Federal and state tax laws are often in alignment with each other on the basic structure of deductions, exemptions and so on. But how does federal tax law take account of the fact that federal taxes may be affected by differences in state tax structure? In Texas, this is a […]
IRS in 2009. This program has been beneficial to many taxpayers in resolving tax debt and avoiding federal tax liens. But as the Treasury Inspector General for Tax Administration (TIGTA) found in a recent report, there are several ways in which the Fresh Start program could be improved. In this […]
In 2009, in the midst of the Great Recession, the IRS launched an initiative intended to ease the burdens of financially strapped individuals and businesses burdened by back taxes. It was called “Fresh Start.” The program sought to help taxpayers find ways to avoid federal tax liens and resolve their […]
In an appearance before the House Committee on Ways and Means, IRS Commissioner John Koskinen announced changes in the way the IRS will investigate cases of suspected structuring, particularly as it relates to civil forfeiture. The Bank Secrecy Act of 1970 requires banks to file a Currency Transaction Report (CTR) […]
Top tennis players usually earn income in several different countries during the year. Minimizing their tax liabilities requires some creative planning, including changing their residence to a tax friendly country. Andre Agassi once unsuccessfully argued against British tax authorities when they taxed him on a portion of his Nike endorsement […]
A surge in fraudulent state tax filings in 19 states appears to involve personal information stolen from TurboTax. The FBI is working to determine who used stolen data to obtain bogus refunds from various state agencies and whether federal returns are also involved. In response to the suspected breach, TurboTax […]
Online Filers Should be Wary of Identity Theft A surge in fraudulent state tax filings in 19 states appears to involve personal information stolen from TurboTax. The FBI is working to determine who used stolen data to obtain bogus refunds from various state agencies and whether federal returns are also […]
Tax-filing season for this year still has a couple of months ago. But what if you still have not filed taxes for previous years? In this post, we will explain how important it is to put a plan in place to address past-due federal taxes. One possible consequence of not […]
UBS has confirmed that it is again being investigated by U.S. regulators for helping wealthy Americans evade taxes, this time involving the sale of “bearer bonds” that allow investors to transfer ownership anonymously. Bearer bonds, which are generally illegal in the United States, are still common in Europe and have […]
U.S. authorities may revisit a 2012 deferred prosecution agreement with HSBC due to new allegations that the bank helped wealthy individuals hide money and evade taxes. Over the weekend, an international group of media outlets reported on a massive cache of files showing how HSBC’s Swiss arm helped wealthy clients […]