Archive for the ‘Banking & Finance’ Category

Madoff Victims Still Waiting for Investment Fraud Relief

Friday, September 20th, 2013

It appears that some of Bernie Madoff’s Ponzi scheme victims will have to wait a little longer get their money back. CNNMoney’s article titled: “More than $2 billion for Madoff victims is still in limbo” details information provided by Securities & Exchange Commission (SEC) veteran and hedge fund founder Richard Breeden. Breeden was appointed by the U.S. Department of Justice in December of 2012 as “special master” of the distribution
[Read More]

Americans Living Abroad Renouncing US Citizenship

Tuesday, August 13th, 2013

A Wall Street Journal article titled: “U.S. Expats Balk at Tax Law” reports that the government’s quest to find tax evaders is prompting some Americans living in Asia and around the world to rethink their citizenship. Their biggest complaint: the increasing burden of paperwork required by Foreign Account Tax Compliance Act, or FATCA.
As per FATCA regulations foreign institutions are required to disclose the overseas assets of U.S. citizens and green-card
[Read More]

IRS Scrutiny of Bitcoin and Virtual Currencies

Thursday, June 20th, 2013

Virtual currencies such as Bitcoin have created a whole new way to pay for things. However, the tax rules governing how to report virtual currency use are not as defined as they should be – possibly causing tax problems down the line. A recent Forbes article titled, “Bitcoin in IRS Crosshairs, Says Government Report” explains a new Government Accountability Office report (GAO) that suggests the IRS should watch Bitcoin and
[Read More]

Better Business Bureau Los Angeles Chapter-Expelled

Thursday, March 14th, 2013

As a Los Angeles based business, it was huge news to hear that the Better Business Bureau (BBB) of the Southland was expelled from the Organization for demanding that businesses pay membership fees for good ratings. The Los Angeles Chapter was a corrupt organization. Horrible.
An LA Times article by Adolfo Flores titled:”Better Business Bureau expels Los Angeles area chapter” brings to light years of strife and eventual audits by the
[Read More]

Response to Forbes Article on Persisting Tax Resolution Schemes

Monday, October 29th, 2012

Late Monday afternoon, I read a Forbes article by Stephen J. Dunn titled Tax Resolution Schemes Persist and was stunned. Not because of the subject matter, but by Dunn’s inability to recognize tax resolution firms as anything other than a “scheme” to be avoided at all costs. As someone who has helped thousands of taxpayers achieve permanent tax relief since 1998, I took issue with Dunn’s limited view on tax
[Read More]

Tax Expert Instructs Tax Practitioners on Offer-in-Compromise

Monday, June 4th, 2012

Last month Eva Rosenberg, the TaxMama® and I led a free Webcast by CPE Link for Tax Practitioners focusing on the topic of Collection Issues. As part of the Team TaxMama Faculty I’m excited to be back with Eva Rosenberg teaching this Wednesday, June 6th from 9-11am for another Live Webcast as part of the IRS Practice Series.
In this week’s Live Webcast, “6 Simple Steps to an Offer-in-Compromise: Completing Form 656”
[Read More]

Tax Expert Leads Free Webcast for Tax Practitioners

Tuesday, May 8th, 2012

Eva Rosenberg is known as the TaxMama®, giving out much needed tax information to those in trouble with the IRS and doing all of it with a mother’s touch.
Tomorrow, Wednesday May 9th at 12:00pm (Pacific) it’s time for me, the TaxMan to meet the TaxMama and deliver sound advice through a complimentary (that’s FREE) live webcast. The topic we’ll be focusing on is “IRS Practice: Overview of Collection Issues.”
If you
[Read More]

A Makeover for Tax Relief Companies

Monday, April 16th, 2012

Unless you’ve been living in a cave for the last twelve months, you are most likely aware that the tax debt resolution industry has been dragged through the mud and just about every media outlet under the sun has jumped on the bandwagon to kick a little extra dirt on the pile. Now, I’m not arguing that some serious wrongdoing hasn’t occurred, but this is clearly a case of an
[Read More]

Offshore Banking-Swiss Tax Evasion Advisors Indicted

Friday, March 30th, 2012

The latest chapter of the IRS versus the Swiss bank saga shows just how far some Swiss bankers are willing to go to protect assets of their wealthy American clients from IRS detection. A Bloomberg article Swiss “Tax Evasion Advisers” Hid Assets, Used Kids reports on two recently indicted Swiss tax evasion advisors and their role in helping U.S. clients hide hundreds of millions of dollars from tax authorities using
[Read More]

MF Global Farmers Get Tax Relief from IRS

Wednesday, March 28th, 2012

The IRS has announced it will give needed tax relief to farmers who could not properly file their taxes due to not receiving their 1099 by the March 1 deadline from the now defunct MF Global.  A Reuters article entitled IRS Waives Fines for Farmers Missing Tax Info from MF Global reports that farmers who underreported their taxes because of missing information from MF Global will not be penalized.
Run by
[Read More]

Tougher IRS Enforcement of Corporate Tax Dodgers

Wednesday, March 21st, 2012

Hot off the Reuters newswire is an article entitled IRS Forms “SWAT Team” for Tax Dodger Crackdown that confirms the IRS’ intent on collecting taxes and in this case, going after one of the most difficult sources; multinational corporations. The IRS has stepped up efforts to go after businesses that shift money from country to country in an attempt to limit their corporate tax liabilities. While The IRS has attempted
[Read More]

TaxMan-Wealth Tax and Identity Theft on Big Biz Show

Monday, March 19th, 2012

In a recent episode of my guest appearance as the TaxMan on the Big Biz Show, we discussed two tax plans aimed at wealthy taxpayers that intend to reduce the deficit; the Zuckerberg tax and the Buffet Rule. We also spoke on ways to prevent identity theft schemes and avoid the IRS problems they bring. Here are the subjects we covered:
Zuckerberg Tax
This tax could move the needle more in the
[Read More]

TaxMan Tax Info-Offshore Accounts and Taxable Income

Wednesday, March 14th, 2012

During a recent episode of the Big Biz Show, I mentioned the subject of taxable income. I thought it an important blog topic as there may be some readers who are unsure what constitutes “income” particularly those who still may have unreported offshore accounts and assets.
The Wikipedia definition of taxable income refers to the base upon which an income tax system imposes tax. Generally, it includes some or all items
[Read More]

Swiss Proposals Maintain Tax Compliance and Secrecy

Thursday, February 23rd, 2012

In another chapter of Swiss Banks versus the IRS, strong pressure from both U.S. and European governments, have forced Swiss lawmakers to take a stand. Yesterday, Switzerland announced it outlined proposals for how it aims to do the following:

improve its reputation as a private global banking center.
comply with the exchange of tax information that includes requiring all offshore account holders to declare their taxable assets.

A Wall Street Journal article titled
[Read More]

Five Tips to Resolving Payroll Tax Problems

Thursday, February 23rd, 2012

Payroll Tax Problem Question:
Our business has done well financially until a year ago when some of our best customers got behind on their payments to us; the crushing blow came when one closed its doors before we could to collect. We are still behind and the loss in income has weakened our business finances so much, we cannot afford to make the payroll tax payments. I’m really worried about
[Read More]