and friends could put you into […]
“It is better to give than to receive,” the old saying goes. Philosophers such as Peter Singer are exploring the deeper aspects of this statement, probing the sense in which giving is a key act of moral agency. There are, however, also plenty of fraudsters and scammers who take advantage […]
In February 2011, the IRS announced its 2011 Offshore Voluntary Disclosure Initiative (OVDI), a program that would allow those with offshore assets who had not previously declared and paid taxes on them to become current in their tax obligations. Motivated by the success of past disclosure programs and the need […]