Recent News

August 2018

The Foreign Account and Tax Compliance Act: What is FATCA?

2018-08-15T22:07:37+00:00

By: Eli S. Noff, Esq., CPA, Partner Mary Lundstedt, Esq., Associate  Brent Conrad In an effort to reduce persistent high unemployment rates resulting from the 2008 financial crisis, President Obama signed The Hiring Incentives to Restore Employment Act of 2010 (HIRE Act)1 to incentivize employers to hire and retain workers. Tax incentives provided [...]

The Foreign Account and Tax Compliance Act: What is FATCA?2018-08-15T22:07:37+00:00

July 2018

What You Should Expect From a Tax Audit In Florida

2018-12-08T22:14:49+00:00

The Florida Department of Revenue states that a tax audit is meant to be an "educational experience" for taxpayers, which helps businesses identify and rectify bookkeeping issues, which could lead to more tax liabilities. So, why are taxpayers audited? Officials say the goal of tax audits is to help [...]

What You Should Expect From a Tax Audit In Florida2018-12-08T22:14:49+00:00

What’s Your Alien Tax Status and How Does It Affect Investment Property?

2018-12-06T08:49:38+00:00

By: Eli S. Noff, Esq., CPA, Partner Mary Lundstedt, Esq., Associate Brent Conrad For tax purposes, a non-U.S. citizen is either a nonresident alien or a resident alien. All aliens are considered nonresident aliens, unless they pass the green card test or the substantial presence test. A person meeting either [...]

What’s Your Alien Tax Status and How Does It Affect Investment Property?2018-12-06T08:49:38+00:00

IRS Actively Targeting Taxpayers for Passport Denial/Revocation – Notice CP508C

2018-12-08T22:18:40+00:00

By: Eli S. Noff, Esq., CPA, Partner & Mary Lundstedt, Esq., Associate Several news outlets this week report that the U.S. State Department confirms that it has already acted on its part in the process and denied passports to an undisclosed number of taxpayers. Reports also confirm that the IRS [...]

IRS Actively Targeting Taxpayers for Passport Denial/Revocation – Notice CP508C2018-12-08T22:18:40+00:00

United States V. Garrity: Clarifies Standard of Proof and Establishing Willfulness in FBAR Context

2018-12-08T22:20:05+00:00

By: Eli Noff, Partner and Mary Lundstedt On April 3, 2018, in United States v. Garrity, the U.S. District Court for the District of Connecticut considered the Government's suit to reduce to judgment a willful Report of Foreign Bank and Financial Accounts (FBAR) penalty and determined that: (1) the burden of [...]

United States V. Garrity: Clarifies Standard of Proof and Establishing Willfulness in FBAR Context2018-12-08T22:20:05+00:00

I.R.C. §280E: A Buzzkill For Those Who Keep Poor Records

2018-12-06T08:18:39+00:00

By: Eli S. Noff, Partner & Mary Lundstedt The recent Tax Court's Alterman v. Commissioner[1] decision is a lesson in Accounting 101 for Cannabisseurs. Well, technically it's a valuable lesson about record-keeping to all taxpayers who are subject to Internal Revenue Code (I.R.C.) §280E-but with the currently high audit rates for the marijuana industry, [...]

I.R.C. §280E: A Buzzkill For Those Who Keep Poor Records2018-12-06T08:18:39+00:00

Virtual and Economic Contacts Establish Nexus for Sales Tax

2018-12-06T08:44:40+00:00

By: Eli Noff, Partner & Mary Lundstedt On June 21, 2018, the Supreme Court delivered its highly anticipated decision in South Dakota v. Wayfair, Inc., et al.[1] The 5-4 decision discards the antiquated "physical presence rule" - a rule which has allowed retailers lacking a physical presence in a state to avoid any obligation [...]

Virtual and Economic Contacts Establish Nexus for Sales Tax2018-12-06T08:44:40+00:00

June 2018

How Tips Affect Taxes in Florida

2018-12-06T08:15:29+00:00

How Do Tips Affect Taxes Florida Taxes? Many of us who work in service industries such as restaurants and hotels, depend heavily on tips to supplement our income. Tips are essentially payments customers make at their discretion for services they receive from employees. Tips may be in the form of [...]

How Tips Affect Taxes in Florida2018-12-06T08:15:29+00:00

Howeycoin – Too Good to be True

2018-12-06T08:17:14+00:00

By Mary Lundstedt "If you’ve ever been tempted to buy into a hot investment opportunity linked with luxury travel, the Securities and Exchange Commission has a deal for you." Sound too good to be true? It is. This announcement was made in the May 16, 2018 U.S. Securities and Exchange Commission [...]

Howeycoin – Too Good to be True2018-12-06T08:17:14+00:00

IRS Responds to States’ Attempts to Circumvent SALT Cap

2018-12-06T08:30:04+00:00

By Mary Lundstedt On May 23, 2018, the IRS issued Notice 2018-54,[1] making it abundantly clear that when it comes to state efforts to circumvent the recently enacted state and local tax (SALT) deductions cap, "taxpayers should be mindful that federal law controls the proper characterization of payments for federal income [...]

IRS Responds to States’ Attempts to Circumvent SALT Cap2018-12-06T08:30:04+00:00
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