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Exxon’s Attempt to Create New Sale/Lease Tax Law Fails

The principal contention in the tax refund case of Exxon v. United States was whether certain mineral related transactions between Exxon and the countries of Qatar and Malaysia were sales or leases.  Originally Exxon treated...more

IRS-Criminal Investigations Counts Down the Top 10 Cases of 2021

“The investigative work of 2021 has all the makings of a made for TV movie – embezzlement of funds from a nonprofit, a family fraud ring that stole millions in COVID-relief funds and a $1 billion Ponzi scheme used to buy...more

“The Situtation” for Sorrentinos Getting Worse With Social Media

As many have heard recently, Michael Sorrentino (of MTV’s “Jersey Shore” fame) and his brother Marc were indicted for tax crimes in New Jersey and made their initial appearance in court last week. At this point, no one...more

9/30/2014  /  Income Taxes , Tax Evasion , Tax Returns

Does Filing for Bankruptcy Really Give You Tax Relief?

When times get desperate and tax liabilities pile up – filing for bankruptcy is an option many people consider. Taxes are “dischargable” in bankruptcy, but there are important rules you need to know....more

Do we really have a “Taxpayer Bill of Rights”?

The IRS announced the adoption of a “Taxpayer Bill of Rights” Tuesday. I have listed the rights below along with my commentary. Just like our U.S. Constitutional Rights, these “rights” are and will be watered down....more

First Lady Of Tax Fraud

The IRS just issued its Criminal Investigation Annual Report. Budget constraints caused the staffing of Special Agents to drop to the lowest numbers in recent history, but 2013 included a 12.5 percent increase in...more

2/26/2014  /  Income Taxes , IRS , Tax Evasion , Tax Fraud

Crowdfunding And Taxes In Kickstarter: Everybody Wants Their Share

The Crowdfunding movement has moved from an internet e-commerce buzz word to an actual viable way for everyone from the smallest of artists to high profile actors to get funding for a project that otherwise wouldn’t happen. ...more

IRS Announces That All Legal Same-Sex Marriages Will Be Recognized For Federal Tax Purposes

The IRS issued a press release today that is significant for same sex spouses. The changes are discussed more fully in Rev. Proc. 2013-17 and generally reflect the holding in the Supreme Court’s decision in U.S. v....more

Avoiding Double Payroll Tax With Your Asset Acquisition

When it comes to taxes, you would probably – and rightfully – guess that the majority the United States government collects are income taxes. ...more

What Is The “Alternative Minimum Tax” In A Nutshell?

It can come as quite a shock at tax time when you find out that you have been hit with the “alternative minimum tax.”...more

Are You Required To File An Income Tax Return? Myths Of Unconstitutionality Debunked.

It has been said that in life two things are certain, death and taxes. However, some people hope they can protest their way out of one of those certainties....more

Deadline To File FBARs Quickly Approaching

There is absolutely nothing wrong with having a foreign bank account. The problem comes along when the existence of the account is not disclosed and income associated with the account is not reported....more

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