All posts by Marketingism

Mary Estelle Curran, 79, pleaded guilty on January 8, 2013 to using foreign bank accounts to hide more than $42 million from the IRS. This is one of the largest cases in the continuing U.S. crackdown on offshore tax evasion. Federal authorities with the Justice Department said Curran failed to declare income from 2001-2007 when […]

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Will my foreign real estate (property) be included in the calculation for the 27.5 OVDP FBAR penalty? One issue that comes up often is how foreign real estate effects how much our clients would owe under the 2012 IRS Offshore Voluntary Disclosure Program (known as the 2012 OVDP or IRS amnesty for offshore bank accounts […]

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The IRS launched its first offshore voluntary disclosure program in 2009. Since then, the program has been reintroduced in 2011 and again in 2012 following strong interest. The IRS has collected more $5 billion in back taxes, interest and penalties from over 33,000 taxpayers who have disclosed their offshore accounts under the first two programs. […]

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Wegelin & Co, the oldest Swiss private bank, announced on January 3rd it would be closing after more than 2 ½ centuries. This closure is following its guilty plea to charges of helping Americans evade taxes through secret accounts. It is the first foreign bank to plead guilty to U.S. tax charges. The bank admitted […]

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A wage garnishment is a legal procedure in which the IRS can collect your tax liability by having your current employer take a portion of your pay and send it to the IRS. This is a way for the IRS to collect taxes from you without you actually paying them. The IRS can seize salaries, […]

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05 Dec

What is a tax levy? A tax levy is commonly referred to as an IRS levy or wage garnishment/wage levy. If you have unpaid taxes and have not cooperated with the demands of the IRS to make the payments, it is likely that you will receive a tax levy. This means the IRS will actually […]

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IRS Leniency Program 2009 In 2009, in response to the troubling economy, the IRS announced that it was going to be more lenient on taxpayers who are unable to pay the taxes they owe. This may include those who have recently lost their jobs, are relying heavily on Social Security benefits, or are facing severe […]

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Abajian Law attended the annual Tax Controversy Institute on October 17, 2012. This is their 10th year attending. The institute is the premier meeting where elite tax practitioners and high ranking IRS employees from Los Angeles and DC meet to discuss top tax issues pending before the IRS. Foreign bank account and asset reporting, compliance […]

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Independent Contractor vs. Employee: Factors to Consider – Categorizing workers as contractors or employees has major tax effects. If this important tax planning detail is overlooked, a business or a business person can be left with the tax bill of its workers. Moreover, the difference in designations can result in significant compliance and overhead costs. The success of a business can depend on this designation; it is often worth the time and money to explore how to do things correctly.

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Recently the IRS has used I.R.C. § 280E to disallow claimed deductions taken by taxpayers in relation to medical marijuana dispensaries. A recent court case has strengthened the IRS’s position in this regard. I.R.C. § 280E says no deduction or credit shall be allowed for any amount paid or incurred during the taxable year in […]

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