The Internal Revenue Service today issued proposed regulations reducing the amount determined under Internal Revenue Code section 956 for certain domestic corporations that own (or are treated as owning) stock in controlled foreign corporations (CFCs). The Tax Cuts and Jobs Act (TCJA), passed in December 2017, made major changes to the tax law, including enacting…
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2017 TCJA Improved US Tax Competitiveness
The US has moved up the rankings of the Tax Foundation’s 2018 International Tax Competitiveness Index (ITCI), following significant reform implemented by the Tax Cuts and Jobs Act 2017 (TCJA), implemented at the beginning of the year. Last year’s ITCI saw the US ranked 28th, Whereas this Year’s Report Places it 24th on the…
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Marshall Arts Owner Gets Karate Chopped With Tax Fraud Conviction
According to DoJ Arvada, Colorado, woman pleaded guilty on October 29, 2018 to one count of willfully making and subscribing to a fraudulent corporate income tax return. According to court documents, Marlene Seo owned and operated a corporation called National Martial Arts Academy Inc., a martial arts instruction business. From 2011 through 2013, income…
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Huntington Beach Man Pleads Guilty to Failing to Report Over $2 Million Held in Israeli Bank Account
A Huntington Beach man pleaded guilty on October 29, 2018 to filing a false tax return that failed to report millions of dollars in foreign bank accounts and the resulting income. According to the DoJ, Elie Waknine, of Huntington Beach, California, held millions of dollars in an offshore account in Israel at Bank Leumi Le-Israel…
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