Comprehensive Tax & Legal Solutions
The Foreign Account Tax Compliance Act (FATCA) has been in effect for more than two years. The law, which has revolutionized tax compliance for American citizens with overseas accounts, was passed in 2010. During that time, the IRS has been extraordinarily successful...
The tax code is very large and complex. That is no surprise to anyone who has seen the volumes of the tax code in a law office or a library. And it is no surprise that understanding how it works and how all of the parts fit together is a lifetime’s occupation. If you...
A tax audit sounds like everyone’s worst nightmare. An IRS audit can take years and thousands of dollars. Although there is no perfect equation that will result in a tax audit, there are certain red flags that will raise your chances of getting one. If you find...
One of the more difficult concepts of tax law is that for the most part, it is arbitrary. While there is some narrative that follows from the idea that tax is typically owed on “all income from whatever source derived,” the devil is in the details and if you gaze on...
In most cases when a law enforcement agency wants information, it can use a summons, for instance, if it wants additional information from a taxpayer concerning details of their tax returns from specific years. A summons typically is issued by a court for an...
As an employer, one of your more important jobs is to properly determine if the individuals who work for you are employees or independent contractors. You probably know that employees bring with them a host of obligations for you as an employer. Payroll taxes and...
Last week, we looked at the factors the Tax Court uses to determine if compensation paid to employee/owners of a company qualify as “reasonable.” In a case involving a concrete contractor, the court found that the five-factor test supported the company’s assertion...
When a company pays employees, it is presumed to some degree, that it pays them only enough to prevent them from leaving and going to work elsewhere. This equation changes when the company is controlled by the individual being paid. The IRS often suspects owners are...
There’s now little doubt that federal income taxes will change in one way or another under the new administration. But what about state taxes? One possible proposal to watch out for in Ohio is a move to a flat income tax. Ohio State Senator Bill Coley says he plans to...
During the Regan administration, certain incidents raised questions that had overtones of the Watergate Scandal, involving “what did the President know and when did he know it?” Certain members of the administration noted that the president was not informed of some...