Archive | October, 2016

Panama Papers Update – October 2016

October 11, 2016  |   Posted by :   |   FATCA/FBAR,Panama Papers   |   0 Comments

The Panama Papers were released in April 2016, outing the world’s wealthiest people, including celebrities, politicians and business leaders for hiding their wealth through Panama Law Firm, Mossack Fonseca, setups in world tax havens (currently 90 known world tax havens). The explosive revelations subsequently have included: 1) Up to $34 Trillion in Wealth, owned by […]

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IRS Tax Audits: Assessment of Tax and Collection

October 09, 2016  |   Posted by :   |   IRS Tax Audits   |   0 Comments

Under IRC 6501(a), the amount of tax imposed shall be assessed within 3 years after the tax return was filed (or 3 years after the date on which any part of such tax was paid). Effectively, the IRS has 3 years to audit a filed tax return (tax paid) “assess” additional tax due, and seek […]

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Tax Planning for Sexual Harassment Claims – Part 2

October 08, 2016  |   Posted by :   |   Sexual Harassment   |   0 Comments

US Taxpayers who receive Foreign Gifts from Foreign Persons More than $100,000 (from Non-Resident Alien(“NRA”) or Foreign Estate, which includes foreign persons related to NRA or Foreign Persons related to Foreign Estate) or more than $15,601(as gifts from foreign corporation/partnerships) must file Form 3520 and declare those gifts annually or be subject to penalties. The […]

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Wolfe Law Group Partners with Lorman Education Services

October 07, 2016  |   Posted by :   |   International Tax Planning   |   0 Comments

The Wolfe Law Group is pleased to announce that Gary Wolfe has recently partnered with Lorman Education Services, one of America’s leading online continuing education providers. In 2016 to date, Lorman has published 57 articles written by Gary Wolfe on such various tax matters as: offshore tax evasion, money laundering, the Panama Papers, IRS Civil/Criminal […]

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Tax Planning for Settlement of Sexual Harassment Claims

October 06, 2016  |   Posted by :   |   Sexual Harassment   |   0 Comments

Unlike many civil lawsuits, sexual harassment claims include the risk of criminal prosecution. During civil discovery evidence may be introduced which is admissible for eventual criminal prosecution for a multitude of crimes: rape, assault and battery. The “stakes” are very high, tensions may run very hot and those involved may be willing to play “scorched […]

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Tax Planning for Sexual Harassment Claims: Foreign Trust Distributions

October 05, 2016  |   Posted by :   |   Sexual Harassment   |   0 Comments

For parties involved in sexual harassment claims when payment is made to a US taxpayer (i.e. US Citizen/Income Tax Resident) from a Foreign (i.e. Non-US) Trust special tax reporting rules apply under IRC 6677. For failure to file the Form 3520 information return to report the receipt of foreign trust distribution, the IRS may assess […]

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Income Gift Tax Planning: Sexual Harassment Settlements

October 04, 2016  |   Posted by :   |   Sexual Harassment   |   0 Comments

After extensive tax research, I have devised a “cutting edge tax strategy” which is a variation on lawsuit settlements where the settlement is a charitable gift (which type of gift tax planning was recently reported in the Depp-Heard divorce, which according to published reports may have given Depp significant income tax benefits). In my tax […]

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Panama Papers: First US Criminal Prosecution, Chetan Kapur

October 01, 2016  |   Posted by :   |   Panama Papers   |   0 Comments

On 9/7/16 Federal Judge Paul Engelmayer ruled that Chetan Kapur, an Indian-born NY investment manager, the only US taxpayer to be prosecuted in connection with the Panama Papers, must remain in jail (he has been in jail since 7/15) until the next case hearing (10/28/16). Kapur was jailed on contempt charges for refusing to cooperate […]

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