We represent many businesses – everything from local “mom and pops” to a Fortune 150 company. What is the single biggest problem facing such a diverse group of business taxpayers? Bad tax policy; especially the lack of predictability and consistency. If you ask the general public what’s wrong with the tax system you are likely […]
FBAR Post – IRS Crackdown on Foreign Retirement Plans
Bloomberg reports the IRS is setting its sights on unreported foreign retirement plans. Most of the world is finally catching on that the IRS is serious about unreported offshore bank accounts. Many other countries are racing towards greater exchange of financial information and transparency too. Unfortunately, compliance remains very low when dealing with foreign retirement […]
C Corp, S Corp, LLC… REIT?
[Update: Did you lose money in a non-traded REIT investment? Visit our REIT fraud page to learn how to recover your losses.] Real Estate Investment Trusts (REIT for short) are the newest way some companies are seeking to avoid corporate income tax. According to a story published on June 8th in the Wall Street Journal, […]
Charges Against US Lawyer Proceeding – Red Flag For CPAs and Lawyers That Have Clients With Offshore Accounts
[Updated 2021] Previously we reported on California attorney Christopher Rusch after he was indicted and arrested for helping two clients establish unreported foreign accounts. Rusch initially denied the charges but court documents released this month suggest he may have cut a plea deal with prosecutors. The case is being closely watched by those with unreported […]
Think No One Will Discover Your Offshore Account? Read This!
by Brian Mahany We are never surprised anymore when the feds announce a new wave of indictments against taxpayers with unreported accounts. Until 2008, the IRS didn’t look very hard and prosecutions were few. As the economy has soured, tax authorities around the world have become quite creative in finding new revenue streams. To enforce […]
Time Running Out For Holders Of 419 Welfare Benefit Plans
[Post updated through 2021] More than a decade ago, so called welfare benefit plans were the rage for small business owners. Insurance agents, financial planners and even tax attorneys were all out hustling clients to invest heavily in these plans. According to the promoters, business owners could contribute and sock away hundreds of thousands of […]