Innovative Strategies For Tax Controversies, Business Structuring And Estate Planning
Smaller companies were audited 41 percent more often in 2007 than in 2005, and companies with $10 million to $50 million in assets were 29 percent more likely to be audited in 2007 than 2005, according to a study by Syracuse University’s Transactional Records Access...
Taxes are Killing the Economy The Stock Market has rallied since March 10. Is this a short term improvement in a Bear Market? Unless we see some positive progress in the real economy, the stock market cannot sustain the upward movement. The economy is lousy with...
Obama Administration Attacks Small Business The Obama Administration’s new Labor Secretary, Hilda Solis, screamed to Union workers “You can rest assured that there is a new sheriff in town.” Solis proclaimed at a recent AFL-CIO conference that she is going to...
Supreme Court Limits Police [4/21/09 – 10:14] In a 5-4 decision this morning, the United States Supreme Court announced a major change to the law related to the search of a motor vehicle following the arrest of a recent occupant. In Arizona v. Gant, the Justices ruled...
Net Operating Loss Carryovers for Individuals The American Recovery and Reinvestment Act of 2009 (ARRA) provides individual taxpayers potential net operating loss (NOL) deductions. The IRS has provided opinions stating the ARRA applies to individuals. An “Eligible...
Freedom for All Americans On this day in 1866, the Republican-majority 39th Congress overrode a veto by the Democrat president, Andrew Johnson, to enact the 1866 Civil Rights Act. Every Democrat in Congress voted against it. The purpose of the 1866 Civil Rights Act...
Congress Wants to Criminalize Tax Accounts Not satisfied with the draconian civil tax penalties for having an unreported foreign bank account, Congress is trying to make Foreign Tax Crimes a Money Laundering Offense – (subsec. 2(g) of the Fraud Enforcement and...
Offshore Accounts Get Hammered! The IRS is starting to prosecute UBS customers with Swiss and Offshore accounts that have not reported them. On March 28, the IRS issued a directive making this a high priority. If you are thinking of buying books or consulting services...
Filing the revised IRS form 990 is a big burden for Non Profits. Many non-profits are now being required to maintain more sophisticated records and to do complex tax compliance. I anticipate Nonprofits and Churches will be subject to heightened IRS scrutiny and IRS...
From 2005 to 2007 the IRS increased audits of the smallest companies – those with assets under $10 million. Internal Revenue Service investigations increased a whopping 41 percent. This is part of the government’s attack on small business by the IRS and other...
