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“ANSWERING YOUR CIVIL AND CRIMINAL OFFSHORE DISCLOSURE QUESTIONS”

ABA Webinar “ANSWERING YOUR CIVIL AND CRIMINAL OFFSHORE DISCLOSURE QUESTIONS” – Tuesday, February 24, 2015 at 12:00 to 1:30PM ET.   Following on the success of the recent ABA National Institutes of Criminal Tax Fraud and Tax Controversy, this program will provide a brief overview of offshore tax enforcement, followed by an opportunity to present questions directly … Continue reading “ANSWERING YOUR CIVIL AND CRIMINAL OFFSHORE DISCLOSURE QUESTIONS”

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ICIJ Reveals Swiss HSBC Data

THE INTERNATIONAL CONSORTIUM OF INVESTIGATIVE JOURNALISTS(ICIJ) have released information regarding “a trove of almost 60,000 leaked files that provide details on over 100,000 HSBC clients and their bank accounts.” See  https://www.icij.org/project/swiss-leaks/explore-swiss-leaks-data ICIJ DISCLAIMER – A Disclaimer on the ICIJ site states “There are legitimate uses for Swiss bank accounts and trusts. We do not intend … Continue reading ICIJ Reveals Swiss HSBC Data

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California’s New Form 3840 for Reporting Like-Kind Exchanges by Lacey Strachan

Section 1031 like-kind exchanges have been one of the California Franchise Tax Board’s (FTB) top audit issues in recent years. [i]  California’s Form 3840, which is new for the 2014 tax year, is one of the latest developments in the FTB’s focus on scrutinizing like-kind exchanges. On June 27, 2013, Assembly Bill 92 was enacted, … Continue reading California’s New Form 3840 for Reporting Like-Kind Exchanges by Lacey Strachan

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Fraudulent Failure to File Tax Returns – 75% of the Tax Due!

Failing to file returns is not a reasonable response to the inability to pay the tax liability associated with the returns. If in doubt, file the returns and work out a payment arrangement with the IRS. Also, know that the civil “failure to file” penalty accrues at 5.0%/month (up to 25% of the tax deficiency). … Continue reading Fraudulent Failure to File Tax Returns – 75% of the Tax Due!

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PERENNIAL NOL QUESTION (WITH ANSWER) by EDWARD M. ROBBINS, JR.

I get this question from practitioners and taxpayers several times a year . . . Question: We are under examination for our corporation in an open loss year, and now the IRS wants to go back and look at a closed year where we took part of the loss as a carryback.  How can they … Continue reading PERENNIAL NOL QUESTION (WITH ANSWER) by EDWARD M. ROBBINS, JR.

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FILE LATE AT YOUR PERIL by AVRAM SALKIN

In its recent opinion in Mallo v. United States of America,[1] the Tenth Circuit Court of Appeals included broad language indicating that a late filed tax return is not a tax return for purposes of determining a discharge of tax liabilities in bankruptcy. The underlying district court denied a discharge on the grounds that the return … Continue reading FILE LATE AT YOUR PERIL by AVRAM SALKIN

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Application of TEFRA to Employment Tax Examinations By Krista Hartwell

On December 12, 2014 the Office of IRS Chief Counsel published Legal Advice Issued by Field Attorneys (LAFA) 20145001F, concluding that the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), as codified in Sections 6221 through 6324, “does not apply to employment tax examinations or worker classification proceedings for entities that are otherwise subject … Continue reading Application of TEFRA to Employment Tax Examinations By Krista Hartwell

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SECTION 6901’s TWO-PRONG INQUIRY by LACEY STRACHAN

Although shareholders are generally not liable for debts of a corporation, shareholders may be liable for a corporation’s tax liability if they are considered transferees under a state’s fraudulent conveyance laws.  Where such liability exists, § 6901 of the Internal Revenue Code (“IRC”) allows the IRS to assess and collect the tax liability from the … Continue reading SECTION 6901’s TWO-PRONG INQUIRY by LACEY STRACHAN

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The Effect of Latent Tax Liabilities on Stock Values by Avram Salkin

The IRS has consistently taken the position that potential tax liabilities of C corporations, S Corporations, and individuals should not be considered when valuing stock or other assets.  For example, should the stock of an S Corporation’s stock be reduced if the corporation holds assets that are worth far more than their tax basis?  If … Continue reading The Effect of Latent Tax Liabilities on Stock Values by Avram Salkin

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How Long Should I Keep Tax Records?

Many taxpayers hoard records such that they can be appropriately prepared “if and when” an IRS examination occurs. Others often inquire as to which records should be maintained and for how long. Some routinely destroy relevant documents on the mistaken belief that an examination result will somehow be enhanced if certain documents simply don’t exist. … Continue reading How Long Should I Keep Tax Records?

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Random Thoughts re IRS Examination Representation

It is extremely important to have a working knowledge and appreciation for the administrative process in which tax returns are fi led, reviewed and examined. This knowledge allows the practitioner an opportunity to provide an efficient, invaluable service to his clients and to the system of tax administration. The administrative process should not be abused … Continue reading Random Thoughts re IRS Examination Representation

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AGOSTINO & ASSOCIATES NEWSLETTER – The Taxpayer Advocate Service: Guarantors of the Taxpayer Bill of Rights

AGOSTINO & ASSOCIATES –To download a great article prepared by our very close friends at the Law Firm of Agostino & Associates in Hackensack, NJ ( www.agostinolaw.com ), see the Agostino & Associates November Newsletter https://drive.google.com/file/d/0B719qAMBEjGQUjlDb3VJTDVkZDA/view?pli=1 The Taxpayer Advocate Service – Guarantors of the Taxpayer Bill of Rights By Frank Agostino & Matthew Turtoro –  The Taxpayer Advocate Service … Continue reading AGOSTINO & ASSOCIATES NEWSLETTER – The Taxpayer Advocate Service: Guarantors of the Taxpayer Bill of Rights

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