Archive | January, 2014

Tax Planning for California Exports: IC-DISCs

January 31, 2014  |   Posted by :   |   IC-DISC   |   0 Comments

California manufacturing exports are booming. In November 2013, California shipped merchandise worth $15.2 billion, a 14% jump over November 2012, more than twice the national rate for US exports (5.9%). 2013 was the best year since 2007. For those California manufacturers who use a special type of US Corporation known as an IC-DISC, the DISC […]

Read More »

ICDISC.US Website

January 28, 2014  |   Posted by :   |   IC-DISC   |   0 Comments

The Wolfe Law Group and PIASCIK (A Virginia based International Tax/CPA Firm) are please to announce their launch of a new website: ICDISC.US, which is a special type of U.S. Corporation providing tax benefits for U.S. exports. Please feel free to view our website and you have questions send an e-mail to Ryan Losi, CPA […]

Read More »

2014 Tax Rules

January 22, 2014  |   Posted by :   |   Income Tax,IRS Tax Audits   |   0 Comments

Estate & Gift Tax 1. Estate and Gift Tax Exemption increases from $5,250,000 to $5,340,000, tax rate: 40% (excess over $5,340,000) 2. Gift Tax Exclusion: $14,000 per donee 3. Up to $1,090,000 of farm or business realty can receive discount estate valuation 4. Estate Tax Deferral (Installments) If one or more closely-held businesses make up […]

Read More »

IRS Audits (2012) Part II

January 19, 2014  |   Posted by :   |   IRS Tax Audits   |   0 Comments

According to the IRS Data Book (calendar year 2012 through 9/30/2012) in 2012, the IRS processed more than 237.3 million federal tax returns, and collected $2.52 trillion in taxes, issued refunds ($373.4 billion) net tax collections ($2.15 trillion). Since the U.S. government spent $3.79 trillion in expenditures, there was a “revenue shortfall in 2012 of: […]

Read More »

Spain’s Princess Cristina is Suspected of Money Laundering and Tax Evasion

January 11, 2014  |   Posted by :   |   Tax Evasion,Unreported Income   |   0 Comments

Spain’s Princess Cristina, daughter of King Juan Carlos, will appear before a Palma de Mallorca court to testify over tax fraud and money-laundering charges she denies but has decided not to appeal, her lawyers said on Saturday. It is the first time a member of Spain’s royal family will testify as the subject of criminal […]

Read More »

IRS Audit Statistics 2012

January 07, 2014  |   Posted by :   |   IRS Tax Audits   |   0 Comments

The IRS 2012 Data Fact Book reported during Fiscal Year 2012, (through 9/30/12) the IRS employed 97,941 employess (Budget $12.1billion), collected $2.5 trillion in taxes, processed 237.3 million tax returns. Please see link, which details IRS 2011 audit activities as follows: 1) Form 1040 – 143.4 million tax returns filed, audit rate 1.03% 2) Form […]

Read More »