Brunoro Law Blog

Tuesday, April 26, 2016

Amending Your Personal Tax Returns

When is it necessary to amend tax returns?

If you are like most people, you find actually filing your taxes a relief. Anxiety can rear its ugly head again, however, if after filing you find you've made a mistake. Perhaps you discover that you've omitted a form or, on the other hand, that you've forgotten to include a sizable charitable contribution. You may be distressed to think that the IRS will think you were trying to cheat the government or that your negligence will cost you a refund. In such a situation, it's comforting to know that you can amend your taxes.

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Thursday, April 14, 2016

Tax Inversions the Target of New Rules & Regs

Last month, I blogged about the rise of corporate inversions, which are basically strategic international business mergers designed to reduce a company’s tax rate in the United States. I indicated that these mergers were a thorn in the Treasury Department’s side, and speculated that the U.S.

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Monday, April 4, 2016

Panama Papers Scandal Reveals Offshore Holdings of World Leaders

What is the fallout from the leaked Mossack Fonseca documents?

Many individuals and businesses seek to minimize their tax liabilities by establishing legitimate offshore holdings. Now, as has widely been reported, a massive leak of documents from Panama-based Mossack Fonseca, an international law firm, has revealed the offshore holdings of an array of politicians and other elite public figures around the world.

Panama Papers Leak at a Glance

The documents were originally obtained by a German newspaper, Suddeutsche Zeitung, from an "anonymous source" over a year ago, and then shared with the International Consortium of Investigative Journalists.

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Monday, March 28, 2016

IRS Proposes Significant Changes to 'Innocent Spouse Relief' Regulations

At Brunoro Law, we often counsel clients on the complexities of “innocent spouse relief,” which is a defense available in certain circumstances to protect spouses from the penalties and punishments of tax fraud if the spouse truly was not aware that his or her partner filed a fraudulent tax return. The defense is not available in all scenarios, and recent proposed amendments to the rules may make it even more difficult to invoke this argument in upcoming tax matters.

One of the major issues under review (and possibly ripe for change) is the application of a legal concept known as res judicata to prevent spouses from claiming innocent spouse relief in “late-in-the-game” proceedings. In other words, the IRS has historically required innocent spouses to make their claim at the outset of the tax debt proceedings, or the defense was considered waived.

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Friday, March 18, 2016

This Year's Tax Return—New Tricks and New Traps

Every year, new tax laws, regulations and court cases require a fresh look at how you file your tax return. Changes in your circumstances also matter—marriage, birth, divorce, a new home or job, new investments, and more. Below are a handful of changes to consider as you look for ways to lower your taxes.

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Tuesday, March 8, 2016

Inversion Acquisitions on the Rise

The loss of corporate tax revenue as U.S.-based companies move overseas has been an issue dogging the Treasury Department for years and has recently become a topic of debate on the presidential campaign trail. Nonetheless, businesses are continuing to look for opportunities to minimize their tax liabilities by engaging in corporate inversions. Today, most inversions involve a U.S. corporation acquiring a much smaller foreign company and establishing a new entity in that jurisdiction.

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Monday, February 15, 2016

Top Ten Income Tax Planning Changes for 2016

Tax day in April is not far off and, unlike President's Day or Valentine's Day, failure to mark this day could attract the attention of the Internal Revenue Service. Changes in tax laws and regulations that began in 2016 could have an impact on your activities and tax planning this year and beyond. Below are 10 important income tax changes to consider.

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Monday, February 8, 2016

California Taxes Swallow Cam Newton's Super Bowl Earnings

Two years ago, a hubbub surrounded Peyton Manning's enormous tax payment to New Jersey for his Super Bowl earning, but Cam Newton, Carolina Panthers quarterback is now facing a tax bill to California for twice as much due to California's tax rate of 13.3 percent, the highest in the country. Although tax rules apply to anyone doing business across state lines, they are rarely enforced except as "jock tax rules."

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Monday, February 1, 2016

Brazil Encouraging Asset Repatriation

What is the latest news about Brazil's repatriation law?

Brazil is hoping to encourage citizens to voluntarily repatriate assets held abroad with a new repatriation law. Known as "RERCT," the law established a new tax and currency exchange voluntary disclosure and amnesty program.

Voluntary Disclosure

The government hopes that Brazilian residents will voluntarily disclose both tangible and intangible assets that were either remitted or maintained abroad as well as those that were repatriated. The law applies to assets that were not previously reported or disclosures that contained material errors. The law applies to any Brazilian - whether an individual or legal entity, who was a tax resident on December 31, 2014.

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Saturday, January 30, 2016

California Powerball Winner The Luckiest Of All

The Powerball craze has come and gone. Billions of tickets were sold across the country to folks hoping to win big and change their lives. With a record-breaking jackpot of $1.6 billion, it seems that everyone was tempted to purchase at least one of the tickets for a stake in the drawing. 

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Tuesday, January 26, 2016

How To Include Tax Planning in Your Financial Planning on a Regular Basis

For most of us, taxes are only something we think about at the beginning of each year when we file our returns. It is beneficial, however, to engage in tax planning year round in order to maximize savings. Luckily, there are a few ways that you can add tax planning into your routine financial planning year round. 

Read more . . .

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