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June 2017 Archives

Maryland and the District of Columbia Sue Donald Trump

A new lawsuit filed by the attorneys general of Maryland and the District of Columbia claim the president's financial links to the Trump Organization violate a Constitutional rule. The majority of the lawsuit is focused on alleged violations of the emoluments clause of the Constitution, based on Donald Trumps businesses taking payments from foreign governments. The clause prohibits the president and other government employees from accepting foreign payments without prior congressional approval.

Clarifying the “John Doe” summons from the IRS on Coinbase

The financial world is evolving. This is not the first time the economy has shifted its focus. The focus has shifted in the past from one that depends on gold as currency to paper dollars to credit cards. The shift is now moving to the novel world of digital currency.

Foreign financial institutions must renew agreement with IRS

The Internal Revenue Service (IRS) is not relaxing its crackdown on the proper taxation of foreign financial accounts. Part of the agency’s efforts include requiring foreign financial institutions (FFIs) to provide the agency with information about persons from the United States that hold accounts within their institutions.

Coming (fully) clean: Does the OVDP cover unreported domestic income?

In terms of sheer revenue generated, limited-amnesty programs for noncompliance with offshore reporting requirements has been tremendously successful for the IRS. Since the IRS started these initiatives in 2009, the amount of revenue generated in fines, penalties and back taxes is upwards of $10 billion.

Every Tax Problem Has A Solution

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