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IRS Keeps Percentages Paid Private Collection Companies Secret

by admin | Oct 10, 2018 | Tax

Originally published on Forbes.com. It would be interesting to know what the split is when a private collection company convinces a delinquent taxpayer to pay up. There is a belief common in some circles, that private businesses do everything better than government...

Billion-Dollar Tax, Penalty And Interest Charge Against Exelon Upheld By Seventh Circuit

by admin | Oct 7, 2018 | Tax

Originally published on Forbes.com. A sketchy 1031 exchange getting slammed is not that big a deal. A deficiency north of $400 million and an $87 million penalty – That’s a big deal. And then there is the penalty being assessed even though both PwC and...

Lawsuit Against Caterpillar For Inadequate Tax Disclosure Dismissed

by admin | Oct 4, 2018 | Tax

Originally published on Forbes.com. There are not many stories that hinge on an accountant being the key to the story behind the story. Even rarer, perhaps sui generis, is a story in which the income tax disclosures in financial statements are a critical piece. All...

Estate Of Monster.com Founder Tax Court Victory Reversed By Second Circuit

by admin | Oct 2, 2018 | Tax

Originally published on Forbes.com. Somehow I missed the big win that the Estate of Andrew J McKelvey had in Tax Court in April 2017. Fortunately Ashlea Ebeling was on the ball with Monster Founder McKelvey’s Estate Sidesteps Tax On $200 Million PPVF Capital...

IRS Not Making Much Use Of Bank Currency Reports

by admin | Sep 28, 2018 | Tax

Originally published on Forbes.com. Pretty much everybody knows that if you bring over ten grand in cash to the bank and deposit it, the bank is going to send in a report that will get to the IRS. Projecting from there, you might figure they will put somebody on your...

Window Closing On IRS Program To Lessen Penalties, Avoid Prison For Offshore Shenanigans

by admin | Sep 25, 2018 | Tax

Originally published on Forbes.com. One of the highlights for me of the Paul Manafort and Richard Gates indictment was their failure to file proper FBARs. Talk about shooting fish in a barrel for prosecutors. It is not something very hard to prove. Makes you wonder...