HOW THE IRS RECONSTRUCTS INCOME IN TAX FRAUD CASES – A Deep Dive
This was a presentation I did for CPAAcademy on February 26, 2019. I am honored to be a guest lecturer for this fine CPE provider. Enjoy.
Al Capone: The Man, The Myth, The Legend
Al Capone, the American gangster who was convicted of tax evasion, was one of the most notorious mob figures of the twentieth century. He was a captivating figure who infatuated the American public. Ever since his death, Capone’s personality and character have been used in fiction — both on camera and on the stage — as a […]
HOW THE IRS RECONSTRUCTS INCOME IN TAX FRAUD CASES – A WEBINAR
This is a webinar that I presented in partnership with CPA Academy. I’m honored to lecture for such a fine CPE provider. For those who are interested in obtaining CPE credit, click here to sign up. Below is more information about the program: Course Description In one of the climactic scenes from 1954’s On The […]
A Quick Primer on Form 5471 and Some Hidden Pitfalls to Avoid
Form 5471 is triggered in situations where a “U.S. Person” owns an interest in a “foreign” (non-U.S.) corporation. The specific reporting requirements for Form 5471 are found in Internal Revenue Code Sections 6038 and 6046. Broadly speaking, the purpose of Form 5471 is to identify “U.S. Persons” who: own at least 10% of a “non-U.S.” […]
FATCA Back in the News
That pestilent FATCA law is back in the news again. Back on July 9, 2018, the Treasury Inspector General for Tax Administration (TIGTA) issued a report (July TIGTA Report) highlighting the IRS’ shortcomings in enforcing FATCA. For those unfamiliar with FATCA, it stands for “Foreign Account Tax Compliance Act.” Sometimes referred to derisively by the nickname […]
How to Deal With A Dreaded FATCA Letter From Your Foreign Bank (GTW)
The following article was published in the August 23, 2018 edition of Global Tax Weekly. Click here to read it.
Street Crimes: Don’t Have a Fit, Use Your Wit
Below are links to some helpful outlines on Criminal Law that I. I’m a nerd when it comes to statistics. According to a recent poll, the number one crime committed in America happens on the streets and highways. Second on the list is burglary and other theft-related offenses that occur in residences. Crimes Against Property […]
Lessons Learned from Manafort Conviction that Every Taxpayer Should Know
The conviction of former Trump campaign chairman Paul Manafort on eight counts of financial crimes marks the first trial victory of Special Counsel Robert Mueller’s probing investigation into President Trump’s associates. After four days of deliberating, the jury found Manafort guilty of five counts of filing false tax returns on tens of millions of dollars […]
How Long is Too Long to Retain Old Tax Records?
Pop quiz: How long should you hold on to your tax returns? If you guessed at least three years beyond the due date of the return, then you’re not alone. That is the standard answer that the vast majority of taxpayers give. Most taxpayers have also learned that if they were able to obtain an […]
Clock Ticking Down on the Offshore Voluntary Disclosure Program, Time Is Of The Essence
Just when you thought it was safe to get back in the water, the IRS has issued a stern warning to taxpayers that unreported foreign accounts and income remain a top priority for enforcement. And your chance to seek shelter in the OVDP bunker before the IRS sniffs you down like a bloodhound is slowly fading. Since 2008, the IRS […]