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Showing posts with the label tax attorney orange county

Be Careful Claiming Your Charitable Deduction for 2014

The IRS loves to audit people who claim charitable deductions.  The reason is that there are very strict record-keeping rules when it comes to charitable deductions and most people are not aware of them so the IRS usually finds a way to disallow the deduction, which of course triggers increased taxes, penalties and interest.  Do not let this happen to you.

 Generally, to claim a charitable contribution deduction for gifts of $250 or more in cash or property to charity, donors must get a written acknowledgment from the charity.  This is usually not a big deal.  For donations of property, the acknowledgment must include, among other things, a description of the items contributed.  Typically the place you donate the property gives you a blank receipt.  So you need to fill it out and make sure you list all the items donate.  You also need to determine the value of the property contributed if it is not cash, which sometimes can cause problems if the amount determined is incorrect.

 The law a…

Be Careful Claiming Your Charitable Deduction for 2014

The IRS loves to audit people who claim charitable deductions.  The reason is that there are very strict record-keeping rules when it comes to charitable deductions and most people are not aware of them so the IRS usually finds a way to disallow the deduction, which of course triggers increased taxes, penalties and interest.  Do not let this happen to you.

 Generally, to claim a charitable contribution deduction for gifts of $250 or more in cash or property to charity, donors must get a written acknowledgment from the charity.  This is usually not a big deal.  For donations of property, the acknowledgment must include, among other things, a description of the items contributed.  Typically the place you donate the property gives you a blank receipt.  So you need to fill it out and make sure you list all the items donate.  You also need to determine the value of the property contributed if it is not cash, which sometimes can cause problems if the amount determined is incorrect.

 The la…

DOJ Allows Israeli Bank to Pay its Way Out of Jail After Stealing Billions from USA

Bank Leumi, an Israeli bank, has entered into a deferred prosecution agreement with the Justice Department after disclosing that it had aided and assisted U.S. taxpayers to prepare and present false tax returns to the IRS by hiding income and assets in offshore bank accounts in Israel and elsewhere around the world. The agreement between the Bank Leumi Group and the Department of Justice marked the first time that an Israeli bank admitted to such criminal conduct which spanned over a 10-year period and included services and products designed to keep U.S. taxpayer accounts concealed at Bank Leumi locations all over the world. The Bank Leumi Group has agreed to pay the United States a total of $270 million, of which $157 million represents the penalty for taxpayer accounts held at the Leumi Private Bank in Switzerland. The penalty permits certain Swiss banks to avoid prosecution by making a full and complete disclosure of their U.S. taxpayer-held accounts and paying substantial penalties…

DOJ Allows Israeli Bank to Pay its Way Out of Jail After Stealing Billions from USA

Bank Leumi, an Israeli bank, has entered into a deferred prosecution agreement with the Justice Department after disclosing that it had aided and assisted U.S. taxpayers to prepare and present false tax returns to the IRS by hiding income and assets in offshore bank accounts in Israel and elsewhere around the world. The agreement between the Bank Leumi Group and the Department of Justice marked the first time that an Israeli bank admitted to such criminal conduct which spanned over a 10-year period and included services and products designed to keep U.S. taxpayer accounts concealed at Bank Leumi locations all over the world. The Bank Leumi Group has agreed to pay the United States a total of $270 million, of which $157 million represents the penalty for taxpayer accounts held at the Leumi Private Bank in Switzerland. The penalty permits certain Swiss banks to avoid prosecution by making a full and complete disclosure of their U.S. taxpayer-held accounts and paying substantial penalti…