Year-End Tax-Scams Targeting Doctors and Business Owners

 The year-end planning rush so familiar to physicians has many pitfalls including a variety of serious tax scams. Some scams covertly target you externally, while others are actually brought to doctors and business owners by their own would-be advisors; today we provide some red flags to look out for on both fronts. This is part […]

Tax Planing Schemes Every Physician (and Business Owner) Should Avoid

The next 60 days marks the final push to sell physicians and private business owners across the United States tax plans of both good and questionable value. Promoters of various plans are well aware of the pressures affecting your income and will make a variety of frivolous arguments that appeal to your desire to save. As […]

Incomplete Gift Tax Reporting – A Common FATAL Asset Protection Flaw

RELYING ON GIFTING TO RELATIVES AND FRIENDS  (SEE ALSO FAILING TO ACT)  Transferring all of your assets to your spouse and/or children, especially after something has happened, will not protect your assets from a lawsuit. Even if it did protect those assets from your lawsuits, transferring your assets to your spouse and/or children opens up another Pandora’s […]

Shelf Corporations, Nevada, Wyoming and other Asset Protection FAILS

The Secretary of State’s Securities Division has issued a cease and desist order to a Wyoming company doing business in Nevada to stop selling shell corporations registered with his office because it is a securities violation.

Protecting the innocent – Due Dilligence & Investment Fraud

Insider threats cost business $4bn each year Hacker skims 35,000 customer credit card numbers 14 Business bank accounts wiped out by phishing scheme Investors scammed out of $14mm in ponzi scheme Man with history of fraud hired as CFO ‘disappears’ Taking $2mm From Company Vendor employees steal client’s proprietary data; sells to foreign government All […]

The Foreign Account Tax Compliance Act of 2009 (Rangel-Baucus Bill)

The Foreign Account Tax Compliance Act of 2009 (Rangel-Baucus Bill) Recent Offshore Tax Haven Legislation Since 2007, numerous attempts have been made at passing targeted tax haven legislation. Although none of these initiatives has progressed in any meaningful way thus far, under the Obama Administration there is a much higher likelihood that this type of […]

YEAR END TAX SCAMS GETTING A BIG PUSH – AND PUSH BACK – FROM UNCLE SAM

At the end of every year clients of all types (especially MD’s) and advisors rush to find last minute ways to minimize the tax liability for the year. We see many plans of questionable value and legality pushed through in the last couple of weeks when due diligence is slowed by Holiday schedules and your […]

People Don’t Live In Delaware. But They Keep Their Money There.

We see lots of discussion about the “best” legal & financial jurisdictions. If you are familiar with my writing or the work we do in protecting billions of dollars for our clients you know what I think of most domestic jurisdictions and that we think that they have little or no value for Asset Protection […]

ARE YOU AN ACCIDENTAL TAX CHEAT? THE IRS IS LOOKING FOR YOU.

The IRS is currently running a “Voluntary Disclosure Opportunity” that expires October 15, 2009. You have likely heard reference to this amnesty event in the context of allowing those with “secret” offshore accounts (see my other posts on this amateur practice) to report them and get square with the tax man – but there are […]

UNREPORTED FOREGIN BANK ACCOUNTS – DEADLINES AND PENALTIES LOOMING

People who haven’t reported ownership of foreign accounts by September 23 may face jail time and fines.By Seth J. Entin Mr. and Mrs. Doe, who are U.S. citizens, have an account with a foreign financial institution. The Does have never reported their ownership of or the income from this account on Schedule B of their […]