A business owner must make decisions that improve the bottom line as much as possible. One of these decisions is in the way he or she hires people. Whether a worker is an employee or an independent contractor has many legal implications, not the least of which is what taxes you must pay on their behalf.
Back on Sept. 26, we warned our readers about a widespread scam involving phony IRS agents. The "agents" call innocent people in Washington, D.C. and elsewhere, claiming the victim owes thousands in back income taxes. If the victim does not pay immediately, the caller says, the IRS will seize the victim's property, arrest the person or have them deported.
At first blush, a state or local tax controversy may seem to be less scary than an audit by the IRS. However, state tax officials in Washington, D.C. are often very aggressive, maybe even more so than their equivalents at the federal level.
For various reasons, many people whom the IRS accuses of owing a hefty income tax bill choose not to contest the claim. Perhaps they do not dispute owing the money, or the size of the debt. Maybe, for personal reasons, it is not worthwhile to go through the time and expense of fighting the IRS.
If a tax dispute with the IRS reaches the point that you or the agency must file suit to resolve it, the litigation could end up in one of several different courts. In fact, there are four different federal courts that potentially could have jurisdiction over your tax case.
The IRS has recently been cracking down on corporate entities that try to dodge taxes by moving assets offshore. But a new IRS ruling opened the door to a different kind of tax savings vehicle that some corporations may find to be a better alternative.
To file or not to file an FBAR report, that may be a question taxpayers with Bitcoin exchange accounts are asking themselves right now.
What constitutes a bank? The answer to that question is not as clear as it used to be. Recent years have seen growth in the variety of financial institutions seeking to hold bank status and just such a legal challenge is one that will be getting a hearing this week in Washington.
The big talk of the nation's capitol today, at least from a business perspective, is the guilty plea that Credit Suisse has entered into to resolve U.S. criminal charges. Switzerland's second-largest bank entered the plea yesterday in federal court in Alexandria, Virginia.
Due process is held out as one of the cornerstone guarantees of the U.S. Constitution. What it is generally understood to mean is that the government can't exercise punitive action against a person merely on suspicion of wrongdoing.