Tax Attorney Blog

Common Tax Problems for Businesses: Choice of Entity

One of the first decisions entrepreneurs face is selecting a business entity.  Before selecting an entity, you should be aware of the federal income tax consequences related to the various business entity designations.

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DOMA and Income Tax Refunds

Can same-sex married couples file amended federal income tax return/refund claims based on the Supreme Court’s decision in United States v. Windsor or the Defense of Marriage Act (DOMA)? The federal recognition of same-sex marriages means gay couples could be entitled to tax refunds for filing situations for which married couples receive tax breaks.

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The Tax Implications of DOMA

A tax issue is at the heart of the United States v. Windsor or the Defense of Marriage Act (DOMA) decision by the Supreme Court of the United States.  It has potentially far-reaching implications that will affect federal, and most likely state, tax policies, including the estate and gift taxes and income tax.

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IRS Mad Men Training Video

Here is another Internal Revenue Service (IRS) training video, CPE FY 2012, a parody of the popular tv show Mad Men.

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IRS Music Video

Here it is, the Internal Revenue Service (IRS) dance training video. The music video along with Gilligan’s Island and Star Trek videos were produced for IRS training purposes.

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Avoiding Tax Problems for a New Business – June 7, 2013

Eighth Business Fundamental Bootcamp – Leveraging the Cloud for Growth: This Bootcamp is designed especially for CEOs and CXO’s of early stage and rapidly growing companies with a focus on the tactical and operational expertise that you need to manage your growing business.

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IRS Offer in Compromise Tool

Offers in Compromise (OIC) offers taxpayers an option to resolve their tax debt for less than the amount owed. The Internal Revenue Service (IRS) website has a new tool to help determine if a taxpayer is eligible for an OIC and calculates a preliminary offer amount.  Taxpayers will need to enter asset, income and expense information to generate a proposal an offer. If eligible, taxpayers must complete an OIC application.

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Swiss Bank to Pay $74 Million in Tax Evasion Case

Wegelin & Co., Switzerland’s oldest bank, has agreed to pay $74 million to the United States to settle charges that it aided U.S. taxpayers in evading taxes. This is the first time a foreign bank has plead guilty to U.S. tax law violations. In pleading guilty, Wegelin acknowledged the government’s claims that it hid more than $1.2 billion in secret accounts for U.S. clients. According to the Justice Department, Wegelin conspired with U.S. taxpayers, to hide assets held in offshore bank accounts from 2002 – 2011.

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Bilateral Agreement between the US and Switzerland to Implement FATCA

Switzerland and the U.S. Department of the Treasury have signed a bilateral agreement to share tax information and facilitate the implementation of the Foreign Account Tax Compliance Act (FATCA). Included as part of the HIRE Act of 2010, FATCA seeks to prevent U.S. taxpayers from evading taxes through offshore accounts.

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IRS Veterans Join The McMahon Law Office 

I am pleased to announce that Internal Revenue Service veterans, Jeremiah O’Sullivan and Paul Reska have joined the McMahon Law Office. As the government continues to focus on revenue collection, I have seen a sharp increase in the demand for experienced professionals capable of handling difficult tax disputes. Jeremiah and Paul’s in-depth knowledge of the IRS audit and appeals processes allows me to grow the firm and assist more taxpayers.

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