July 2018

What You Should Expect From a Tax Audit In Florida

2018-12-08T22:14:49+00:00

The Florida Department of Revenue states that a tax audit is meant to be an "educational experience" for taxpayers, which helps businesses identify and rectify bookkeeping issues, which could lead to more tax liabilities. So, why are taxpayers audited? Officials say the goal of tax audits is to help [...]

What You Should Expect From a Tax Audit In Florida2018-12-08T22:14:49+00:00

What’s Your Alien Tax Status and How Does It Affect Investment Property?

2018-12-06T08:49:38+00:00

By: Eli S. Noff, Esq., CPA, Partner Mary Lundstedt, Esq., Associate Brent Conrad For tax purposes, a non-U.S. citizen is either a nonresident alien or a resident alien. All aliens are considered nonresident aliens, unless they pass the green card test or the substantial presence test. A person meeting either [...]

What’s Your Alien Tax Status and How Does It Affect Investment Property?2018-12-06T08:49:38+00:00

IRS Actively Targeting Taxpayers for Passport Denial/Revocation – Notice CP508C

2018-12-08T22:18:40+00:00

By: Eli S. Noff, Esq., CPA, Partner & Mary Lundstedt, Esq., Associate Several news outlets this week report that the U.S. State Department confirms that it has already acted on its part in the process and denied passports to an undisclosed number of taxpayers. Reports also confirm that the IRS [...]

IRS Actively Targeting Taxpayers for Passport Denial/Revocation – Notice CP508C2018-12-08T22:18:40+00:00

United States V. Garrity: Clarifies Standard of Proof and Establishing Willfulness in FBAR Context

2018-12-08T22:20:05+00:00

By: Eli Noff, Partner and Mary Lundstedt On April 3, 2018, in United States v. Garrity, the U.S. District Court for the District of Connecticut considered the Government's suit to reduce to judgment a willful Report of Foreign Bank and Financial Accounts (FBAR) penalty and determined that: (1) the burden of [...]

United States V. Garrity: Clarifies Standard of Proof and Establishing Willfulness in FBAR Context2018-12-08T22:20:05+00:00

I.R.C. §280E: A Buzzkill For Those Who Keep Poor Records

2018-12-06T08:18:39+00:00

By: Eli S. Noff, Partner & Mary Lundstedt The recent Tax Court's Alterman v. Commissioner[1] decision is a lesson in Accounting 101 for Cannabisseurs. Well, technically it's a valuable lesson about record-keeping to all taxpayers who are subject to Internal Revenue Code (I.R.C.) §280E-but with the currently high audit rates for the marijuana industry, [...]

I.R.C. §280E: A Buzzkill For Those Who Keep Poor Records2018-12-06T08:18:39+00:00

Virtual and Economic Contacts Establish Nexus for Sales Tax

2018-12-06T08:44:40+00:00

By: Eli Noff, Partner & Mary Lundstedt On June 21, 2018, the Supreme Court delivered its highly anticipated decision in South Dakota v. Wayfair, Inc., et al.[1] The 5-4 decision discards the antiquated "physical presence rule" - a rule which has allowed retailers lacking a physical presence in a state to avoid any obligation [...]

Virtual and Economic Contacts Establish Nexus for Sales Tax2018-12-06T08:44:40+00:00
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