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

Posted on by moskowitz Posted in Business Law, State & Local Taxation, Tax Planning & Compliance, Tax: Audits, Litigation & Collection
Your company is responsible for various types of business taxes, and if you don’t comply you could be assessed hefty tax penalties and you risk possible litigation with the IRS. What types of business taxes are there? There are five general categories of business taxes: (1) Income tax, (2) estimated...
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First Steps to Establishing Your New Business: Other Filings, Other States

Posted on by moskowitz Posted in Business Law, State & Local Taxation, Tax Planning & Compliance
Establishing a new business is more than just submitting some initial paperwork to register with the state. There are some other filings that you might need to take into consideration. Do I need a business license or permit? Business licenses and permits serve two purposes: (1) they help the government...
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IRS Blocks SALT Cap Workarounds

Posted on by moskowitz Posted in State & Local Taxation, Tax Planning & Compliance, Tax: Audits, Litigation & Collection
Attempts to Circumvent $10,000 SALT Cap Blocked The U.S. Treasury Department recently issued a new regulation stating that taxpayers cannot claim that they made a charitable contribution if they received a state tax credit in exchange for a “gift” to a state fund. This rule effectively blocks state proposals aimed...
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A Few Words on President Trump’s New Supreme Court Pick

Posted on by moskowitz Posted in Tax Planning & Compliance, Tax: Audits, Litigation & Collection
Immediately following Justice Kennedy’s July 31, 2018 announcement of his retirement, Brett Kavanaugh, a prominent conservative D.C. Circuit Court judge, received a call from the President. This marks Donald Trump’s second opportunity to appoint a Supreme Court Justice. Since his nomination on July 9, 2018, Kavanaugh has been the subject...
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The Colliot Case, Part II: $100,000 Limit on Civil FBAR Penalties

Posted on by Liz Prehn Posted in International Taxation, Tax Planning & Compliance
In Part I, we discussed a very significant case involving a taxpayer who willfully failed to file FBARs for a number of years. Mr. Dominique Colliot objected to the extraordinary penalties assessed against him, arguing that 31 CFR 1010.820(g)(2) , the federal regulation used by the IRS to justify its...
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First Steps to Establishing Your New Business: Choosing the Right Business Structure for You, Part II

Posted on by Moskowitz LLP Posted in Business Law, Tax Planning & Compliance
In Part I, we described four types of business structures: informally structured sole proprietorships and general partnerships, and two common corporate entities (S Corporations and C Corporations) that provide their owners and managers with limited liability. Aside from “S” or “C” corporations, what other business entities offer limited liability? The...
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