TaxConnections


 

Archive for Ronald Marini

Private Debt Collection Of Overdue Federal Taxes Starts

Ron Marini

The IRS announced that it plans to begin private collection of certain overdue federal tax debts next spring and has selected four contractors to implement the new program. Starting April 2017, the Internal Revenue Service will begin sending letters to a relatively small group of taxpayers whose overdue federal tax accounts are being assigned to one of four private-sector collection agencies.

Read more

Choices for Taxpayers Who Can Not Pay Their Tax Bill(s)

Ron Marini, tax deadline, installment agreements, offer in compromise

As the April 18th deadline for filing 2016 income tax returns draws near, practitioners may encounter some clients who don’t have cash to pay the balance due on their returns. Clients can avoid penalties but not interest if they can get an extension of time to pay from IRS. But such extensions merely postpone the day of reckoning for the period of the extension (generally, six months).

Read more

How A Proposed Cash Flow Tax Could Impact Finance Industry

Ron Marini

The taxation of financial intermediaries has been a perennial problem for the design and administration of VATs. This has required countries around the world to resort to ad hoc solutions that are invariably inefficient and often complex. The House Republican destination-based cash flow tax, which is closely related to a VAT, could be headed down the same uncertain and haphazard path.

Read more

IRS Enforcement Actions Decline 16% In 2016

Ron Marini

The 2016 IRS Data Book describes activities conducted by the IRS from Oct. 1, 2015, to Sept. 30, 2016, and includes information about returns filed, taxes collected, enforcement, taxpayer assistance, the IRS budget and workforce as well as other data. This edition contains charts that show trends such as increases in telephone service and declines in enforcement activities when compared to 2015.

Read more

Possible Phase In Of Any Potential Border Tax Plan

Ron Marini

House Republicans may be bending to political pressure over their most controversial proposal to revamp tax laws, with the leader of the chief tax-writing committee in the House of Representatives saying Wednesday that he is “contemplating significant modifications” to the border-adjusted tax plan. Read more

Tax Court Rules For Amazon Against The IRS

Ron Marini

In 2015, Amazon was bitterly locked in a $1.5 billion transfer pricing dispute with the Internal Revenue Service over an arrangement it inked with a European subsidiary, and the outcome of the case, which is sitting in U.S. Tax Court, is being closely watched by multinationals and tax lawyers alike.

Read more

Breaking News – Possibly No Tax Reform This Year!

Ron Marini

After the election last year, we discussed that Donald Trump has proposed tax reforms that would:

  • significantly reduce marginal tax rates for both individuals and businesses,
  • increase standard deduction amounts to nearly four times current levels,
  • limit or repeal some tax expenditures,
  • repeal the individual and corporate alternative minimum taxes and the estate and gift taxes, and
  • tax the profits of foreign subsidiaries of US companies in the year they are earned.

Read more

2017 Budget Is Trouble For the IRS

Ron Marini

We previously discussed that IRS employees could be in for a rocky ride if President-elect Donald Trump and Congress move forward with sweeping pledges to rein federal employee benefits and cripple unions.

Read more

California Businessman Sentenced For Hiding $23.5 MM Offshore!

Ron Marini

A Californian businessman was sentenced to 24 months in prison today for hiding more than $23.5 million in offshore bank accounts and evading more than $8.3 Million in Federal Taxes over seven years.

Read more

FinCEN—FBARs Are Automatically Extended Until October 15!

Ron Marini

According to new law, returns for tax years beginning after Dec. 31, 2015, the due date of FinCEN Report 114 will be Apr. 15, with a maximum extension of 6 months ending on Oct. 15.

Read more

The Estate Tax Challenge

Ron Marini

President Trump’s tax plans includes the repeal of the US Estate & Gift taxes. This may be a realistic possibility considering that this is in line with some of the proposals in the Republican House Ways & Means Committee Report of June 24, 2016 and especially when you consider that now the Republican’s Control both the Senate and the Congress.

Read more

U.S. Businesses Split On Border Tax

Ron Marini

U.S. corporations are going to war in Washington over a Republican “border adjustment” tax proposal meant to boost exports over imports, with lawmakers in Congress coming under pressure from some of the nation’s biggest employers. The political split that is opening, most pronounced in the narrowly divided Senate, could doom the proposal. If it dies, prospects for a thorough tax code reform, a top 2017 goal for Republicans, would be diminished.

Read more

TaxConnections