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

Your Default Estate Plan, Part I

Posted on August 7, 2019August 26, 2019 by Raquel Lazar-Paley Posted in 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, 2019August 2, 2019 by moskowitz Posted in 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 Raquel Lazar-Paley Posted in 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 Posted in 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 Raquel Lazar-Paley Posted in 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, 2019June 11, 2019 by moskowitz Posted in International Taxation, Tax: Audits, Litigation & Collection

The willful failure to file an FBAR results in higher tax penalties than the nonwillful 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 Posted in 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 Posted in 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 Posted in 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 Posted in 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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