The Treasury Department and the Internal Revenue Service (IRS) issued IR-2018-25 and announced modifications to the procedures for changing the accounting period of foreign corporations owned by U.S. shareholders that are subject to the transition tax under the Tax Cuts and Jobs Act. On Dec. 29, 2017, the Treasury Department and the IRS provided initial…
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How Will The IRS Know? – The Paradise Papers Exposes US Clients – Part 2!
On November 17, 2017 we posted How Will The IRS Know? - The Paradise Papers Exposes US Clients of Asiaciti Trust! where we discussed that Appleby, an Offshore Law Firm/Corporate Agent's Recent Data Breach is yet Another Example of How the IRS Can Discover your Unreported Foreign Account and how the Super-rich clients of offshore law firm Appleby are bracing themselves for…
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No You Can Not Deduct the Cost of Building Your 39,000 Sq. Ft House as a Business Expense – Really?
According to the DoJ the former President and CEO of a Pennsylvania health services management company was indicted by a federal grand jury in Pittsburgh on February 13, 2018 for conspiring to defraud the United States and filing fraudulent income tax returns. According to the indictment, Joseph W. Nocito was CEO and President of…
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