CORPORATE TAX SHELTERS: ARE THE RISKS WORTH THE HYPE?
The majority of tax shelters are in full compliance with the tax laws, but an increasing number of these shelters have crossed the boundaries whereas they are being viewed as illegal, abusive tax shelters. So what’s the difference between a true business loss and a tax shelter loss? The substance of the event that gives […]
Changes to the Streamlined Procedures in the Offing?
In an article that appeared on Tax Connections last week entitled, “Changes To the Streamlined Version of OVDP To Be Announced Soon?,” author Ronald Marini, Esq. foreshadows several changes to the streamlined version of the Offshore Voluntary Disclosure Program. For those cynics who said, “I knew it! It was just a matter of time before […]
“I’ve Been a Bad, Bad Taxpayer” – A Look at the Certification for Non-Willfulness in Streamlined Procedures
Growing up, your mother probably resorted to sweetness to get you to confess to the broken window she knows your baseball caused. It was easier for you to take the blame then because her words were comforting and put your mind at ease. Well, the IRS has resorted to something quite similar. On June 18, […]
“Jersey Shore’s” Mike ‘The Situation’ Sorrentino Indicted on Charges of Federal Tax Evasion. Pleads Not Guilty
Hold onto your seats! As if Mike Sorrentino, the former “Jersey Shore” cast member’s legal woes couldn’t get any worse, they just did. Mr. Sorrentino pleaded not guilty on Wednesday, September 24, 2014 to failing to pay taxes on nearly $9 million in income. According to the indictment, Mr. Sorrentino earned this income trading off […]
Caribbean-Based Investment Advisor Nabbed for Using Offshore Accounts to Launder Funds
For those of you who might be wondering, the cartoon-image that accompanies this blog is not meant to portray any of the defendants in this case. However, that does not mean that it is there for no apparent reason. On the contrary, it is intended to represent someone (or perhaps some people). I’ll give you […]
Getting It Right on FATCA
In the words of the famous fictional character, Homer Simpson, “D’oh!” I made a mistake. And I’m not going to waste any time in fixing it. This isn’t the first time and it likely won’t be the last. While no one likes to make mistakes, I’ve learned from my experience as an improviser and a […]