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Tax Controversies Archives

Two new tax laws impact Olympic Medalists

Victory at the Olympics comes with more than just a medal and prestige, it also comes with a big bonus paycheck. The amount awarded varies depending on the medal. Gold winners will win $37,500 at the Winter Olympics this year, Silver medalists earn $22,500 while a Bronze wins $15,000.

FBAR case and statute of limitations: Court win for taxpayers

The Foreign Bank Account Reporting Form (FBAR) is required for taxpayers that hold certain foreign accounts. The Internal Revenue Service (IRS) has pushed for compliance with reporting requirements in recent years. The agency has come down hard on those who fail to comply and has moved forward with investigations and penalties against those who violate these requirements. Penalties have included hefty fines and imprisonment.

Territorial taxes: How will this impact multinational businesses?

President Donald Trump signed the GOP tax bill into law before the end of 2017. The bill changes a number of areas of tax law. This piece will discuss the shift to a more territorial system of taxation and how this will impact multinational businesses and international tax issues.

One problem with cryptocurrency transactions: Property or money?

One of the key issues when it comes to taxation of cryptocurrency is its basic definition. Is cryptocurrency property or money? It may not seem like an important distinction, but the answer directly impacts the application of federal tax laws on this form of currency.

IRS continues to focus on Cayman Islands for tax violations

Offshore accounts continue to face scrutiny by the Internal Revenue Service (IRS). The federal agency examines these accounts to ensure the owner is in compliance with tax laws. A failure to do so can result in serious penalties, including fines and potential prison time for serious offenses.

Reminder: Tax filing extension deadline Oct. 16

If you got an extension on your tax filings, the deadline is likely fast approaching. For many, the deadline for extended filings is set at October 16. Before submitting that filing, be sure to check to make sure that you are getting the most of available benefits. Three examples to check for include:

Feds closing in on Caterpillar amidst allegations of tax fraud

The Internal Revenue Service (IRS) appears to be making headway in its attempts to bring down Caterpillar. The industrial equipment supplier is facing allegations of tax fraud. Essentially, the IRS believes the Peoria, Illinois based company has attempted to avoid its tax obligations by putting profits for sales into a subsidiary based in Switzerland.

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