Category: Tax Planning

U.S. Individuals AllegedTax Criminals Denmark

U.S. INDIVIDUALS ALLEGED TAX CRIMINALS BY DENMARK

Part III.

SETTLEMENT REACHED WITH NORTH CHANNEL BANK In August of 2020, the North Channel Bank offered an unusual statement in their website addressing the indictment proceedings of the Kingdom of Denmark against North Channel Bank. Below are excerpts of this statement:

“Over the past three years, under the current management, the bank has cooperated with the investigating authorities in a very transparent manner and supported the investigations.” The business organization under the Bank’s name was used to facilitate”…the illegal cum-ex business at the expense of Denmark and Belgium was already ceased by the current management in early 2017.” The Bank did act quickly to remove any employees where

U.S. Individuals Alleged Tax Criminals by Denmark

U.S. INDIVIDUALS ALLEGED TAX CRIMINALS BY DENMARK Part II. INDIVIDUALS AND COMPANIES IDENTIFIED. As discussed in Part I. of this continuing Article, Denmark is vigorously looking for the 6 individuals who have allegedly defrauded the Government of Denmark of more than $2.1 billion via a dividend-tax

Expedited suspension from practice before the IRS

10.82 Expedited suspension (a) When applicable. Whenever the Commissioner, or delegate, determines that a practitioner is described in paragraph (b) of this section, the expedited procedures described in this section may be used to suspend the practitioner from practice before the Internal Rev

Recovery Rebate Credit/Economic Impact Payment.

For this year, 2020, there are some key items to consider involving credits, deductions, and refunds:

Recovery Rebate Credit/Economic Impact Payment.

Taxpayers who received an Economic Impact Payment should keep their Notice 1444, Your Economic Impact Payment, with their 2020 tax records. You may be eligible to claim the Recovery Rebate Credit on your tax year 2020 federal income tax return if:

you didn’t receive an Economic Impact Payment, or your Economic Impact Payment was less than $1,200 ($2,400 if married filing jointly for 2019 or 2018), plus $500 for each qualifying child you had in 2020.

If you didn’t receive the full amount of the Economic Impact Payment for which you were eligible, you may be able to claim the Recovery Rebate Credit when you file

IRS warns people about a COVID-related text message scam

IRS warns people about a COVID-related text message scam The IRS is warning people to be aware of a new text message scam. The thief’s goal is to trick people into revealing bank account information under the guise of receiving the $1,200 Economic Impact Payment. Here’s how this scam works: Pe

Kaepernick’s NFL Settlement Amount

How much did Colin Kaepernick actually receive from his “opting out” of the contract with the San Francisco Giants following the 2016 season and the recent Collective Bargaining Agreement, (CBA), with the NFL.[1]

In a recent interview between Kaepernick’s attorney, Mark Geragos and CNN’s Ana Cabrera, Geragos clarified that the disagreement was resolved through the CBA with a Confidentiality Agreement for a undisclosed amount with speculation between $20 Million and $100 Million. [2]

However, no one is saying anything about what the final amount was agreed upon. Lets put forth a few scenarios with the possibility that one could be close to the negotiating amount.

Here is what is known, the NFL possibly pa

This Year You are Preparing Your Own Tax Return

So, this year you are preparing your own tax return, no need for a CPAs, Enrolled Agent or Tax Attorney…great! But have you thought about “FBAR” and your 2018 tax return!!! You might ask, do I have to worry about this FBAR quagmire if I have never been outside of the United States? YES

FOREIGN TRUST WITH U.S. TRUSTEE?

FOREIGN TRUST WITH U.S. JURISDICTION? FRACTIONAL OWNERSHIP OF A FOREIGN ENTITY? BEWARE!!! The Tax Season for filing 2018 tax returns is now upon us and the full brunt of the Tax cuts and Job Act (TCJA) will occupy tax compliance by both the Taxpayers and the Tax Preparers. One of the most stag

Calculate Your 2018 Federal Tax Under the New Law

Hello and Welcome to my first News Letter on Matters That Will, Almost Certainly, Affect You in This New Year, 2019.

I know that 2018 was a difficult year and now with the traumatic effect of the U.S. Government Partial Shutdown with the stock markets swings to record lows, we are facing a much higher tax liability for our personal US Tax Returns for 2018.

A lot of deductions we historically were allowed in recent past years have been revised for tax years beginning in 2018 and there is for the most part little that we can do to mitigate the increased tax liabilities. We can, however, calculate our expected tax increase and make a 4th Quarter Estimated Tax Payment by no later than 15th January 2019 for the 2018 tax year. This payment will act to compensate for the unlimite

Traditional Expensive Method of Shifting Profits from Your Foreign Company to You

Lets look at a traditional expensive method of shifting profits from your foreign company to you, the U.S. Shareholder. (Part I) This is a very recent Tax Court Case, September 2018, where a husband and wife, named Barry and Rochelle Smith, were the grantors of two Domestic Grantor Trusts. I will