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Making an Effective (and Tax Deductible) Donation for Disaster Relief

Relief efforts are underway to assist victims of Hurricane Harvey and those affected by the catastrophic flooding in Texas and Louisiana. Many well-meaning Americans are making donations through a variety of organizations....more

"Money" Mayweather’s $22 Million Tax Problem

Floyd "Money" Mayweather certainly lives up to his nickname – the undefeated boxer is expected to cash in as much as $350 million for his recent win against Irish UFC fighter Conor McGregor....more

Tax Return Preparer Sentenced to 27 Months for Tax Evasion

Tax evasion carries severe penalties, even in cases in which no one else has been defrauded. The facts - From 2005 through 2011, Semere Tsehaye owned more than 20 Instant Tax Service (ITS) franchises in Illinois, Kansas...more

San Antonio Businessman Sentenced To Four Years in Prison for Defrauding Personal Injury Clients, the Bankruptcy court, and the...

From 2009 through 2014, Elpidio Gongora (aka “Pete Gongora”), operated a number of personal injury law offices in Texas, Arkansas and New Mexico. The lawyers in these firms apparently obtained settlements on behalf of their...more

18 Months in Prison for Cashing Client Checks and Not Reporting the Income to the IRS

A man who provided landscaping and snowplowing services to residential and commercial customers in Hartford, Connecticut is serving 18 months in jail for underreporting his income....more

Marijuana Accounting and Legal Compliance

Since marijuana is still illegal at the federal level and subject to continually evolving regulations at the state level, cannabis producers, distributors, and retailers need to develop compliance programs and procedures as...more

What You Can Do To Minimize the Likelihood of Someone Contesting Your Will

In our first two posts in this series, we discussed who has legal standing to challenge a will and what grounds may form the basis of a will contest. In this third and final post on will contests, we will introduce a few...more

Who Can Bring Forth a Challenge

Following Richard Pratt’s death in 2009, Madison Ashton claimed that she had left her profession as a sex worker to become the Australian billionaire’s kept mistress. Pratt had apparently promised the former Penthouse Pet a...more

Filing Your Own Return

In our last post, we reviewed the main advantages and disadvantages of joint tax returns for married couples. This post will focus on when a married couple should consider filing separately, and special considerations if they...more

The Duty of Impartiality and Other Trustee Troubles

Trustees are accountable to both the current income beneficiaries and the remaindermen of a trust, and are often placed in the unenviable position of have to balance the interests of the two. A beneficiary may look forward to...more

The Joint Tax Return

IRS data indicates that over 95% of married couples file jointly – and for most, but not all, couples this makes good economic sense. In this two-part series, we will discuss the advantages and disadvantages of filing joint...more

Guidelines for Making Prudent Investment Decisions

When the creator of a trust is living, they can manage their trust and invest it however they wish. When a named trustee assumes control of a trust, however, they have a number of investment obligations and duties. A...more

Role of the Trustee

When Edna Sue Pate was appointed trustee of her 10 year-old grandson’s $100,000 college fund in 2003, it is unlikely that her relatives knew about her gambling addiction. Or perhaps they thought that her grandmotherly...more

Challenge and Counter-Proposal

In Part I, we outlined the scope of the November 2016 summons served on Coinbase to identify its users and their transaction activity and the IRS’ justification for requesting this data under 26 U.S. Code § 7602. Section 7602...more

The Summons

Coinbase is a San Francisco-based cryptocurrency exchange company that operates bitcoin and other digital asset transactions and storage for over one million users in 190 countries....more

Jimmy Chen Seminar Attendees and Clients at Risk of Being Investigated for Tax Evasion

This past summer, Jimmy J. Chen, accountant and promoter of private charitable foundations, was charged with six felony counts of tax evasion. From 2009 through 2011, Mr. Chen apparently used his tax-exempt ChenSung Family...more

Getting Into Compliance with Your Foreign Account Reporting, Part II

In Part I, we listed some of the penalties associated with the failure to report foreign accounts, and what is widely regarded as the best option for coming into compliance – the Offshore Voluntary Disclosure Program (OVDP)....more

Getting Into Compliance with Your Foreign Account Reporting, Part I

With the 2015 release of the “Panama Papers,” roughly 11.5 million documents detailing personal financial information of wealthy individuals and identifying nearly 215,000 offshore entities are now available to government...more

Can the IRS Revoke Your Passport?

Executive Order 13769, President Trump’s notorious travel ban that caused mass confusion and chaos in airports throughout the country, is being revamped following multiple federal court challenges. That travel ban, however,...more

The Administrative Procedure Act - Challenging FBAR Penalties

Over the past 10 years, thousands of U.S. taxpayers with a wide variety of circumstances have been forced to pay extraordinarily high penalties for failure to disclose foreign bank accounts. For years, tax experts said that...more

Government Investigations: Use of the Financial Crimes Enforcement Network and Virtual Currency

Since 2009, the US Department of Justice has implemented an aggressive anti-tax evasion strategy that has changed by targeting tax havens that host financial intermediaries (i.e., banks) to the financial intermediaries...more

IRS Agrees to Increased Enforcement of IRS's Offshore Voluntary Disclosure Program

In a report issued to the Internal Revenue Service International Division and Criminal Division, the Treasury Inspector General for Tax Administration (TIGTA) found that taxpayers trying to avoid criminal charges and...more

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