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Articles

Coming Out of the Dark of International Tax Avoidance

By: Eli S. Noff, Partner and Peter Palsen

Jakarta, Indonesia - 1990

The aroma of my strong Java coffee blended with the smell of the dark teak paneling of the conference room of my client's office. I glanced at my U.S.-citizen client and then back to the two bankers who had travelled to Indonesia to promote an investment in an offshore fund. Before the meeting, I had made my client aware that the U.S. Congress had only a few years earlier enacted a punitive rule to discourage U.S. tax residents from making such investments. read more

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How Do You Challenge a Florida Tax Audit?

The tax audit process in Florida can be a harrowing one. Often times, after the audit is done, you just pay what you owe and move on. But there are times when you might not be satisfied with the results of the tax audit. The tax auditor may be pressurizing you to pay right away and you may be struggling because you either believe you don't owe money or you may not be able to afford to pay off the tax debt. read more

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Be Cautious When Choosing A Tax Preparer: Two Maryland Tax Preparers Guilty of Filing False Returns

By Glen Frost, Managing Partner and Mary Lundstedt, Esq., Associate

The Comptroller’s Field Enforcement Division and the Criminal Investigations Division of the Maryland Attorney General’s Office, working in tandem, investigated and prosecuted two more Maryland tax preparers—resulting in guilty pleas. On July 24, 2018, Maryland Attorney General Brian E. Frosh and Comptroller Peter Franchot announced that two tax preparers operating in the Baltimore area pleaded guilty to filing false tax returns. read more

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

By: Eli S. Noff, Esq., CPA, Partner
Mary Lundstedt, Esq., Associate
Brent Conrad read more

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

By: Eli S. Noff, Esq., CPA, Partner & Mary Lundstedt, Esq., Associate read more

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

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 proof is preponderance of evidence, and (2) proof of reckless conduct is sufficient to establish willfulness.1 Now, even the standard of proof required for civil tax fraud is higher than that required for proving a willful FBAR violation. read more

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

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, it's particularly significant for taxpayers currently in that business. read more

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Virtual and Economic Contacts Establish Nexus for Sales Tax

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 to collect and remit sales taxes. Significantly, the Court overruled the long-standing interpretation of the Commerce Clause, finding that "the physical presence rule of Quill is unsound and incorrect,"[2] and that virtual and economic contacts may indeed satisfy the necessary substantial nexus requirement. read more

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Howeycoin - Too Good to be True

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 (SEC) press release which was issued to explain the SEC’s latest educational tool related to virtual currencies. read more

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