Boxing fans may have heard that next month, champion boxer Floyd Mayweather Jr. is set for a much anticipated bout with Irish mixed martial artist Conor McGregor. The match-up is unique for several reasons. First of all, the bout has been in the pipes for a long time,...
Tax penalties can be an unwelcome surprise to anyone who made an honest mistake when filling out their tax forms. In 2015, the Internal Revenue Service reported that it collected $12.4 billion from Americans in penalties.It is not easy to get out of a...
Last year, we wrote about the IRS’ decision to roll out a new program to assign tax debt to private collectors. As we noted then, the IRS has issued warnings to taxpayers to help ensure they recognize fraudulent notifications and communications when they see...
The debate over whether a corporate entity can be considered an individual can be considered a taxpayer has garnered a great deal of debate. Generally, speaking, corporations are not individuals for tax purposes. While there may be worthy circumstances for an...
Previously, we began looking at the topic of discharging tax debt in bankruptcy. As we noted last time, certain types of tax debt are dischargeable in bankruptcy, while others are not. Speaking generally, older tax debt is dischargeable in bankruptcy, while...
Bankruptcy is an important safety valve recognized by the legal system which gives individuals strapped with unmanageable debt the opportunity to either catch up on that debt by reorganizing themselves financially or by liquidating assets and paying off creditors....
In previous posts, we’ve looked briefly at innocent spouse relief, which is available to spouses who did not know and could not have known about understatements in tax reporting reported by their spouse, and it would be unfair to hold them responsible for the...
Previously, we began looking at the topic of innocent spouse relief, and the conditions under which it is available. As we noted, an important requirement that for innocent spouse relief is that the spouse seeking relief must not have known or had reason to know of...
In recent posts, we’ve looked briefly at the difference between tax negligence and tax fraud, noting the differences in terms of intent, evidence and penalties. One issue that can sometimes arise with tax returns is, what if an individual filing a tax return has...
Last time, we began discussing a recent tax case involving the issue of domicile. As we noted, the CEO of Match Group was successful in arguing that he had temporarily created a domicile in Texas, even though he still had ties to New York and eventually returned...
Our services are confidential and are protected under the attorney-client privilege as allowed by law.