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

IRS Dishes out $4.5 Million Whistleblower Award to CPA

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

Last week, the IRS awarded a check for $3.24 million to a small-town CPA as payment under the tax whistleblower program. The check represents an award of $4.5 million with about 28 percent withheld for taxes. While the whistleblower remains unidentified, his attorney Eric L. Young, from the law firm...

U.S. Department of Justice and the Internal Revenue Service Expand Collection Efforts Internationally

Posted on March 31, 2011February 20, 2019 by Moskowitz LLP Tax: Audits, Litigation & Collection, International Taxation, Tax Planning & Compliance,

As individuals and companies take advantage of international tax benefits or previously undetected avenues of sheltering money from taxes and creditors, the Internal Revenue Service (IRS) is now concentrating more of its efforts on overseas tax compliance and collection. IRS Commissioner Douglas H. Shulman called global tax administration efforts a...

Collection News: The Internal Revenue Announces Changes to its Collection Program

Posted on March 29, 2011February 20, 2019 by Moskowitz LLP Tax: Audits, Litigation & Collection, Tax Planning & Compliance,

On February 24, 2011, the IRS issued a press release announcing the steps it is taking to make its collection program to help individuals and businesses meet their tax obligations without adding an unnecessary tax burden to taxpayers. IRS Commissioner Doug Shulman stated, "these steps are in the best interest...

Individual Tax Preparation Filing and Payment Deadlines

Posted on March 29, 2011February 20, 2019 by Moskowitz LLP Tax Planning & Compliance,

Individual taxpayers will have until April 18, 2011* to file their returns and pay any tax due. This year the normal tax deadline, Friday, April 15th, falls on a legal holiday in the District of Columbia. As D.C. holidays affect tax deadlines in the same way federal holidays do, all...

Reduce Taxes with Good Tax Planning

Posted on March 29, 2011February 20, 2019 by Moskowitz LLP Tax Planning & Compliance, Business Law,

Tax planning is often the most overlooked business strategy applied by business owners. Staying profitable in the current business environment takes skill and knowledge. The Law Offices of Stephen Moskowitz, LLP works with business owners to seize every opportunity to reduce their taxes. Make sure Uncle Sam is not getting...

Audit Enforcement and Audit Plan Strategies

Posted on February 10, 2011February 20, 2019 by Moskowitz LLP Business Law, Tax Planning & Compliance,

Audit Plan Strategies The Treasury Inspector General for Tax Administration (TIGTA) is responsible for monitoring and directing the IRS's activities. Recently, the TIGTA estimated that taxpayers will owe $345 billion more than what they actually claim they owe on their income tax returns this year. Because they are expecting this...

BANK SECRECY ACT, An Overview

Posted on January 26, 2011February 20, 2019 by Moskowitz LLP Business Law, Tax Planning & Compliance,

Passed in 1970, the Bank Secrecy Act (BSA) was the first set of laws specifically designed to combat money laundering. In fact, it is sometimes referred to as the "Anti-Money Laundering Law (AML)" or "BSA/AML." The BSA has been amended over the years by the addition of other anti-money laundering...

Federal Tax Calendar

Posted on January 1, 2011February 20, 2019 by Moskowitz LLP State & Local Taxation, Tax Planning & Compliance,

Federal Tax Calendar - 2011 January 10 — Employees who work for tips If you received $20 or more in tips during December, report them to your employer. January 18 — Individuals Pay your estimated tax for 2010 using Form 1040-ES. January 18 — Farmers & fishermen Pay your estimated...

IN 2010 -THE WORLD BECOMES SMALLER AND IS NOW TAX TRANSPARENT

Posted on December 31, 2010February 20, 2019 by Moskowitz LLP Tax Planning & Compliance, International Taxation,

INTERNATIONAL TAX PREPARATION FOR BUSINESSES AND INDIVIDUALS On March 18, 2010, the Foreign Account Tax Compliance Act (FATCA) was enacted into law. The scope of FATCA is extremely broad. Almost every foreign financial institution is within reach of this new law. FATCA requires any foreign financial institution that holds any...

White Collar Crime, Structuring

Posted on December 27, 2010February 20, 2019 by Moskowitz LLP Business Law, Criminal Tax Law, Tax Planning & Compliance,

Federal law requires business and financial institutions to report currency transactions in excess of $10,000 in a single or “related” transaction within a twelve-month period. Businesses must file an IRS form 8300 and financial institutions must file a currency transaction report. Even though making a deposit or withdrawal greater than...

Tax Tales: Married Couples Filing Separate Taxes

Posted on December 2, 2010February 20, 2019 by Moskowitz LLP Tax Planning & Compliance, State & Local Taxation, Tax: Audits, Litigation & Collection,

In today’s age of technology we enjoy access to information at the push of a button. The latest advances in technology not only benefit us greatly, but also the government. After 9/11, the Patriot Act gave the government more access to financial institutions both domestic and foreign. Personal and business financial...

NEW 1099 FILING REQUIREMENTS

Posted on November 23, 2010February 20, 2019 by Moskowitz LLP Tax Planning & Compliance, Business Law,

By now most people have heard something about the massive health care overhaul that will occur due to the passage of section 9006 of the new Health Care Reform Bill. Many companies are trying to figure out how the bill will affect their medical plans and related expenses. However, they...

Wesley Snipes to serve three years in federal prison for not filing tax returns

Posted on November 19, 2010February 21, 2019 by Moskowitz LLP Tax Planning & Compliance, Criminal Tax Law, Tax: Audits, Litigation & Collection,

Owing taxes is not a crime, but his willfully not filing a tax return is San Francisco, CA - It is not a crime to owe money to the IRS. If Wesley Snipes had filed his tax returns but couldn't pay he would not be going prison. Willfully not filing is where...

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