Tax Blog

Benefits Of Foreign Bank Accounts

Benefits Of Foreign Bank Accounts


July 8, 2016    Tony

Although the Internal Revenue Service has been cracking down on offshore bank accounts, there are still a handful of positives that come with foreign accounts – as long as you follow the rules. According to Kelly Phillips Erb of Forbes.com, account holders must pay a one-time setup fee and annual administration fees, along with potential […]

Lionel Messi Facing Jail Term In Spain For Tax Fraud

Lionel Messi Facing Jail Term In Spain For Tax Fraud


July 6, 2016    Tony

According to BBC News, football superstar Lionel Messi has been sentenced to 21 months in prison due to tax fraud. Jorge Messi, Lionel’s father, was also given a jail term for tax fraud of near $4.5 million between 2007 and 2009. Because of Spanish law, neither Lionel or his father are expected to serve any […]

IRS Report: Central Iowa Casino Owes Up To $60 Million

IRS Report: Central Iowa Casino Owes Up To $60 Million


July 1, 2016    Tony

According to an IRS report, Prairie Meadows, an Iowa casino, owes up to $60 million in IRS back taxes and penalties. Why? Because an IRS audit has determined that the Iowa casino has been operating more like a business rather than a nonprofit organization. The IRS has very stringent regulations that determine what allows an […]

IRS Hits Fat Joe With Fat Lien of $1.1 Million

IRS Hits Fat Joe With Fat Lien of $1.1 Million


July 1, 2016    Tony

  Rapper Fat Joe, real name Joseph Cartagena, owes over $1 million for allegedly failing to pay taxes on his income from 2008, 2009, 2010 and 2014, according to BOSSIP.com. Unfortunately for the rapper, the IRS has placed a lien on his assets. A tax lien is a lawful claim by a government party against […]

IRS Scammers Target Our HR Manager In Latest Scam (Audio Included)

IRS Scammers Target Our HR Manager In Latest Scam (Audio Included)


June 29, 2016    Tony

Working at a tax resolution firm, I knew it was a scam, but even then, my chest tightened when I heard the message on my answering machine. “The IRS is filing a lawsuit against you.” It seems everyone is afraid of the IRS, even those of us who take standard deductions, report all income, and […]

IRS Takes Records On U.S. Citizen’s Account in Singapore

IRS Takes Records On U.S. Citizen’s Account in Singapore


June 28, 2016    Tony

UBS Group AG, the largest Swiss bank, has put an end to their legal fight with the Internal Revenue Service. The bank has agreed to hand over the Foreign Bank Account Report for Ching-Ye Hsiaw, a U.S. citizen living in China. After the IRS filed a petition, a federal judge in Miami demanded UBS to hand over the records of Hsiaw’s […]

Audit Against IRS Reveals That Improvements Are Needed In Offshore Voluntary Disclosure Efforts

Audit Against IRS Reveals That Improvements Are Needed In Offshore Voluntary Disclosure Efforts


June 23, 2016    Tony

According to a publicly released audit report by the Treasury Inspector General for Tax Administration (TIGTA), the Internal Revenue Service (IRS) needs to improve its efforts to address the noncompliance of taxpayers who are denied access to or withdrawn from its Offshore Voluntary Disclosure Program (OVDP) and Foreign Bank Account Reporting. According to the IRS, “The […]

BEWARE: Fake Charity Scams Involving Orlando Mass Shooting

BEWARE: Fake Charity Scams Involving Orlando Mass Shooting


June 20, 2016    Tony

The Internal Revenue Service (IRS) has released a warning to consumers regarding fake charity scams related to last week’s mass shooting in Orlando, Florida. In the statement, the IRS recommends consumers to pursue well-known charitable groups. IRS advises donors to follow these tips and precautions in order to avoid donating to a false charity: Only […]

House Bans IRS From Demanding Nonprofit Donor Lists

House Bans IRS From Demanding Nonprofit Donor Lists


June 15, 2016    Tony

On Tuesday, June 14, the House voted to ban the Internal Revenue Service (IRS) from requiring nonprofit organizations to list their donors on tax returns. This decision was made after the IRS failed to keep the information confidential on numerous occasions. “This bill helps ensure that Americans can never again be singled out by the […]

Are Gifts Taxable?

Are Gifts Taxable?


June 8, 2016    Tony

Are gifts taxable income? According to the IRS, a gift is defined as “any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money’s worth) is not received in return.” Gifts from family or friends are not taxable to the recipient for federal income tax purposes. However, the IRS does not […]