Entries by Tax Attorney

Are You A Marijuana Business Owner With Incomplete Books And Records Facing An IRS Audit?

It is common that marijuana businesses operating in States that have legalized marijuana for medical and/or recreational use (Medical marijuana is now legal in 29 states plus the District Of Columbia and recreational marijuana is legal in 8 states plus the District Of Columbia) deal in cash and do not maintain accounting systems that are […]

What’s Missing In The Trump Tax Reform Bill?

On November, 2017 the House of Representatives released the first draft of the Trump Tax Reform Bill (the 2017 Tax Cuts And Jobs Act). With much discussion on the touted benefits of the plan, there has been very little discussion on what is missing.   What Does Trump’s Tax Reform Bill Offer To Individuals? Compressed […]

Another Leak Of Taxpayers Allegedly Involved In Hiding Assets Offshore – What You Need To Know About The “Paradise Papers”

A compilation based on more than 13.4 million documents dated from 1950 to 2016, uncovers a large number of global corporations, government leaders, and prominent people and their use of offshore accounts to avoid taxes or otherwise hide ownership of assets. On November 5, 2017 the International Consortium Of Investigative Journalists released what is now […]

Peru Becomes 114th Country to Sign FATCA Accord.

Under the Foreign Account Tax Compliance Act (“FATCA”), foreign banks, insurers and investment funds must send the Internal Revenue Service information about Americans’ and U.S. permanent residents’ offshore accounts worth more than $50,000. Institutions that fail to comply could effectively be frozen out of U.S. markets. The U.S. has entered into intergovernmental Agreements (“IGA’s”) with […]

California Starts Implementation Of New Tax Appeals Programs By Establishing The New “Office Of Tax Appeals”

On June 15, 2017, the California Legislature passed Assembly Bill 102, which transfers nearly all tax administration and appeal functions from the BOE to two new tax departments: the Department Of Tax And Fee Administration (“DTFA”) and the Office Of Tax Appeals (“OTA”). Starting January 1, 2018, California State tax appeals will be heard by […]

Forgot To Include A Deduction? Did Not Pick Up All Your Income? Considerations On Filing An Amended Return

Forgot To Include A Deduction? Did Not Pick Up All Your Income? Considerations On Filing An Amended Return If you filed a tax return only to later realize that it was not complete or you did something incorrect, you can correct this by filing a Form 1040X, Amended U.S. Individual Income Tax Return. But before […]

Paul Manafort and Richard Gates indicted on 12 counts including tax crimes for failure report foreign income and failure to disclose overseas bank accounts

Paul Manafort and Richard Gates, two former top campaign officials for President Donald Trump, have been indicted on 12 counts, according to documents made public on October 30, 2017, making them the first people to be charged in special counsel Robert Mueller’s probe into 2016 foreign election interference.  In a 31-page indictment, federal prosecutors alleged […]