Employment Taxes And The Self-Employed Global Worker – So “Un”Happy Together – Part I (4)
I. Domestic Administration of Social Security Taxation and the Scope of International Coordination – continued c. The Third Aspect: Taxation of Benefits Up to 85% of social security benefits received by United States citizens and residents are included in income and subject to taxation, depending on the level of benefits, tax filing status, and other […]
Employment Taxes And The Self-Employed Global Worker – So “Un”Happy Together – Part I (3)
I. Domestic Administration of Social Security Taxation and the Scope of International Coordination – continued b. The Second Aspect: Benefits Eligibility In general, any individual is eligible to receive United States social security benefits at the age of sixty-two if he is considered “fully insured” and has filed the necessary paperwork. An individual is generally […]
Employment Taxes And The Self-Employed Global Worker – So “Un”Happy Together – Part I (2)
I. Domestic Administration of Social Security Taxation and the Scope of International Coordination – continued a. The First Aspect: Contributions Social security contributions are imposed as a tax via the Internal Revenue Code (Code) and collected by the Department of Treasury through the Service. Two statutes apply. With respect to employers and their employees, the […]
Employment Taxes And The Self-Employed Global Worker – So “Un”Happy Together – Part I (1)
Domestic Administration of Social Security Taxation and the Scope of International Coordination – The United States social security program consists of benefits collected from taxes on employers, employees, and the self-employed, and distributions paid out to retired workers and their dependents and survivors. There are three aspects of the United States social security program. First, […]
Are You In It To Win It? Fighting The Post-Bankruptcy Survival Of Federal Tax Liens On Property That Is Excluded From The Bankruptcy Estate
The federal tax collection system is founded on the concept of voluntary compliance.[1] The United States government expects taxpayers to compute and timely pay all taxes owed. Most taxpayers fulfill this obligation. However, a minority refuse to comply. Those falling within the latter category are subject to forced collection and various penalties. This article seeks […]
IRS’s Treatment Of Elderly Cancer Researcher Sends Strong Message To Taxpayers That IRS Means Business When It Comes To Prosecuting Individuals For Tax Evasion
A prominent cancer researcher has learned a valuable and humbling lesson: Do not try to outsmart the IRS. Peter Urrea was sentenced to 18 months in federal prison for cheating on his taxes. While most tax cheats avoid criminal prosecution and instead pay high civil penalties, Peter Urrea is an exception. What did he do […]
More U.S. Taxpayers Admit to Secret Swiss Accounts
Why Swiss Bank Clients Who Can’t Stand the Heat Are Getting Out of the Kitchen Every July, people from around the world descend upon a small village in Spain called Pamplona for the fiesta of San Fermin. Encierro, or “The Running of the Bulls,” is the event at the heart of the fiesta. The fiesta […]
A Powerful Way To Plan: The Grantor Retained Annuity Trust (GRAT)
A Grantor Retained Annuity Trust, or GRAT for short, is a special type of irrevocable trust that allows the Trustmaker/Grantor to gamble against the odds and, if the Trustmaker/Grantor plays their cards right, then a significant amount of wealth can be moved down to the next generation for virtually no estate or gift tax dollars. […]
New Jersey Clamping Down on Tax Evasion in The Small Business Community
The Internal Revenue Service takes great pleasure in auditing individuals who own their own small businesses. Why target these “moms and pops?” For the simple reason that they often deal in cash and keep two sets of books. Add in possible sales tax violations and before you know it auditors from the state revenue department […]