Things are changing as the consequences of the FBAR Noncompliance are becoming stricter. Up to this point, the sentencing of offshore tax evaders has been fairly lenient. Although judges must attempt to follow sentencing guidelines written to ensure consistent punishment for defendants convicted of similar crimes, they have been given considerable leeway. Within these guidelines,… Continue reading →
Tax
Family Finances: Tax Settlement, Innocent Spouse Relief, and Injured Spouse Relief
A recent study by Fidelity Investments revealed that individuals often lack adequate knowledge of family finances. The results of the study showed that a surprising number of marriage partners have insufficient information about important financial matters such as insurance policies, investment accounts, physical assets, beneficiary designations and income taxes, among other things. While this lack… Continue reading →
Expatriates Renouncing Citizenship
In the face of increasingly strict asset disclosure legislation, more and more United States citizens are renouncing their citizenship in order to avoid potential tax consequences. In the second quarter of this year, the number of expatriates turning in their passports to United States embassies abroad was up almost 500% from that same time period… Continue reading →
How a Government Shutdown Will Affect the Economy
The major news headlines everywhere are focused on the government shutdown. The government shutdown is the result of the recent vote by House of Representatives opposing funding for Obamacare (Obama’s healthcare law) as part of a bill to pay for government operations after the close of the fiscal year on September 30th. Questions remain as to… Continue reading →
Beanie Babies Creator Admits Tax Evasion
The creator of Beanie Babies, Ty Warner, has been accused of tax evasion due to the non-reporting of income earned on funds held in a secret Swiss bank account. Mr. Warner failed to report $3.2 million in income on an account which held as much as $93.6 million in assets. He will be assessed over… Continue reading →
Tax Relief: Will Mickelson Stay in CA after British Open Tax Bill?
Phil Mickelson Wins British Open—And California Taxes It Tax relief is what Phil Mickelson needs after his CA tax bill from the British Open. According to Sports Illustrated, Phil Mickelson made $36 million last year from his sponsors. Companies such as KPMG, Barclays, and Callaway endorse Mickelson. His recent win in the British Open escalates his… Continue reading →
