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A recent Notice of Deficiency from the IRS has received national attention, both for its timing and its recipient. The Notice was directed to Sumner Redstone, the 89-year-old majority shareholder of CBS and Viacom, for failure to file a gift tax return pertaining to a gift made in 1972. The amount of the taxes and… (Keep reading)
True or false: The IRS wants to throw you in jail for tax evasion. FALSE! It is very rare for the IRS to show up at your home, cuff you and haul you off to jail. Most criminal investigations conducted by the IRS are linked to fraud, drug or money laundering activities. The IRS is the… (Keep reading)
The IRS indicated as early as December of last year that it would begin in January to examine connections between social networking accounts for actionable tax violations. As this strategy gains wider recognition, new and challenging issues have begun to arise. It has said that it will only monitor accounts if a tax form raises… (Keep reading)
Tax planning is a very important part of running a successful business. We have many clients who come to us owing the Internal Revenue Service thousands of dollars. The simplest way to avoid any problems with the IRS is to file your taxes in a timely fashion and pay all the taxes owed. However, in… (Keep reading)
On January 1, 2012, the federal estate tax exemption rate increased to $5.12 million for an individual ($10.24 million for a couple). That’s up 2.4% from $5 million in 2011. This means that estates get an additional $120,000 that is exempt from the federal estate tax rate of 35%. Planning your estate to take advantage… (Keep reading)
Welcome to our new blog! Our law firm is dedicated to assisting clients in their IRS issues, estate planning, probates, asset protection and entity formation. Our attorneys and paralegals are devoted to providing the very best personal service and legal advice to our clients. We’ll be updating our followers with the latest in firm news,… (Keep reading)