As taxes continue to climb, more and more Americans are getting fed up. While its common to hear people in taverns and lunch counters across the country threaten to simply give up their citizenship, record numbers are actually doing so! Renouncing one’s citizenship and leaving the country is called expatriation. Of course many people who […]
IRS Wins Tax Shelter Case – Will Claims Of Accounting Malpractice Follow?
by Brian Mahany Earlier this week the United States Tax Court ruled in favor of the IRS in a widely watched corporate tax shelter case. The test case, involving Bank of New York Mellon, could cost the bank $800 million. Although BONY has promised to appeal, the loss may create a waive of accounting malpractice […]
IRS Warns of Payroll Processing Fraud
by Brian Mahany Just 2 months ago (July 5th) we warned of various payroll processing frauds that prey on small businesses. The IRS must have been listening since they too just issued a warning. Because these frauds can bankrupt a business, the warnings bear repeating. Many small and medium size businesses outsource their payroll processing […]
America's Tax Gap – Who Is At Fault And What Should We Do About It
by Brian Mahany America’s tax gap – the difference between what the IRS collects and what it should collect. Estimates differ widely but everyone agrees that it is measured in the hundreds of billions of dollars annually. In the last comprehensive study, the IRS estimated it collects 84% of what is due each year. President […]