Last Chance: IRS Extends Deadline for Undisclosed Offshore Accounts
Posted on September 28th, 2009 by bunilaw
On September 21, 2009 the IRS announced a one-time extension of the deadline for voluntary disclosures for unreported income from offshore accounts. The deadline has been extended to October 15, 2009. Please note this is not an amnesty program, as it has commonly been referred to in various press. Taxpayers utilizing the program should consult with an attorney.
Off-shore Accounts Deadline for IRS Disclosure Approaching Fast
Posted on September 9th, 2009 by bunilaw
If you have offshore accounts and have failed to report income, time is running out for you to make a voluntary disclosure. IRS Commissioner Douglass Shulman has made it clear that he wants Taxpayers to voluntarily disclose assets that have generated unreported income. Taxpayers who do that promptly can avoid criminal prosecution and greatly reduce penalties.
A Closer Look at Congressman Rangel’s Tax Problems
Posted on September 9th, 2009 by bunilaw
Washington tax scandals: Part I of V. Congressman Charles Rangel, Chairman of the House Committee on Ways and Means.
Still to follow: Part II, Timothy Geitner. Part III, Tom Daschle. Part IV, Nancy Killifer. Part V, Sarah Palin.
The AIG Tax
Posted on September 9th, 2009 by bunilaw
The proposal in Congress targeting AIG bonuses may be subject to constitutional challenge. We have a written constitution precisely to hinder majorities from acting tyrannically toward unpopular persons or groups. Despite glib pronouncements by Larry Tribe on the matter, there are serious questions whether this pending income tax legislation will survive judicial challenge if passed.
Pennies on the dollar: what you need to know about offers in compromise based on collectibility
Posted on September 9th, 2009 by bunilaw
1. In order to qualify, your net equity in assets must be less than the tax you owe, and you must offer your entire net equity. This means that in an offer in compromise, if you have assets you must surrender the value of the assets less any secured debt. If your net equity exceeds what you owe, a compromise won’t work. Your net equity in assets is not the same as your net worth. Your net worth is reduced by unsecured debt. Your net equity in assets is not. Therefore it is possible to be insolvent and still have a net equity in assets.