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 […]

MOST COMMON ABUSIVE TAX SCHEMES – WHAT THE IRS SAYS

I continually warn clients and advisors that there are good and bad methods, tools and practitioners in every business including Asset Protection. The worst plans I see combine abusive tax plans with supposed Asset Protection benefits. These plans typically involve IBCs, Nevada Trusts, and Domestic Asset Protection Trusts in some combination. Generally speaking these are […]