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Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.

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A 2.6 Billion Dollar Tax Bill: The Estate of Davidson and CCA 2013-033

A 2.6 billion dollar tax deficiency is likely to attract a lot of attention. The late William Davidson was a successful business man, owner of privately-held Guardian Industries, the Detroit Pistons and Tampa Bay Lightning. It appears that the decedent made substantial gifts of property but did not file gift tax returns. Some of the […]

Author: James F. McDonough

October 10, 2013

Decanting By Various Means

Decanting is a popular topic among wealth advisers, trust companies, and tax professionals. In the wine industry, it means putting old wine into a new bottle. In the trust field, it means to transfer assets to a new trust to be governed by a new trust instrument that takes into account changes in law and […]

Author: James F. McDonough

October 8, 2013

Trusts

Beanie Baby Founder Pleads Guilty to $53-Million Tax Evasion

Ty Warner, founder of the iconic Beanie Baby empire, has agreed to plead guilty to federal tax evasion charges. His admission comes only days after being listed by Forbes as one of the richest people in the world. Warner was formally charged last week in a U.S. District Court for hiding more than $3.1 million in […]

Author: Scarinci Hollenbeck, LLC

October 7, 2013

Joint And POD Accounts: Weapon of Choice Of Transferees When Exerting Undue Influence?

Will contests alleging undue influence are not uncommon. A will was, for many years, the only means of transmitting property from a decedent to an heir. Will contests alleging undue influence are not uncommon. A will was, for many years, the only means of transmitting property from a decedent to an heir. New forms of […]

Author: James F. McDonough

October 1, 2013

Facebook at 50 (Dollars A Share)

Facebook’s Initial Public Offering (IPO) received a great deal of attention, especially after the price of its stock dropped shortly after its first day of trading. The decline in price dominated the news for weeks. While driving to the office this week, I listened to Bloomberg report that Facebook’s stock price hit $50 a share […]

Author: James F. McDonough

September 30, 2013

IRS to Count Automatic Gratuities as Wages

The Internal Revenue Service has provided a great deal more guidance on how tips extended to waiters and waitresses, hair stylists, and other professionals should be reported for federal tax purposes. However, the agency recently announced a new policy governing the tax treatment of automatic gratuities, which may change the way that restaurants charge large […]

Author: Scarinci Hollenbeck, LLC

September 27, 2013

IRS Goes After Michael Jackson's Estate for $702 Million Tax Bill

The estate of the late pop icon Michael Jackson is embroiled in a bitter battle with the IRS over a tax bill, interest, and penalties that involve a range of his assets. The agency issued an official Notice of Deficiency to the estate in May. The $702 million tax bill revolves around Jackson’s Neverland Ranch, his […]

Author: Scarinci Hollenbeck, LLC

September 20, 2013

Report: Rising Number of Americans Relinquish Citizenship to Avoid High Taxes

A growing number of Americans are renouncing their U.S. citizenship and handing in their passports at faster rates in an effort to avoid rising high tax rates and complicated tax law, according to a newly-published government report. The Internal Revenue Service released its Quarterly Publication of Individuals who have chosen to Expatriate in the Federal Register. The […]

Author: Scarinci Hollenbeck, LLC

September 18, 2013

Tax Evasion

The U.S. Announces Penalty Rates for Swiss Banks Involved in Tax Probe

The Department of Justice unveiled a new program designed to both encourage Swiss banks to cooperate with U.S. investigations into tax evasion and outline potential penalties these financial institutions may face for hindering these tax law cases. U.S. authorities announced that Swiss banks seeking to avoid prosecution for facilitating tax evasion through the use of secret […]

Author: Scarinci Hollenbeck, LLC

September 16, 2013

Tax Evasion

IRS Defends $2 Billion Tax Dispute with Bill Davidson's Estate

The Internal Revenue Service is not backing down on a tax dispute claiming that the estate of the late Piston’s owner Bill Davidson owes more than $2 billion in estate taxes. The agency said the large estate bill is the result of Davidson’s misuse of gift tax law and his underpayment for sizable gifts made […]

Author: Scarinci Hollenbeck, LLC

September 9, 2013

Rapper 'Fat Joe' Goes to Prison for Tax Evasion

The Rapper Fat Joe, whose real name is Joseph Cartagena, has voluntarily reported to federal prison in Florida to serve a four-month sentence for tax evasion. Fat Joe, who was charged with tax law violations in New Jersey, pleaded guilty in December 2012 to failing to pay taxes on more than $1 million of income […]

Author: Scarinci Hollenbeck, LLC

September 4, 2013

Tax Evasion

IRS Launches New Online FATCA Recording System

The Internal Revenue Service is one step closer to strengthening an international community devoted to fighting tax evasion and sharing information about potential tax cheats. After several stops and starts, the agency announced it has unveiled a new online registration for American and foreign financial institutions that need to comply with the Foreign Account Tax […]

Author: Scarinci Hollenbeck, LLC

September 3, 2013

Tax Evasion

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