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

Other Posts in this Series Choosing the Right Business Structure for You, Part I Choosing the Right Business Structure for You, Part II The Initial Paperwork Other Filings, Other States Management and Risk Your company is responsible for various types of business taxes, and if you don’t comply you could...

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

Other Posts in this Series Choosing the Right Business Structure for You, Part I Choosing the Right Business Structure for You, Part II The Initial Paperwork Know Your Business Taxes Management and Risk Establishing a new business is more than just submitting some initial paperwork to register with the state....

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

Other Posts in this Series Choosing the Right Business Structure for You, Part I The Initial Paperwork Other Filings, Other States Know Your Business Taxes Management and Risk In Part I, we described four types of business structures: informally structured sole proprietorships and general partnerships, and two common corporate entities...

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

Other Posts in this Series Choosing the Right Business Structure for You, Part II The Initial Paperwork Other Filings, Other States Know Your Business Taxes Management and Risk Turning your business idea into reality can be exciting and gratifying. Before you get started, however, you need to decide how your...

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

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

Other Posts in this Series Part I Part II Part III 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...

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

Other Posts in this Series Part I Part II Part IV 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,...

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

Other Posts in this Series Part I Part III Part IV 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...

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

Other Posts in this Series Part II Part III Part IV The IRS aggressively pursues taxpayers for FBAR noncompliance, but in this case it may have overreached its boundaries. CEO takes bad advice Arthur Bedrosian is currently Chief Executive Officer of Lannett Company, Inc., a manufacturer and distributor of generic...