In a previous article, we discussed how the majority of criminal tax cases will resolve with the defendant taking a plea, but in the rare instance that a case does go to trial, we’ll now discuss the components of the federal criminal trial and what you can expect when you walk into the courtroom on trial day.
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Tax Implications of the Paycheck Protection Program
COVID-19 has left millions of Americans asking questions – some of them no more or less complicated than “what do I do now?” To help answer this question and ease the minds of Americans, on March 27, 2020, Congress signed the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act.
Penalties for Non-willful Violations
Often, taxpayers may neglect to comply with the tax code for reasons that have nothing to do with efforts to evade taxes. That is understandable. International tax laws, especially those associated with FBAR, are complicated and confusing.
Penalties for Willful Violations
This is where things can go south quickly, if you knowingly did not file a FBAR. This is known as a willful violation and the sanctions can be severe.
Other Important Filing Requirements for Those with International Interests
In previous chapters, I have walked you through specific forms you need to file if you have any financial ties to any foreign entities, whether they are business or personal. International transactions are already on the IRS’ radar, so you do not want to do anything to move closer to their bull’s eye.
Filing Requirements for Those with an Interest in Foreign Corporations, Form 5471
Here is yet another form you need to file surrounding any foreign accounts or other assets you may own or be associated with. This one deals with foreign corporations. If this speaks to you, keep reading.
International Tax Considerations for Individual 1040 Filings
There are many information forms associated with international taxes and we are not sugar-coating this — they are complicated. To add to the angst, failure to file these forms or not file them on time can incur hefty penalties.
Types of Foreign Income that Trigger Filing Requirements
If you are a foreign business or person that does business with the U.S., then you are subject to U.S. income taxes. Some examples would be if your business has an office that generates income located in the U.S. or if a company owns rental property in the U.S. from which it derives income.
An Update on California’s Proposals to Tax the Rich
During the summer of 2020, California’s political machinery continued to whine and hum. As its populace sheltered in place with COVID-19, two tax bills were introduced on the state’s Assembly floor.