Update on IRS Offshore Initiatives: Investigations and agreements with financial institutions worldwide

In our last post, we noted that the U.S. government goes to great lengths to identify and prosecute noncompliant taxpayers, as well as promoters and financial institutions who assist U.S. taxpayers avoid their tax obligations by hiding their offshore income and assets. Some recent plea agreements with large financial institutions...

Update on IRS Offshore Initiatives

Global tax issues are a top priority for the Internal Revenue Service Criminal Investigation Division (IRS-CI), which focuses its work on investigating taxpayers who willfully engage in tax evasion. Significant efforts are also being made to identify and take legal action against promoters and financial institutions who have assisted taxpayers...

Upcoming Tax Reporting and Compliance Returns: What’s Due in January 2018

Tax season commences soon – let’s review some upcoming tax reporting and compliance returns that are due in January of 2018. January 16, 2018 Form 1040-ES: Estimated Tax Payment (4th Quarter 2017) If you don’t pay your income tax obligations through withholding because you are self-employed or are otherwise required...

How Much Should You Give to a Charity: Or is There a Formula For Determining How Much You Should Give vs How Much You Can Afford

This answer is something that an attorney often says to a client: “it depends”. This is a highly personal decision that can encompass many factors. The personal and or religious beliefs of the person and their spouse. How they think that they can best help. Whether the contribution is in...

Franchise Tax Board Penalties: Accuracy-Related Penalties, Part III: Substantial Misstatements

We continue our discussion of Franchise Tax Board (FTB) accuracy-related penalties with penalties relating to substantial understatements or misstatements of income and asset values. Substantial understatement of income tax obligations Individual taxpayers who understate their tax liabilities by more than 10% of the correct amount or $5,000, may be subject...