Archive | August, 2014

Individual Tax Insights: Audits Are Another Off-Field Headache for Athletes and Their Advisors 

August 26, 2014  |   Posted by :   |   IRS Tax Audits   |   0 Comments

By William Olver, Bloomberg In addition to facing so-called “jock taxes in multiple states [160 Daily Tax Report H-1, 8/19/14], professional athletes face another challenge: audits. Changes to federal returns often require corresponding modifications to state returns, which could be a significant compliance hurdle given the number of jurisdictions in which most professional athletes perform. […]

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Regulator Seeks Tough Penalty for Wyly Brothers Tax Evasion Case

August 12, 2014  |   Posted by :   |   Tax Evasion,Unreported Income   |   0 Comments

By Larry Neumeister, Associated Press The Securities and Exchange Commission wants to make an example of two Texas brothers found by a jury at a civil trial to have acted fraudulently to evade taxes, but a defense lawyer said Wednesday that the more than $750 million sought by the government is “hotly contested.” A Manhattan […]

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FATCA – Intergovernmental Agreements

August 01, 2014  |   Posted by :   |   FATCA/FBAR   |   0 Comments

As of today’s date the U.S. government has signed 80 intergovernmental agreements (IGA). See link for complete list from Dept. of Treasury. The 80 IGAs will implement the Foreign Account Tax Compliance Act (FATCA) effective date 7/1/14. Under the IGA foreign governments will disclose their U.S. account holders whose accounts are in their country (and […]

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