This week the Department of Justice issued a series of press releases announcing settlements in several cases under the False Claims Act. The settlement of these cases, originally brought under the qui tam, or whistleblower, provisions of the False Claims Act, resulted in recoveries of over $200 million for the U.S. Taxpayers.
Nassau County was dealt a decisive blow to its financial prospects on February 18 when the State’s highest court held that it had exceeded its constitutional authority in attempting to shirk its obligation to pay tax refunds — estimated at some $450 million — by shifting the duty to individual taxing districts.
News came out last week that chiropractor Stephen Jacobs of Lowell, MA is in hot water with the feds. Dr. Jacobs allegedly paid an IRS auditor $5,000 in cash to ignore two deductions he improperly took on this 2011 income tax form.
As a general rule, in accordance with IRC § 61, the value of any prize or award a taxpayer receives is subject to taxation. IRC §§ 74 and 117 provide limited exceptions to this general rule.
Music, games, e-books and other digital products may soon be subject to value-added tax (VAT). According to the proposed Electronic Services Regulations, foreign suppliers who sell digital products online will be obliged to register as VAT vendors, and will be liable to pay VAT on equal footing with their South African counterparts.
Our first installment in this series on condemnation procedures detailed a key element of the process found in the New York Eminent Domain Procedure Law (“EDPL”) – the public hearing.
The IRS lost its appeal to institute competency exams for as many as 700,000 paid tax preparers. The federal court said the IRS lacked the authority to impose the new rules without congressional authorization.
The IRS recently filed a motion to dismiss class action claims brought by Tea Party groups.
Yesterday I blogged about the 2014 Federal Budget and the changes to the taxation of testamentary trusts and estates. But the 2014 budget also contained other changes to the taxation of trusts that should be noted.
Multiple outlets are reporting that on February 26, 2014, Martin Lack, a Swiss investment adviser and former UBS banker, will plead guilty in the Southern District of Florida to one count of conspiracy to defraud the United States by helping his U.S. customers evade their income taxes.