When Structuring Laws Go Bad, Congress Steps In
In October 2014, the IRS made a very important decision regarding structuring laws and civil forfeitures. Structuring laws, which prohibit the break-up of large deposits for purposes of avoiding bank reporting requirements, were meant to nab criminals seeking to bypass the IRS and/or commit money laundering violations. In application, however, the laws also had the […]
Mark Your Calendars Now to Get Ahead of New Filing Deadlines
On July 31, 2015, President Obama signed into law the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. With transportation funds scheduled to run out within the week, Congress took care to pass the measure quickly.Just a few days after its introduction in the House of Representatives, this “band aid” bill was […]
FBAR from an Examiner’s Viewpoint: A Quick Look at How the IRS Assesses Penalties
For the Internal Revenue Service, the difference between tens of thousands of dollars all comes down to three letters that make up one important prefix: non. As the IRS looks at untimely filed Reports of Foreign Bank and Financial Accounts (FBAR), the question that determines how much tardy reporters will be penalized boils down to […]
A Grim Outlook for Michael Grimm
Twenty years, to three years, to eight months. That was the time that former U.S. Representative Michael Grimm faced for tax related charges originally outlined in a 21 count indictment brought against him in April 2014 that he promised to “fight tooth and nail” until his eventual exoneration. Grimm, a Republican from New York, managed […]
Uber: Driving the Discussion on Worker Reclassification
Remember a world without the accessibility and ease of Uber? Founded in 2009, Uber has brought the convenience of ridesharing to consumers in cities around the world. At the same time, Uber has grown into a giant thorn in the side of two very distinct entities: your local taxi company, and the tax system that […]
The Intersection of FIFA and FBAR
As far as Americans and sports are concerned, it is a safe bet that most people associate the word “football” with the National Football League, or NFL. However, the recent debacle surrounding the Fédération Internationale de Football Association, or FIFA, has brought the “other” game of football (better known in the U.S. as the sport […]