Tag Archives: IRS

The IRS and Panama Papers – Lessons Learned

July 18, 2016  |   Posted by :   |   Panama Papers,Tax Evasion   |   0 Comments

In a 7/7/16 Hearing before the House Oversight/Government Reform Committee, James B. Comey, FBI Director said: “We don’t want to put people in jail unless we prove that they knew they were doing something they shouldn’t do”. In 2016, the “Panama Papers” named hundreds of thousands of wealthy international investors with offshore accounts (set up […]

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Criminal Tax Evasion – Part 1

January 12, 2016  |   Posted by :   |   Tax Evasion,Unreported Income   |   0 Comments

Under IRC Section 7525 (A) (enacted 7/22/98): With respect to tax advice, the common law protections that apply to a communication between a taxpayer and an attorney applies to a communication between a taxpayers and any Federally Authorized Tax Practitioner (“FAPT”) (which includes attorneys, cpas, enrolled agents, see IRS Pub 947, and Treasury Dept. Circular […]

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Celebrity Tax Problems

March 05, 2015  |   Posted by :   |   Tax Evasion,Unreported Income   |   0 Comments

Robert De Niro Hit With $6.4M Tax Bill: A Cautionary Tale by Robert W. Wood, Forbes.com Robert De Niro owed $6.4 million to the IRS for his 2013 tax return, but it appears he just learned of it. The Oscar winner’s tax debt surfaced in the Smoking Gun. Mr. De Niro has an estimated worth […]

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2014 U.S./California Income Tax

May 02, 2014  |   Posted by :   |   Income Tax   |   0 Comments

In 2014, the highest income tax rate is 51.7% (Federal tax rate: 44.3%, California tax rate: 13.3%). The 51.7% tax rate applies to wage earners. For investors the top rate on net investment income is 50.92% (Federal tax rate: 43.4%, California tax rate: 13.3%). The top tax rates apply to U.S. taxpayers who earn income […]

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Michael Jackson Estate Has a Big Tax Problem

September 19, 2013  |   Posted by :   |   IRS Tax Audits   |   0 Comments

The estate of Michael Jackson has a big tax problem. The IRS audited Jackson’s Estate Tax Return (Form 706) and disputed the reported value of a major asset i.e. Jackson’s image and likeness valued at $2,105; the IRS disagreed and valued it at $430million. The estate faces potentially hundreds of millions of dollars in tax, […]

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Wolfe Law Group Establishes IRS Precedent Saving Client Over $5 Million

June 24, 2013  |   Posted by :   |   IRS Tax Audits   |   0 Comments

The Wolfe Law Group is pleased to advise of the firm’s recent IRS tax audit success for an entertainment industry client, which resulted in a multi-million dollar tax savings. The client’s IRS tax audit victory established a new tax law precedent, i.e. a taxpayer’s “fraud” loss is tax deductible as a “theft loss” under the […]

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IRS OVDP – International Investors

April 18, 2013  |   Posted by :   |   Voluntary Disclosure   |   0 Comments

International investors, classified as U.S. income tax residents, may enter voluntary disclosure agreements. International investors may be classified as U.S. income tax residents for each tax year that: 1. They have a U.S. green card; i.e., Lawful Permanent Resident (“The Green Card Test”); 2. They are in the U.S. as a tax resident under the […]

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IRS OVDP – International Investors and U.S. Income Tax

April 18, 2013  |   Posted by :   |   International Investors,Voluntary Disclosure   |   0 Comments

International investors are subject to tax reporting and tax payment of U.S. income taxes as either a U.S. income tax resident, or as a non-resident alien. Resident aliens (under either the “Green Card” or “Substantial Presence Tests”) are subject to taxation on their world-wide income which includes annual tax filings: Form 1040 (report world-wide income), […]

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