At a November 3, 2005 press conference, IRS Commissioner Mark W. Everson reported that audits of high-income taxpayers, corporations and small businesses jumped dramatically in 2005. He proudly proclaimed IRS audits are "reaching the highest level in years for individuals and corporations." Everson said that...
The Presidential Panel on Tax Reform proposed a complete overhaul of the Internal Revenue Code. The purpose would be to simplify the tax compliance process while collection the same taxes. Under the panel's plan, most deductions, credits and other tax breaks would be eliminated along...
The US Supreme Court refused to hear an appeal from a Tennessee resident who telecommuted for a New York company. Even for the time the worker was not in NY, the Empire State taxed his wages. This certainly discourages telecommuting for NY companies and suggests...
===========Question: I am the managing member of an LLC in New Jersey and have a question concerning other members of the LLC. Currently I have two members other than myself of my LLC and would like to know if I would be able to remove...
Irwin Schiff, an antitax crusader, and an associate were found guilty on October 24, 2005 of multiple charges including conspiracy, tax evasion and tax fraud.Mr. Schiff, 77, who argues that paying taxes is voluntary, was handcuffed and led from United States District Court after a...
===========Question: I am interested in a franchise for WSI (Internet Consultants) They only offer non-exclusive territories to their franchisees. My first reaction is that this is not a good thing, but I could be wrong. I realize that this is in the franchisor's favor, but...
===========Question: We have recently had our bankruptcy discharged. We are giving back the house, will the discharged debt be considered income? If so how are we supposed to be able to pay those taxes when we are broke?thanks,Josh===========Reply: Normally, Cancellation of Indebtedness is considered Taxable...
IRS Audits are now focusing on Executive Fringe Benefits. The purpose is to deny the deduction for the business and to include the expenses as income for the Executive. Areas scrutinized in the audits include: Athletic Skyboxes and Cultural Entertainment Suites Awards Bonuses ...
Form 4868 will get you anautomatic 6-month extension and Form 2688 will become obsolete.Additionally, Form 7004 will also give you an automatic 6-month extension and will also be used for extensions for trusts and partnerships as well.Forms 2758, 8736 and 8800 will likewise become obsolete....
One issue with domestic asset protection trusts is that the Section 548(e) of the Bankruptcy Act of 2005 specifically allows a bankruptcy trustee to avoid transfers within 10 years of the transfer to the trust,"or other similar device"such as Family Limited Partnerships and LLC,...