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Modern Day Witch Hunt: IRS Making Examples of Celebrities

Posted on December 29, 2012October 13, 2020 by Erin Humbles Posted in Business Law, Tax: Audits, Litigation & Collection

How the IRS and State Taxing Authorities Purposefully Target and Make Examples out of Celebrities The Supreme Court of the United States has held that the pursuit of tax crime is "calculated to induce prompt and forthright fulfillment of every duty under the income tax law." Spies v. United States,...

Who Will Make Payroll for the Dodgers?

Posted on May 11, 2011February 20, 2019 by Erin Humbles Posted in Business Law

Who will make payroll for the Dodgers? Frank McCourt, the embattled owner, was accused by Major League Baseball of being responsible for his and the Dodgers' financial trouble. It is evident that the May payroll for the team is in jeopardy and McCourt, vowing to protect his rights, blames MLB.

Tax Shelters (Section 6707A)

Posted on May 4, 2011February 20, 2019 by Erin Humbles Posted in Tax: Audits, Litigation & Collection, Business Law, Tax Planning & Compliance

Relief from Penalties Imposed by Section 6707A The Small Business Jobs Act of 2010 ("SBJA"), signed into law in September of last year provides enormous relief for those who would have suffered penalties from not disclosing certain tax shelters to the IRS. Internal Revenue Code section 6707A imposes strict penalties...

Reduce Taxes with Good Tax Planning

Posted on March 29, 2011February 20, 2019 by Erin Humbles Posted in Tax Planning & Compliance, Business Law

Tax planning is often the most overlooked business strategy applied by business owners. Staying profitable in the current business environment takes skill and knowledge. The Law Offices of Stephen Moskowitz, LLP works with business owners to seize every opportunity to reduce their taxes. Make sure Uncle Sam is not getting...

Audit Enforcement and Audit Plan Strategies

Posted on February 10, 2011February 20, 2019 by Erin Humbles Posted in Business Law, Tax Planning & Compliance

Audit Plan Strategies The Treasury Inspector General for Tax Administration (TIGTA) is responsible for monitoring and directing the IRS's activities. Recently, the TIGTA estimated that taxpayers will owe $345 billion more than what they actually claim they owe on their income tax returns this year. Because they are expecting this...

BANK SECRECY ACT, An Overview

Posted on January 26, 2011February 20, 2019 by Erin Humbles Posted in Business Law, Tax Planning & Compliance

Passed in 1970, the Bank Secrecy Act (BSA) was the first set of laws specifically designed to combat money laundering. In fact, it is sometimes referred to as the "Anti-Money Laundering Law (AML)" or "BSA/AML." The BSA has been amended over the years by the addition of other anti-money laundering...

White Collar Crime, Structuring

Posted on December 27, 2010February 20, 2019 by Erin Humbles Posted in Business Law, Criminal Tax Law, Tax Planning & Compliance

Federal law requires business and financial institutions to report currency transactions in excess of $10,000 in a single or “related” transaction within a twelve-month period. Businesses must file an IRS form 8300 and financial institutions must file a currency transaction report. Even though making a deposit or withdrawal greater than...

Money Laundering: An Overview

Posted on December 8, 2010February 20, 2019 by Erin Humbles Posted in Criminal Tax Law, Business Law

In our white collar crime/financial crime defense practice, we often see money laundering schemes. Money laundering is a term used for the criminal practice of moving illegally-acquired funds through various transactions so that the money ends up “looking” like it came from some legal activity. Money launderers attempt to hide...

NEW 1099 FILING REQUIREMENTS

Posted on November 23, 2010February 20, 2019 by Erin Humbles Posted in Tax Planning & Compliance, Business Law

By now most people have heard something about the massive health care overhaul that will occur due to the passage of section 9006 of the new Health Care Reform Bill. Many companies are trying to figure out how the bill will affect their medical plans and related expenses. However, they...

INTERNAL REVENUE CODE SECTION 7623: THE WHISTLEBLOWER STATUTE

Posted on November 23, 2010February 21, 2019 by Erin Humbles Posted in Criminal Tax Law, Business Law

Under the Internal Revenue Code, individuals acting as “whistleblowers” by reporting underpayment of taxes or violation of tax laws by another taxpayer may be awarded money from the amount collected by the government. To be eligible for a section 7623 award, the disputed amount must exceed two million dollars, and...

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Category: Business Law