Category Archives: Tax Law

FBAR & Whistleblower (2018) – IRS Laws Put Foreign Accounts in Jeopardy

FBAR & Whistleblower (2018) – IRS Laws Put Foreign Accounts in Jeopardy (Golding & Golding) FBAR & Whistleblower (2018) – IRS Laws Put Foreign Accounts in Jeopardy As if there are not enough things in life for you to worry about, right? If you are like many of our clients, you are a motivated entrepreneur, executive, doctor, lawyer, entertainer, sports figure, or other individual with foreign income, assets, accounts and investments. Our clients have worked very, very hard at every level of their career to reach their goals. We’ve had wonderful conversations with our clients in many far away places about their individual success stories, and the crazy paths and experiences they took to achieve their goals.  In addition, like most successful people, everyone makes a few enemies along the way. FBAR & Whistleblowers Maybe you did something bad to someone (less common), or more frequently someone….. To continue reading this legal news please click Read full information...

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Iowa Court Awards Mother's Home to Primary Caretaker

  On September 12, 2018, the Iowa Court of Appeals affirmed the Polk County District Court’s ruling that a mother had intentionally given title of her house to only one of her two daughters. In Andrews v. Carter, the mother chose to transfer title of her home to the daughter who had been her primary caregiver as she aged. The other daughter had argued that the mother intended for her sister to hold the house, in constructive trust, for the benefit of both daughters until the mother died. This case highlights the need for clear and precise language when leaving only one child out of several a substantial asset. Facts The mother owned her home in Des Moines, Iowa, along with her husband, who was not the father of her two daughters. The wife wrote a letter in 2002 stating that if the husband did not want to live in the house after she died, he should sell it and split the proceeds between her two adult daughters. The wife wrote a second letter in 2005 with similar….. To continue reading this legal news please click Read full information...

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Tax News Roundup

Bloomberg: Fat Tax May Prevent 3,200 U.K. Deaths, Study Shows, by Angela Cullen Business Weeks Debate Room: Kill the Private-Equity Tax Break? Yes: Dean Baker, Center for Economic and Policy Research No: Grover Norquist, Americans for Tax Reform New York….. To continue reading this legal news please click Read full information...

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Planning for Start-Up Businesses, Yacht Rental Example

New businesses may not be immediately profitable.  To help mitigate the financial risk, many businesses are started by workers who have a day job.  If the business is not immediately profitable it can help the owner finance the business if the owner is able to use the tax losses from the business to offset the […] The post Planning for Start-Up Businesses, Yacht Rental Example appeared first on Houston Tax Attorneys: Mitchell & Patel... To continue reading this legal news please click Read full information...

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Elon Musk, Tweets, Fines, and Deductibility

By Norio Nakayama, CC BY-SA 2.0By Sam Brunson In the beginning of August, Elon Musk tweeted that he had secured financing to take Tesla private at $420 per share. It turned out that he, um, hadn’t. In the meantime, though, his tweet moved the market; on the day of his tweet, Tesla shares closed up 11%.[fn1] It wasn’t only investors who noticed the tweet, though. The SEC was watching, too. And on Thursday, the SEC charged Musk with securities fraud. In its complaint, the SEC requested that the court: enjoin Musk from violating section 10(b) of the ’34 Act and Rule 10b-5; order Musk to disgorge any gains from his securities fraud and pay civil penalties under the ’34 Act; and prohibit Musk from being a director or officer of any publicly-traded corporation. Two days after the SEC filed its complaint, Musk settled. In the settlement, he agreed to a number of terms, including: being enjoined from violating section 10(b) and Rule 10b-5; resigning as Chairman….. To continue reading this legal news please click Read full information...

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