Employment Law 101: How to Manage Unpaid Interns, Volunteers, and Trainees

Tweet Who, What, Why . . . Who does it apply to: Every employer who has or intends to hire unpaid interns. When must an intern be paid: All “employees” of a business must be paid at least minimum wage unless they are a “trainee” under the law, regardless of whether they are called an [...]

Gift Tax Returns: What You Need To Know

Tweet In the countdown to April 15, many people rushing to prepare their individual income tax returns will overlook another key tax document that’s due the same day: Form 709, covering taxable (or potentially taxable) gifts made during the previous year. Others, aware of the need to file, have questions as they prepare this form. [...]

Supreme Court Agrees To Hear Landmark Case On Whether States May Tax Income Earned In Other States

Tweet The Supreme Court had a busy day on Tuesday. When the dust settled, however, it had only granted one new case – but it was a big one. The nation’s highest court granted certiorari to Comptroller v. Wynne, setting the stage for a fight that could rewrite tax laws in states across the country. As noted before, [...]

Real Estate In Your IRA – How Not To Do It

Tweet Using IRA funds to invest in real estate can be a very good idea.  Well, at least I know one person for whom it worked out.  It did not, however, work out very well for Guy Dabney, who recently represented himself in Tax Court.  Every once in a while, people will ask me questions about what [...]

Taxpayer Bill of Rights

Tweet Since assuming her position in 2001, National Taxpayer Advocate Nina E. Olson has emphasized the protection of taxpayer rights in tax administration. In her 2007 Annual Report to Congress, and in later reports, she proposed a new Taxpayer Bill of Rights. On June 10, 2014, the IRS formally adopted the Advocate’s proposal, to renew [...]

Summer Camp 40% Off, Thanks Uncle Sam

Tweet Are summer camp costs adding up? If you send your kids to camp so you can work, Uncle Sam can help you cut the price by 20% to 40%. Summer camp? Really. Day camp counts as “dependent care” (aka child care), and there are actually two ways Uncle Sam helps subsidize  it—through the dependent [...]

Amendment in capital gain scheme 2012

Tweet Income tax department made the first amendment in capital gain account scheme 2012. In this amendment income tax department amended in the paragraph of 1, 2, 3, 4, 10, 13 and the forms A, C and G. Income tax department issued a notification no. 44/2012 dated 25 October 2012 about amendment in capital gain [...]

Short term capital gain will continue in FY 2013-14

Tweet Indian government does not want to abolish the short term capital gain tax on securities which is taxed 15% on listed securities and 30% on unlisted securities. The expert panel has recommended abolishing the short term capital gain to the government for better tax system in India. The panel which reviewed the anti-tax avoidance [...]

Cost inflation index for financial year 2014-15

Tweet Cost inflation index for the financial year 2014-15 is notified by income tax department. Cost inflation index is very useful to calculate long term capital gains as it saves a lot of amount of tax. Every year income tax department notifies Cost inflation index CII. Income tax department issued notification no. 31 dated 11 [...]

The Islands Treasured by Offshore Tax Avoiders

Tweet Did you know that United States companies earned $129 billion in 2010 in three small groups of islands? That is what they told the Internal Revenue Service they earned in Bermuda, the Cayman Islands and the British Virgin Islands. Those islands together had a population of 147,400 that year, about equal to that of [...]

PORTOLA VALLEY, CALIF., MAN SENTENCED TO PRISON FOR FAILURE TO REPORT FOREIGN BANK ACCOUNTS HELD AT UBS

Tweet WASHINGTON – Christopher B. Berg of Portola Valley, Calif., was sentenced yesterday to one year and one day in prison to be followed by three years supervised release, announced Assistant Attorney General for the Tax Division Kathryn Keneally and U.S. Attorney Melinda Haag for the Northern District of California. Prior to sentencing, Berg paid [...]

CONNECTICUT MAN WHO USED OFFSHORE ACCOUNTS SENTENCED TO PRISON FOR TAX EVASION AND CONSPIRACY

Tweet WASHINGTON – John Cote, formerly of Danielson, Connecticut, was sentenced today to serve 46 months in prison by U.S. District Judge Vanessa Bryant, the Justice Department and the Internal Revenue Service (IRS) announced. Cote was convicted in January 2014 of four counts of tax evasion along with conspiracy to defraud the IRS following a [...]

FATCA Blues? Opt Out Of IRS Offshore Program

Tweet Anyone with undisclosed foreign accounts or income should get some advice and consider how to address the problem. Violations are serious and can carry civil and criminal penalties. The IRS Offshore Voluntary Disclosure Program (OVDP) may not be perfect for everyone, but it’s one clean and finite way of getting beyond the fear of [...]

IRS Nets Offshore Data From 77,000 Banks, 70 Countries In FATCA Push

Tweet An astounding 77,000 banks and financial institutions – even some in Russia—have registered under FATCA - the Foreign Account Tax Compliance Act. America’s global tax law requires foreign banks to reveal American accounts holding over $50,000. Non-compliant institutions could be frozen out of U.S. markets, so everyone is complying. The fact that 77,000 banks have registered [...]

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