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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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Understanding Injured Spouse Relief

When a joint return is filed and only one spouse owes a past-due amount, the other spouse can be considered an injured spouse. An injured spouse claim is different from an innocent spouse claim, since it uses Form 8379 to request an allocation of the tax overpayment attributed to each spouse, whereas an innocent spouse claim uses Form 8857 to request relief from joint liability for items of the other spouse (or former spouse) that were reported incorrectly on the joint return. read more

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Tax Court: Economic Hardship Exception to Proposed Levy Only for Individuals

In Lindsay Manor Nursing Home, Inc. v. Commissioner, 148 T.C. No. 9 (Mar. 23, 2017), where a corporate taxpayer sought release from a proposed levy because it would create an economic hardship, the Tax Court concluded that limiting economic hardship relief to individuals is a permissible interpretation of the statute. read more

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Selection of Business Entity

Generally, the first step in setting up a business is the choice of entity. While state laws govern the formation of entities, Federal law dictates the treatment of entities for Federal tax purposes.  Additional considerations should be liability, control, and exit strategy. read more

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Does Your Business Need an NDA?

Non-Disclosure Agreements (NDA), also known as confidentiality agreements, are used to protect a business's proprietary information. An NDA is a legally binding contract between a business and another party who agree to keep specific information, such as patents, recipes, marketing research and trade secrets, confidential. The definition in the NDA needs to be as specific as possible, but without disclosing any confidential information. Typically, an NDA is between an employer and employee, but a business may also ask for one in a transaction with another business. read more

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