Tax Planning & Compliance Blog Posts from the Tax Firm, Moskowitz LLP

Looking Ahead for Tax in 2013

Posted on January 1, 2012February 19, 2019 by Moskowitz LLP Posted in Tax Planning & Compliance

i. Will Bush Tax Cuts remain in Effect? Remember those Bush tax cuts enacted in 2001 and 2003? These cuts will expire December 31, 2012. Without Congressional action, there will be significant tax increases and tax rate changes beginning in 2013, including, but not limited to: a. Tax Rate increases...

Congress Passes Temporary Extension of Payroll Tax Cut

Posted on December 30, 2011February 19, 2019 by Moskowitz LLP Posted in Tax Planning & Compliance

Just in time for the holidays, Congress passed, and President Obama approved, a short-term extension of the Temporary Payroll Tax Continuation Act of 2011. The deal ensures that the social security withholding tax on employees stays at the current rate for the next few months. Instead of the payroll tax...

CALIFORNIA VOLUNTARY COMPLIANCE INITIATIVE 2 ENDS OCTOBER 31, 2011

Posted on October 24, 2011February 20, 2019 by Moskowitz LLP Posted in Tax Planning & Compliance

California taxpayers who underreported their state income tax liabilities through the use of offshore entities have until October 31, 2011 to avoid criminal and civil (monetary) penalties and interest by participating in the California Voluntary Compliance Initiative 2. Due to the information sharing agreement between the IRS and the states,...

IRS Offshore Voluntary Disclosure Initiative (OVDI)

Posted on July 22, 2011February 20, 2019 by Moskowitz LLP Posted in Tax Planning & Compliance

If you searched for IRS OVDI, you are aware that the Department of Justice and the Internal Revenue Service have instituted massive campaigns in the last couple of years to find and collect tax on worldwide income, investment, and assets. As a result of these campaigns, the DOJ and IRS...

Derek Jeter’s 3,000th Hit Ball Could Cost Fan Christian Lopez More Dollars in Taxes Than Jeter Had Hits.

Posted on July 14, 2011February 20, 2019 by Moskowitz LLP Posted in Tax Planning & Compliance, Tax: Audits, Litigation & Collection

Christian Lopez, 23-year old cell phone salesman from Highland Mills, NY. decided to return Derek Jeter's 3,000th hit ball last Saturday instead of trying to cash in. As a thank you by the Yankees, he received memorabilia and tickets. This all looks great for the young man who gave the...

FOREIGN INVESTMENTS – Compliance & Disclosure issues

Posted on May 10, 2011February 10, 2021 by Moskowitz LLP Posted in International Taxation, Tax Planning & Compliance

As the national markets grow global, many American investors find themselves with potentially lucrative but highly complicated foreign investment opportunities. While the investments themselves and the returns thereon may be fairly simple and straightforward, the tax treatment of those investments is anything but simple and straightforward. While trying to catch...

Tax Shelters (Section 6707A)

Posted on May 4, 2011February 20, 2019 by Moskowitz LLP 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...

Handling The NFL Lockout

Posted on May 2, 2011February 20, 2019 by Moskowitz LLP Posted in Tax Planning & Compliance

Why is the NFL Appealing and is the Temporary Stay Reasonable? The National Football League is a nine billion dollar business. You would think that with that financial power that a collective bargaining agreement could be reached when the time comes to negotiate the NFL lockout. It wasn't and with...

Tax Attorney’s Assistance in Personal Injury Case

Posted on April 28, 2011February 20, 2019 by Moskowitz LLP Posted in Tax Planning & Compliance, Tax: Audits, Litigation & Collection

If you have a personal injury case, it is important to obtain the services of a tax attorney in addition to your personal injury attorney. A tax attorney will assist your personal injury attorney in crafting a complaint and/or settlement to your tax advantage. For instance, allowing you to deduct...

Failure to File Tax Returns

Posted on April 15, 2011February 20, 2019 by Moskowitz LLP Posted in Tax: Audits, Litigation & Collection, Tax Planning & Compliance

Unfiled Tax Returns Most individuals are required by law to file an individual income tax return with the Internal Revenue Service, State (if applicable), and local government (if applicable) by April 15th of each year, absent an extension or other legally prescribed tax return date. Failure to timely file a...

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Category: Tax Planning & Compliance