Transitioning from LLCs to Limited Partnerships

by Bruce Givner on January 27, 2015

The following post was taken from our January newsletter. Click here to subscribe to our newsletter. We have previously written to you about the problem that limited liability companies have with creditor protection after the January 1, 2014, enactment of the California Revised Uniform Limited Liability Company Act.  That problem is that, in a lawsuit […]

{ 0 comments }

How to Make Your Irrevocable Trust Flexible

by Bruce Givner on January 22, 2015

The following post was taken from our January newsletter. Click here to subscribe to our newsletter. Irrevocable trusts are sometimes intimidating.  Why would I want to set up a trust that I can’t revoke?  Even though you cannot revoke an irrevocable trust, there are many ways that it can be flexible. 1. As the grantor […]

{ 0 comments }

Chicago Company Gets $2M Fine for Tax Fraud

by Bruce Givner on January 20, 2015

This goes under the category of the more people you involve in your tax fraud, the more likely you are to come to the attention of the government.   On January 15, 2015, a federal judge imposed a $2.1 million fine against a Chicago-based scrap metal company after the company’s guilty plea on criminal charges […]

{ 0 comments }

Incompetent Attorney Not Reasonable Cause for Late Filing

by Bruce Givner on January 13, 2015

In the case of Specht v. United States, the District Court for the Southern District of Ohio found that the Executor of an estate could not recover penalties and interest accrued for failing to timely file or make tax payments because of his reliance on an incompetent attorney. The inexperienced Executor relied upon a hired […]

{ 0 comments }

Due to “unique circumstances”, a US Tax Court judge allowed a portion of the expenses related to a personal injury attorney’s private airplane to be deducted as a business expense. Tulane Meredith Peterson, a personal injury attorney whose firm is operated out of his Southern California home, claimed deductions for most of the costs of […]

{ 0 comments }

Acting in Good Faith Saves Couple from Tax Penalties

by Bruce Givner on January 5, 2015

Raymond Price III and his wife, Lynn, own several car dealerships in Pennsylvania that, in 2012, had gross receipts of more than $96 million. The Prices also own about 150 acres of land in Shawnee on Delaware, PA that they purchased in 1985.  In 2011 Price formed Rock Ledge Arabians LLC, which would operate on […]

{ 0 comments }

In a news release published on November 25, the Internal Revenue Service (IRS) stated that taxpayers wishing to deduct a donation to charity from their tax bill must have a bank record or written statement from the charity, regardless of the amount donated. The news release served as a reminder to taxpayers regarding provisions which […]

{ 0 comments }

According to the latest data released by the Internal Revenue Service (IRS), the top 400 American taxpayers paid an average rate of 18% in 2010, making it the lowest rate paid by top taxpayers since 2007. By comparison, the average rate paid by all taxpayers in 2010 was 11.8%. The cause for this is fairly […]

{ 0 comments }

The current mayor of London, who is a dual citizen of the United States, is refusing to pay a US tax. Boris Johnson, London’s mayor since 2008 and a possible candidate to lead Prime Minister David Cameron’s Conservative Party, addressed the issue during an interview on National Public Radio in New York that aired on […]

{ 0 comments }

On November 21, Stanley L. Cohen, a New York criminal defense lawyer, was sentenced to 18 months in prison for concealing millions of dollars in cash from the Internal Revenue Service (IRS). Judge Norman A. Mordue of the US District Court for the Northern District of New York further ordered Cohen to pay all taxes, […]

{ 0 comments }