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Articles

IRS Assembles New Crypto Tax Evaders Unit

The US Internal Revenue Service (IRS) has assembled a team of elite criminal agents to investigate whether cryptocurrencies, such as Bitcoin, Ethereum, Litecoin and Ripple, are being used to evade taxes. Chief of the IRS Criminal Investigation Division, Don Fort, revealed in a recent interview the addition of 10 new investigators to the Criminal Investigation Division. “It’s possible to use Bitcoin and other cryptocurrencies in the same fashion as foreign bank accounts to facilitate tax evasion,” he stated. In addition to investigating international tax compliance cases, the team will work with international criminal agencies to investigate unlicensed exchanges. read more

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Tax Planning for the Cryptocurrency Millionaire

As all of us paying attention to the recent tax reform suspected that: read more

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Seriously Delinquent Tax Debt? Don’t Lose Your Passport!

In 2015, the Fixing America’s Surface Transportation Act, Pub. L. No. 114-94 (FAST Act), enacted IRC §7345. This section requires the IRS to interact with the State Department so that taxpayers with “seriously delinquent tax debts” are certified by the IRS as such, and subsequently have their passports revoked or denied by the State Department. read more

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Hobby or Business? Why It Matters

Millions of U.S citizens have hobbies such as photography, travel, sewing, crafting, hunting, floral design, and coin collecting. By the IRS definition, a hobby is an activity that is not pursued for profit. On the other hand, a business is an activity that is carried out with the intention and expectation of earning a profit. The IRS claims that deductions of hobby expenses account for a substantial portion of the overstated adjustments, deductions, exemptions and credits that add up to over $30 billion per year in unpaid taxes. read more

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Impact of Bedrosian v. U.S. – A Comprehensive Analysis

A recent decision has shaken tax authorities in the US-- Bedrosian v. United States, No. 2:15-cv-05853 (E.D. Pa. Sept. 20, 2017). read more

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Potential tax changes for Americans in Panama

For many years, the persistent call for change in the taxation of American corporations and individuals abroad has gone unanswered. However, the current administration’s actions, suggest the very real possibility of new tax rules, sooner rather than later. read more

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Expecting a Refund of Your Overpaid Taxes?

In Borenstein v. Commissioner, 149 T.C. No. 10 (Aug. 30, 2017), for the first time, the Tax Court has interpreted the final sentence of IRC §6512(b)(3) as applied to the fact pattern in this case. The Tax Court’s interpretation resulted in the taxpayer losing a significant refund for tax overpayments, because the IRS notice of deficiency was not mailed during the third year after the due date (“with extensions”) for filing the return. read more

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Estate Planning Strategies for Charitable Giving

When considering a large charitable gift, individual donors have many options at their disposal. Charitable trusts, donor‑advised funds, and private family foundations are three commonly used charitable giving options. Below is a summary of each option, as well as the advantages and disadvantages of each. read more

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What is a stretch IRA and how it can benefit you

A stretch IRA is an estate planning strategy that extends the life of an Individual Retirement Account (IRA) by allowing the original beneficiary to distribute the assets to a designated second generation beneficiary. This strategy allows the IRA to be passed on from generation to generation while extending its tax-deferred growth for years or decades beyond the life of the original account holder. read more

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Panama Papers: Germany Pays Millions for a Copy of the Leaked Data

The Federal Crime Office (BKA) in Germany has confirmed that it is in possession of a copy of the alleged Panama Papers and will use the information to investigate possible offshore tax evasion by German citizens. In addition to the obvious tax fraud, they intend to look for evidence of arms trafficking and organized crime. read more

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