The Tax Lawyer Blog: Topical thinking from the lawyers at Moskowitz, LLP

Revocable Living Trusts, Part II: Why Set Up a Revocable Living Trust?

Posted on August 20, 2019October 13, 2020 by Moskowitz LLP Estate Planning & Taxation,

Other Posts in this Series Part I: The Elements of a Revocable Living Trust Part III: Funding Your Revocable Living Trust Revocable living trusts provide numerous benefits for California residents. This estate planning tool, which provides for a faster, less expensive, and more private estate administration, should be considered by...

Revocable Living Trusts, Part I: The Elements of a Revocable Living Trust

Posted on August 15, 2019October 13, 2020 by Moskowitz LLP Estate Planning & Taxation,

Other Posts in this Series Part II: Why Set Up a Revocable Living Trust? Part III: Funding Your Revocable Living Trust Revocable living trusts provide multiple benefits for those who utilize them properly – this begins with an understanding of how these trusts work and what they are designed to...

Your Default Estate Plan, Part II

Posted on August 13, 2019August 5, 2019 by Moskowitz LLP Estate Planning & Taxation,

You can designate who inherits from you, or you can let intestate succession laws decide for you. Holocaust survivor and New York real estate developer Roman Blum apparently left no instructions for the distribution of his $40 million fortune when he passed away in 2012. The first will produced was...

Your Default Estate Plan, Part I

Posted on August 7, 2019August 26, 2019 by Moskowitz LLP Estate Planning & Taxation,

If you don’t prepare your estate plan, the law has provisions in place to handle the management of your estate and the guardianship of your children. You might not like it, though. Our July 9, 2019 post “Don’t Delay Your Estate Plan!” highlighted the colossal mess that Prince Roger Nelson...

Artificial Intelligence Used to Combat Tax Evasion

Posted on August 5, 2019October 13, 2020 by Moskowitz LLP Tax Planning & Compliance,

The IRS’ efforts to identify abusive tax schemes is now being bolstered by the use of AI. Most people don’t realize the extent to which artificial intelligence (AI) is utilized in our daily lives. Even those of us without Alexa devices and “Smart Homes” are using AI – in our...

Keeping Your Estate Plan Current

Posted on July 16, 2019June 24, 2019 by Moskowitz LLP Estate Planning & Taxation,

Setting up an estate plan isn’t enough – remember to review and update it periodically to ensure that it consistently reflects your wishes. In 2013, the U.S. Supreme Court issued a ruling that sent a clear message how important it is to keep your estate plan up to date. The...

The Pros and Cons of Health Savings Accounts

Posted on July 11, 2019June 24, 2019 by Moskowitz LLP Tax Planning & Compliance,

A Health Savings Account (HSA) provide tax savings and flexibility for individuals with high-deductible health plans, but they are not without their challenges. Health Savings Accounts (HSAs) were introduced to replace medical savings accounts as part of the Prescription Drug, Improvement, and Medicare Modernization Act of 2003. At the end...

Don’t Delay Your Estate Plan!

Posted on July 9, 2019June 24, 2019 by Moskowitz LLP Estate Planning & Taxation,

Proper estate planning can save your heirs the hassle and expense of probate and conservatorships, estate taxes, and contested court proceedings. Just weeks after Prince Roger Nelson’s death in 2016, dozens of people filed petitions in the Carver County District Court in Minnesota, claiming a piece of the music icon’s...

What Constitutes “Willful” Failure to File An FBAR?

Posted on July 2, 2019January 26, 2021 by Moskowitz LLP International Taxation, Tax: Audits, Litigation & Collection,

The willful failure to file an FBAR results in higher tax penalties than the non-willful failure to do so. But how does the IRS determine that your failure to act was “willful”? The U.S. Government’s stringent foreign bank account reporting requirements are accompanied by horribly disproportionate penalties for failure to...

The IRS Tax Whistleblower Program: Part II, Whistleblower Protection

Posted on June 27, 2019August 26, 2019 by Moskowitz LLP Tax Services,

This is a continuation of the first post on the IRS Tax Whistleblower Program. It’s nice to be able to do good without being punished for it. For this reason, the most concerning issues for the vast majority of whistleblowers is confidentiality and protection from retaliation. In this post we...

The IRS Whistleblower Program: Part I, Whistleblower Awards

Posted on June 25, 2019August 26, 2019 by Moskowitz LLP Tax Services,

The IRS is authorized to pay private citizens for information that helps it identify individuals guilty of tax evasion. In 2012, Swiss bank whistleblower Bradley Birkenfeld received a record-breaking $104 million award from the IRS for helping uncover widespread U.S. tax fraud by Swiss bank UBS and numerous wealthy Americans....

Keeping a Piece of You: Taxation of U.S. Citizens Living Abroad

Posted on June 20, 2019June 11, 2019 by Moskowitz LLP International Taxation, Tax Planning & Compliance,

U.S. tax laws are relatively unique in that they require all U.S. citizens and resident aliens to file U.S. tax returns and pay U.S. taxes even if they are living abroad. In addition, even if they produce no interest, foreign accounts totaling $10,000 at any time during the year must...

Compromising with the IRS – Easier, But Still Not an Easy Out

Posted on June 18, 2019June 11, 2019 by Moskowitz LLP Tax Planning & Compliance, Tax: Audits, Litigation & Collection,

If you can’t pay your full tax liability, an Offer in Compromise (OIC) may be an option to settle your tax debt for less than the full amount owed. Note, however, most OICs are not approved by the IRS, and even when accepted they may still pose a challenge to...

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