The Newport Beach Tax Attorney blog is dedicated to tax issues serving Orange County and Southern California. Posts cover recent news and tax cases including offshore disclosures, tax litigation, IRS, and marijuana tax issues. For more on the Orange County Tax Attorney Joseph P. Wilson, visit www.wilsontaxlaw.com or 949.397.2292
Curious What Countries Are Sharing Banking Information with the USA?
The IRS has just issued a list of the countries with which the United States has in effect an income tax or other convention or bilateral agreement relating to the exchange of information. The United States agrees to provide, as well as receive, information and under which the competent authority is the Secretary of the Treasury or his delegate. The exchange of information includes the reporting of certain deposit interest paid to nonresident alien individuals on or after January 1, 2013.
Just like the IRS, the California Franchise Tax Board (FTB) also has a program to allow one spouse to be relieved of existing joint liabilities if that spouse can prove that she or he meets the requirements for "innocent spouse" relief. These types of cases whether at the IRS or FTB level can be hotly contested and the other ex-spouse can intervene and attempt to impede the determination to relieve the liability for the claimant spouse. In a recent case, McShea, California State Board of Equalization, No. 509192, April 22, 2014, released August 2014, a taxpayer demonstrated that the FTB erred in its denial of her request for innocent spouse relief from unpaid California personal income tax liabilities.
In the McShea case, the FTB initially granted the taxpayer complete equitable relief for 1993 and partial equitable relief for 1994. However, the taxpayer’s ex-husband appealed the grant of relief, arguing that they had agreed to share the tax liabilities for the tax years…
For Immediate ReleaseSeptember 26th 2016Finance Monthly 2016 Global Awards Finance Monthly Magazine
has selected the Wilson Tax Law Group, APLC as the Federal Tax Law Firm of Year
in the USA for 2016 in its Global Awards edition that has now been
published. Every year Finance
Monthly Global Awards celebrate the success of financial organisations and
advisers worldwide who have performed in the highest level possible. When
tasked with identifying the most successful organizations and advisers from
around the globe in order to produce this special awards edition, Finance
Monthly’s research team has through careful consideration worked hard to assess
nomination entries, and conduct extensive research involving clients and peers.
As a final result we are excited to present you a publication which contains
some of the most successful and trusted firms operating in the dynamic
financial sector, which will undoubtedly continue to experience growth through
their commitment to excellence in 2016 …
On Halloween day, after just four hours of deliberation, a retired senior vice president at Israeli-based Mizrahi Tefahot Bank Ltd. (MZTF) was acquitted in Los Angeles federal court on charges he helped U.S. customers conceal their assets from the Internal Revenue Service.
Shokrollah Baravarian, 82, was acquitted of charges of conspiring to defraud the U.S. and helping Mizrahi clients prepare false tax returns. Prosecutors claimed Baravarian helped clients who opened accounts in Israel, didn’t declare them to the IRS and accessed money through loans from the Los Angeles branch. The jury was not persuaded.
The U.S. has been campaigning heavily to curtail offshore tax evasion. The IRS, through the US Department of Justice, has charged more than 70 taxpayers and three dozen offshore bankers, lawyers and advisers in offshore tax evasions schemes. More than 45,000 Americans have avoided criminal prosecution by voluntarily disclosing their offshore accounts to the IRS, paying $6.5 bil…