Franchise Tax Board Penalties: Accuracy-Related Penalties, Part II: Negligence

Posted on by Moskowitz LLP Posted in Business Law, Tax Planning & Compliance
Other Posts in this Series Part I: The Basics Part III: Substantial Misstatements The penalties for negligent errors on your tax return can be high, but they pale in comparison to those imposed if the government (federal and/or state) concludes that your mistakes were intentional. In this post, we are...
Read More

Major tax bill clears U.S. Senate by 51-49 margin, Part II

Posted on by Moskowitz LLP Posted in Tax Planning & Compliance
This is a continuation of our first post on the tax bill. Other deductions will be eliminated entirely, including but not limited to: Home office expense deductions Unreimbursed employee expense deductions, such as those for teacher’s out-of-pocket classroom expenses State and local income tax or sales tax deductions for individuals,...
Read More

Tax Extensions Available to Victims of California Wildfires

Posted on by Moskowitz LLP Posted in Tax: Audits, Litigation & Collection, Tax Planning & Compliance
Earlier today, the IRS announced that victims of the California wildfires have been granted extensions to file certain individual and business tax returns. Tax filing extensions Most tax filings and payments due as of October 16, 2017 have been extended to January 31, 2018. This includes: Quarterly estimated tax payments...
Read More

Making an Effective (and Tax Deductible) Donation for Disaster Relief

Posted on by Moskowitz LLP Posted in Tax: Audits, Litigation & Collection, Tax Planning & Compliance
Relief efforts are underway to assist victims of Hurricane Harvey and those affected by the catastrophic flooding in Texas and Louisiana. Many well-meaning Americans are making donations through a variety of organizations. Most of the donations will provide much-needed assistance, but a lot of it won’t. In this post, we...
Read More

“Money” Mayweather’s $22M Problem: The Importance of Tax Planning

Posted on by Moskowitz LLP Posted in Tax: Audits, Litigation & Collection, Tax Planning & Compliance
Floyd "Money" Mayweather certainly lives up to his nickname – the undefeated boxer is expected to cash in as much as $350 million for his recent win against Irish UFC fighter Conor McGregor. There is also no doubt that the IRS was watching the 10-round Las Vegas match. The federal...
Read More

Tax Return Preparer Sentenced to 27 Months for Tax Evasion

Posted on by Moskowitz LLP Posted in Criminal Tax Law, Tax Planning & Compliance, Tax: Audits, Litigation & Collection
Tax evasion carries severe penalties, even in cases in which no one else has been defrauded. The facts From 2005 through 2011, Semere Tsehaye owned more than 20 Instant Tax Service (ITS) franchises in Illinois, Kansas and Missouri, under the names A&S Tax Service LLC and ERI Enterprises LLC. In...
Read More