Spending more that 3 months a year in the U.S. may trigger taxable residency without realizing it, bringing with it the additional responsibility of financial reporting obligations and potentially creating tax liability for any affiliated offshore companies. You will be considered a United States resident for tax purposes if you meet the substantial presence test…
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Trump's Change of Domicile from NY to Fl Will Save Him $$$
Donald Trump has announced that he intends the change his residence from New York to Florida. Many others wealthy individuals know that this change of domicile results in: $0 in Florida State income tax, down from top rates in New York state of 9% and New York City of 4%. $0 in Florida Estate tax, down from New York’s…
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Court Told IRS Can't Summons Bank Docs In French Probe- But in Reality They Can!
According to Law360, a third-party IRS summons on a U.S. citizen's bank records for an investigation into a French company's tax liabilities in France violates federal tax laws because it's not connected to a U.S. debt, an Indiana federal court has been told. The summons, issued to JPMorgan Chase & Co. seeking Joseph Dadon's bank records,…
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Psychic, Son of Famous Psychic Sylvia Browne, Fails to Foresee IRS Audit & Assessment?
In Dufresne v.Commissioner, Christopher Dufresne a High-Income Psychic, failed to foresee his IRS Audit, their detection of $1,505,546 of unreported deposits, and $101,866 in penalties plus litigation expenses. Christopher Dufresne’s mother was Sylvia Browne, a well-known psychic who appeared on television, wrote books, and gave lectures. During the years in issue petitioner worked full time as a psychic counselor…
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