Bandit Gang Writ Large

Tax compliant Americans abroad with a principal residence or mutual funds should renounce citizenship

"It has become clear for U.S. citizens abroad that the only thing worse than NOT being tax compliant is BEING tax compliant. The cost of U.S. tax compliance is that your U.S. citizenship will disable you from effective financial and retirement planning. The reason is that the U.S. considers most non-U.S. investment vehicles to be PFICs. The sale of your principal residence will be subject to a capital gains tax. Furthermore, the additional “Obamacare taxes” imposed on investment income will make the situation worse. If you you own a principal residence or a non-U.S. mutual fund and you sell it all the gains (and possibly more) will be confiscated." Continue reading →

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Who Really Whacked Tony Soprano

"Mr. Gandolfini’s estate is estimated to be about $70 million. Due to poor legal advice and estate planning, more than $30 million of his estate could go to the government thanks to a 'death tax,' or an estate tax of 55%. Unless Gandolfini was sitting on large sums of cash, his family will now be forced to sell off property and liquidate assets quickly in order to pay the tax bill. There are a few simple techniques that could have saved Tony millions, and they can work for you too." Continue reading →

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Documents reveal IRS put Occupy groups on ‘watch list’ too

"Documents to be released by Rep. Elijah Cummings (D-MD) on Friday reveal that the IRS targeted progressive groups — including groups associated with Occupy Wall Street — on its so-called 'watch list' alongside conservative tea party groups, according to USA Today and the Washington Post. The new information released, however, does reveal that conservative groups, including those affiliated with the 9/12 protests in 2010, were kept on a separate list from other groups." Continue reading →

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Will IRS Find Your Small Foreign Bank Account?

"FBAR penalties can be enormous, a civil penalty of $10,000 for each non-willful violation. If your violation is willful, the penalty is the greater of $100,000 or 50% of the amount in the account for each violation. Each year you didn’t file is a separate violation. Criminal penalties are even more frightening, including a fine of $250,000 and 5 years of imprisonment. If the FBAR violation occurs while violating another law (such as tax law, which it often will) the penalties are increased to $500,000 in fines and/or 10 years of imprisonment. Many violent felonies are punished less harshly." Continue reading →

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Why marijuana taxes are such a burning question

"In November, Colorado voters will decide on a proposed 15% excise tax, plus a 10% state sales tax, on all retail cannabis sales. In addition, Denver might levy its own 5% tax on pot sales made within the city. City officials say that 5% tax, along with other fees and state revenue, could add over $9 million annually to Denver's coffers. But advocates for legal marijuana say excessive taxes will drive people away from state-controlled cannabis and back to the black market. 'When you start thinking about it, in terms of what that's going to do to the cost to the consumer for cannabis, it's pretty ridiculous,' says Westword, Denver's weekly alternative paper." Continue reading →

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IRS exposed Social Security numbers of tens of thousands of political donors

“The Internal Revenue Service inadvertently exposed the Social Security numbers of tens of thousands of individuals online who donated money to tax-exempt organizations involved in political activities.  There are thousands of 527 groups, which run the gamut of issues and … Continue reading →

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America’s Corporate Tax System Ranks a Miserable 94 out of 100 Nations in “Tax Attractiveness”

"A couple of economists at a German think tank put together a 'tax attractiveness' ranking based on 16 different variables. The statutory tax rate is one of the measures, of course, but they also look at policies such as 'the taxation of dividends and capital gains, withholding taxes, the existence of a group taxation regime, loss offet provision, the double tax treaty network, thin capitalization rules, and controlled foreign company (CFC) rules.' The United Arab Emirates has one of the world’s most attractive corporate tax systems, notwithstanding having the highest corporate tax rate. Unfortunately, the United States remains mired near the bottom." Continue reading →

Continue ReadingAmerica’s Corporate Tax System Ranks a Miserable 94 out of 100 Nations in “Tax Attractiveness”

IRS Reporting Rules for Cash Transactions and Precious Metals

"As you can tell by the title this commentary is our third revision at understanding what the government had in mind when IRS reporting rules for cash transactions came up on the radar screen more than 30 years ago. This subject has to be one of the most misunderstood and misrepresented in the trade today so I can’t figure out why you don’t see more about these rules? The reason might be that these mystical directions while holding sway over dealers are a poorly written mess which should have been avoided or at least provided with updating options. With mistrust of government reaching new highs these famous reporting rules become more important." Continue reading →

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Judge’s Handyman Cops Plea in Georgia Sex, Drugs, Frame-Up

"Ex-Murray County Chief Magistrate Judge Bryant Cochran allegedly attempted to have local woman Angela Garmley framed on bogus drug charges after she accused him of seeking sexual favors in return for helping her in a pending court case. Two Murray County sheriff's deputies have already pleaded guilty to participating in the frame job, which consisted of a handyman employed by the judge hiding methamphetamine on Garmley's vehicle and her subsequent arrest by a deputy alerted to be on the lookout for her vehicle by a sheriff's captain who just happened to be the judge's cousin. Today, the handyman, Clifford 'CJ' Joyce, pleaded guilty to his role." Continue reading →

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City of Berkeley fights U.S. civil action against marijuana dispensary

"In the latest strategy against federal attempts to shut down marijuana shops, the city contends the U.S. civil action would harm the city by depriving it of hundreds of thousands of dollars in taxes, paid over a period of years, according to Drug Policy Alliance, a nonprofit group whose attorneys are representing the city. In May, the U.S. government filed a complaint for forfeiture against a property leased by the retail marijuana store Berkeley Patients Group at 2366 San Pablo Avenue in Berkeley, according to court papers filed by U.S. Attorney Melinda Haag." Continue reading →

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