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

Foreign Bank Account Reporting: Disclose, Stay Quiet or Something in Between?

Posted on August 16, 2011February 20, 2019 by Moskowitz LLP International Taxation,

The Disclosure Dilemma With the 2011 Offshore Voluntary Disclosure Initiative coming to a close on August 31, 2011, many U.S. citizens, green card holders, visa holders and other residents with undisclosed overseas accounts are wrestling with whether to disclose their foreign bank account(s) and other foreign financial activity. This includes...

Penalties associated with failing to disclose Foreign Bank Accounts

Posted on August 4, 2011February 20, 2019 by Moskowitz LLP International Taxation,

Can the IRS Automatically Assess a Penalty against a U.S. Taxpayer who Innocently or Mistakenly Failed to Disclose a Foreign Bank Account? What happens in cases where a U.S. taxpayer innocently or mistakenly failed to disclose a foreign account and mistakenly failed to report foreign source income? Is such a...

IRS Offshore Voluntary Disclosure Initiative (OVDI)

Posted on July 22, 2011February 20, 2019 by Moskowitz LLP 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...

TAXABILITY OF SETTLEMENTS IN EMPLOYMENT DISCRIMINATION CASES

Posted on July 18, 2011February 20, 2019 by Moskowitz LLP Tax: Audits, Litigation & Collection,

Proceeds from a settlement involving an employment-related discrimination case may be taxable to the employee under some circumstances and not taxable in others. Non-taxable settlement amounts: Medical expenses associated with medical distress; Emotional distress, pain or suffering resulting from a physical injury; Personal injury or sickness; and Legal costs associated...

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 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...

IRS PUSHES FOR SIX-YEAR AND LONGER AUDITS

Posted on July 1, 2011February 20, 2019 by Moskowitz LLP Tax: Audits, Litigation & Collection,

Some recent court decisions and legislation give the IRS more flexibility to apply a six-year audit statute of limitations in more of its cases. The IRS even argues for no statute of limitation for audits in cases involving fraud or deceit. This article discusses the various audit periods enforced by...

THE AUDIT LOTTERY MYTH

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

Many people believe in the myth of the "audit lottery." The audit lottery myth encourages the perception that the IRS chooses returns to audit at total random. Under a completely random system, taxpayers who have accurate and correct information on their tax returns would have the same chance of being...

INNOCENT SPOUSE RELIEF

Posted on June 28, 2011February 20, 2019 by Moskowitz LLP Tax: Audits, Litigation & Collection,

Filling taxes with a spouse as "married filing jointly" may cause problems if one spouse contributes incorrect, false, or fraudulent information, or doesn't pay their share. One spouse may be on-the-hook for tax or penalty payments even though the other spouse was the wrongdoer. Moreover, one spouse may become liable...

OVERSEAS CITIZENSHIP OF INDIA PROGRAM (OCI)

Posted on June 27, 2011February 20, 2019 by Moskowitz LLP International Taxation,

The Overseas Citizenship of India program was instituted in 2006 to allow certain people who are of Indian origin to be granted particular citizenship rights even if they currently hold citizenship in another nation. The Constitution of India does not allow dual citizenship, but the Overseas Citizenship of India program...

Off Shore Compliance Initiative

Posted on June 6, 2011February 20, 2019 by Moskowitz LLP International Taxation,

Individuals and companies in the United States are required to account for income and pay appropriate taxes on foreign investments. This is not a new tax requirement, just one that readily enforced by the Internal Revenue Service. The Department of Justice is seeking maximum enforcement. The Commissioner of the IRS...

The Government  Enforcement of Foreign Banking

Posted on June 6, 2011February 20, 2019 by Moskowitz LLP International Taxation, Tax: Audits, Litigation & Collection,

The U.S. Department of Justice has a mission statement: To enforce the law and defend the interests of the United States according to the law; to ensure public safety against threats foreign and domestic; to provide federal leadership in preventing and controlling crime; to seek just punishment for those guilty...

What the Barry Bonds case tells us about our government

Posted on June 6, 2011February 20, 2019 by Moskowitz LLP Criminal Tax Law,

Other Posts in this Series Legal Analyst Steve Moskowitz Keeps News on Barry Bonds In Perspective Courts Determine Public Access in Bonds Case Legal Analyst Steve Moskowitz Will Report on the Bonds Trial Opening Statements Given at Barry Bonds Trial The Barry Bonds Trial, A Recap of Week Two The...

HSBC Offshore Accounts Targeted

Posted on May 26, 2011February 20, 2019 by Moskowitz LLP International Taxation,

IRS TARGETS HSBC Recently, the Justice Department requested a federal court to force the London-based bank, Hongkong and Shanghai Banking Corporation (HSBC), to disclose the names of account holders who they suspect are evading taxes by hiding their money in offshore accounts in India. The Justice Department wants information regarding...

Tax Lawyer Blog

How can we help you today?