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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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    Department of Justice Considers Personal Benefit an Important Factor in Prosecuting Employment Tax Cases post image

    Department of Justice Considers Personal Benefit an Important Factor in Prosecuting Employment Tax Cases

    Since 2008, the U.S. economy has struggled and employers faced with the dilemma of either paying employees and vendors, or paying employment tax often chose the former. The belief is that they can always catch up. Unfortunately, I have seen many employers incur substantial tax liability for employment taxes, interest and penalties, and have found […]

    Author: Scarinci Hollenbeck, LLC

    Link to post with title - "Department of Justice Considers Personal Benefit an Important Factor in Prosecuting Employment Tax Cases"
    IRS Goes After Michael Jackson's Estate for $702 Million Tax Bill post image

    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

    Link to post with title - "IRS Goes After Michael Jackson's Estate for $702 Million Tax Bill"
    Report: Rising Number of Americans Relinquish Citizenship to Avoid High Taxes post image

    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

    Link to post with title - "Report: Rising Number of Americans Relinquish Citizenship to Avoid High Taxes"
    The U.S. Announces Penalty Rates for Swiss Banks Involved in Tax Probe post image

    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

    Link to post with title - "The U.S. Announces Penalty Rates for Swiss Banks Involved in Tax Probe"
    IRS Begins Crackdown of Small Businesses post image

    IRS Begins Crackdown of Small Businesses

    Small businesses may face increased scrutiny from the Internal Revenue Service, which recently announced that it believes small companies may be under-reporting cash payments. Resulting from the possibility of many small business audits in the future, the agency recently sent out 20,000 letters since fall 2012, notifying owners of “possible income under-reporting.” The IRS said […]

    Author: Scarinci Hollenbeck, LLC

    Link to post with title - "IRS Begins Crackdown of Small Businesses"
    The IRC §409A Minefield post image

    The IRC §409A Minefield

    Tax professionals frequently encounter non-qualified deferred compensation plans (“NQDCA”) in the context of an estate or business. NQDCA’s include any arrangement where an employee or a service provider (independent contractor) receives a legally binding right to receive compensation in one year but it is not actually received until a later year.  A legally binding right […]

    Author: James F. McDonough

    Link to post with title - "The IRC §409A Minefield"
    IRS Defends $2 Billion Tax Dispute with Bill Davidson's Estate post image

    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

    Link to post with title - "IRS Defends $2 Billion Tax Dispute with Bill Davidson's Estate"
    Uneasy Link Between Federal Income Tax And NJ Gross Income Tax post image

    Uneasy Link Between Federal Income Tax And NJ Gross Income Tax

    There is a difficult and uneasy relationship between the Federal Income Tax (FIT) and the New Jersey Gross Income Tax (NJGIT). Despite the fact that the income for FIT purposes is the starting point for NJGIT purposes, there are significant differences. One observation is that NJGIT is unfriendly when it comes to the types of […]

    Author: James F. McDonough

    Link to post with title - "Uneasy Link Between Federal Income Tax And NJ Gross Income Tax"
    Rapper 'Fat Joe' Goes to Prison for Tax Evasion post image

    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

    Link to post with title - "Rapper 'Fat Joe' Goes to Prison for Tax Evasion"
    IRS Launches New Online FATCA Recording System post image

    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

    Link to post with title - "IRS Launches New Online FATCA Recording System"
    Employers, Employees Still Confused Over DOMA Rules post image

    Employers, Employees Still Confused Over DOMA Rules

    Nearly two months after the U.S. Supreme Court’s ruling that the Defense of Marriage Act is unconstitutional, employers and employees alike are still confused about how the court’s decree will affect them. Employee Benefit News recently reported that many employers are unsure about whether they need to change their policies for same-sex couples immediately, and […]

    Author: Scarinci Hollenbeck, LLC

    Link to post with title - "Employers, Employees Still Confused Over DOMA Rules"
    Key Questions to Ask During Business Succession Planning post image

    Key Questions to Ask During Business Succession Planning

    Succession planning is an essential component to business continuity, a smooth transition, and effective estate and tax planning. Succession planning is an essential component to business continuity, a smooth transition, and effective estate and tax planning. However, when there are several individuals under consideration for the job, making a decision can be challenging when there is […]

    Author: Scarinci Hollenbeck, LLC

    Link to post with title - "Key Questions to Ask During Business Succession Planning"

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