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Overview of the IRS
The Internal Revenue Service is a part of the Department of the Treasury. The functions that interact most frequently with members of the public are the Service Center, Collection, Examination, and Criminal Investigation. The personnel and duties of each of these functions are summarized in a very cursory fashion below. Service Centers When returns are […]
Large Gifts From Foreign Citizens May Result in Unexpected Tax Consequences
The Procession of the Trojan Horse into Troy by Giovanni Tiepolo circa 1760. For most people, the receipt of a gift, particularly a large cash gift, is cause for celebration. But over the millennia gifts have spawned a lot of wise advice from various wary pundits. Beware of strangers bearing gifts was an admonition coined […]
Six Reasons to File your Income Tax Return
Almost 100 years ago Supreme Court Justice Oliver Wendell Holmes observed that “taxes are what we pay for civilized society[1].” For Justice Holmes paying taxes may have been a moral imperative, but beyond wanting to win a good citizenship award, are there any other good reasons for filing your income tax return each year? If […]
The Trust-Fund Recovery Penalty—An exception to limited liability.
Many business owners form a limited liability entity (an “LLE”) such as a corporation or limited liability company (as LLC), to protect their personal assets from exposure to business liabilities. While forming an LLE is a prudent business decision, it is important to realize that they do not protect against ALL business liabilities. There are […]
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