Roughly two weeks ago, President Obama announced that he had reached a compromise with the Republicans in Congress to extend the “Bush tax cuts” passed in 2001 and 2003.
There is an interesting paradox occurring in our federal government. While it appears that the IRS Collection Division is increasing its efforts to collect unpaid taxes, it is also increasing the use of tools that delay the collection of tax.
The Department of the Treasury is at it again. They are broadening the rules of ethics that govern practice before the IRS in a continued effort to clean up the tax business. The IRS will now require everyone that prepares “all or substantially all” of a tax return to register with the IRS and receive a Preparer Tax Identification Number (PTIN). As before, the new rules are more expansive than necessary to achieve their goal.
The continuing ecological disaster in the Gulf of Mexico has been the subject of a lot of discussion. A tax lawyer, however, will also start thinking about the tax consequences that may flow from the disaster. In the past several weeks, it was announced that BP would establish a substantial fund to ensure that all [...]
It has almost become cliché to write an article discussing “these difficult economic times” and projecting a grim business climate. Certainly, budgets are smaller and belts are tightening. The federal and state governments need money too. Across the nation, we hear stories of politicians recommending tax increases and government employees facing pay reductions, pay freezes [...]
Most attorneys will recommend that when starting a business, a client should form some sort of entity to limit the personal liability that the business owner may face. Usually, this involves a conversation on the limits of a corporation’s or LLC’s liability protection, including a respect for the entity’s separate legal existence to avoid the [...]
Robert Teuber is a tax attorney with Weiss Berzowski Brady LLP in Milwaukee. He works with individuals and businesses in resolving tax audits, appeals, litigation and collection actions brought by the IRS and Departments of Revenue. Rob can be reached at 414/270-2538 or rbt@wbb-law.com.
There has been a great deal of discussion over the past six months about the Obama Administration’s crackdown on offshore tax havens used by U.S. citizens to avoid paying income tax. U.S. Bancorp (UBS), Lichtenstein, Switzerland, Report of Foreign Bank and Financial Account (FBAR) — these are all are words that have recently been connected [...]
