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First Steps to Establishing Your New Business: Management and Risk

Posted on October 9, 2018October 9, 2018 by moskowitz Posted in Business Law, Tax Planning & Compliance

As part of your initial business planning, it is prudent to have an attorney assist you with preparation of your initial contracts and ensure that you are adequately insured. In this post, we focus on some legal and general planning issues that your new business should take into consideration. What...

First Steps to Establishing Your New Business: Know Your Business Taxes!

Posted on October 2, 2018October 2, 2018 by moskowitz Posted in Business Law, State & Local Taxation, Tax Planning & Compliance, Tax: Audits, Litigation & Collection

Your company is responsible for various types of business taxes, and if you don’t comply you could be assessed hefty tax penalties and you risk possible litigation with the IRS. What types of business taxes are there? There are five general categories of business taxes: (1) Income tax, (2) estimated...

First Steps to Establishing Your New Business: Other Filings, Other States

Posted on September 28, 2018September 24, 2018 by moskowitz Posted in Business Law, State & Local Taxation, Tax Planning & Compliance

Establishing a new business is more than just submitting some initial paperwork to register with the state. There are some other filings that you might need to take into consideration. Do I need a business license or permit? Business licenses and permits serve two purposes: (1) they help the government...

First Steps to Establishing Your New Business: The Initial Paperwork

Posted on September 24, 2018September 25, 2018 by moskowitz Posted in Business Law, Tax Planning & Compliance

Once you have chosen the best legal structure for your new business, there are a number of forms and other documents you will need to file with state and federal agencies. How do I secure a name for my business? Before you begin setting up your website and ordering signs,...

First Steps to Establishing Your New Business: Choosing the Right Business Structure for You, Part II

Posted on August 28, 2018August 28, 2018 by Moskowitz LLP Posted in Business Law, Tax Planning & Compliance

In Part I, we described four types of business structures: informally structured sole proprietorships and general partnerships, and two common corporate entities (S Corporations and C Corporations) that provide their owners and managers with limited liability. Aside from “S” or “C” corporations, what other business entities offer limited liability? The...

First Steps to Establishing Your New Business: Choosing the Right Business Structure for You, Part I

Posted on August 16, 2018August 28, 2018 by Liz Prehn Posted in Business Law, Tax Planning & Compliance

Turning your business idea into reality can be exciting and gratifying. Before you get started, however, you need to decide how your new venture will be structured. Your choice will determine how your business is owned, operated and taxed. The structure you choose will also determine your potential personal liability...

$125,000 State Tax Problem Fixed by Correcting Previous Years’ Tax Returns

Posted on August 8, 2018August 8, 2018 by Liz Prehn Posted in Business Law, State & Local Taxation, Tax Planning & Compliance

A Moskowitz LLP Success Story A business owner came to us after receiving a Franchise Tax Board (FTB) Notice. The Notice stated that the FTB was disallowing a $1,204,541 million corporate loan to shareholder, and consequently assessed $125,197 in additional state income taxes. There is a long history of IRS...

Taxpayer Win: Failure to File Accurate FBAR Deemed Not Willful, Part IV

Posted on July 26, 2018July 26, 2018 by Liz Prehn Posted in Business Law, Tax Planning & Compliance, Tax: Audits, Litigation & Collection

The story of Arthur Bedrosian, CEO of Lannett Company, Inc., and his Swiss bank accounts shows how a taxpayer’s cooperation with an IRS investigation and the court’s belief in the taxpayer’s honesty can be significant factors in the outcome of an FBAR penalty case. In Part III, we provided an...

Taxpayer Win: Failure to File Accurate FBAR Deemed Not Willful, Part III

Posted on July 24, 2018July 26, 2018 by Liz Prehn Posted in Business Law, Tax Planning & Compliance, Tax: Audits, Litigation & Collection

Before the Offshore Voluntary Disclosure Program (OVDP), it was rare for a taxpayer to pay penalties when they voluntarily came forward with information regarding their foreign accounts. Most tax practitioners, therefore, recommended that their clients do a “quiet” disclosure, which involved simply amending their previous years’ returns, and paying any...

Taxpayer Win: Failure to File Accurate FBAR Deemed Not Willful, Part II

Posted on July 19, 2018July 24, 2018 by Liz Prehn Posted in Business Law, Tax Planning & Compliance, Tax: Audits, Litigation & Collection

In Part I, we described the background of Bedrosian v. United States, 3d Cir., No. 17-3525, in which the CEO of a pharmaceutical company was pursued for willful FBAR penalties. The IRS didn’t go after Arthur Bedrosian for his many years of noncompliance with foreign reporting obligations, but rather for...

Category: Business Law

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