Audit Defence. Legal news and articles for March 27 - 31, 2012

Statute of Limitations On Collection Of Hawaii State TaxesLawsuits test UBS advice on offshore bank accountsLooking in from the Outside: A One-Year PerspectiveFLORIDA BRIEFS: Couple with 697 cats pleads no contestDow court case pushes limit of US R&D tax creditUSDOJ: Federal Court Permanently Bars San Diego Accountant from Preparing Tax ...Bain Gave Staff Way to Swell IRAs by Investing in DealsMd. House seat long held by GOP put in playTop lawyer helped win many college chiefs' perksTop lawyer helped win many college chiefs' perksMeet Raymond Cotton, the college president's secret weapon for pay and perksSorkin's disingenuousness on corporate taxesAll IRS Tax Audits Not Created EqualSurviving an Audit: Understanding the Audit ProcessAnalysis: Dow court case pushes limit of R&D tax credit

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Mo. Auditor Schweich sets up committee to consider challenging US Sen. McCaskill
The RepublicMarch 7, 2012

Missouri Auditor Tom Schweich has set up a political committee to test the waters for a US Senate campaign, finally publicly confirming his interest in a race he once pledged not to enter. The IRS has approved the creation of a "Schweich for US Senate" ...more »

Lottery Case Shows IRS Stays Hot on Trail of Unpaid Gift Tax Years Later
Bloomberg BNAMarch 9, 2012

A US Tax Court case involving lottery winnings shows that IRS is on the hunt for unpaid gift taxes, Bruce Steiner, attorney with Kleinberg, Kaplin, Wolff and Cohen, tells Bloomberg BNA. “In addition to auditing gift tax returns that are filed, ...more »

Audit Defence. News and Stories

Statute of Limitations On Collection Of Hawaii State Taxes
JD Supra (press release)March 31, 2012

Richard Paul McClellan III is a lawyer in Honolulu, Hawaii, with an interest in Hawaii tax law. For more information see www. taxsolutionslawyer.com The Tax Collection Statute of Limitations in Hawai'i By Richard Paul McClellan III, Lawyer Introduction ...more »

Lawsuits test UBS advice on offshore bank accounts
ReutersMarch 30, 2012

UBS admitted as part of its agreement in 2009 that it did not collect or require clients to sign the forms, while concealing their identities from the IRS under Swiss bank secrecy laws. Olenicoff, a property developer whose wealth was estimated by ...more »

Looking in from the Outside: A One-Year Perspective
Bloomberg BNAMarch 30, 2012

IRS Exam Coverage. Judging from taxpayer comments during my time with the IRS, I would have thought IRS exam teams were aggressively auditing transfer pricing on a widespread basis. From what I can tell, however, it appears that IRS audit coverage is ...more »

FLORIDA BRIEFS: Couple with 697 cats pleads no contest
Bradenton HeraldMarch 30, 2012

The Tampa Bay Times reported that 52-year-old Rober said the IRS informed him of the action about two weeks ago. The newspaper reports an IRS audit began about two year ago, stemming from a 2009 civil lawsuit brought by Florida Utility Group, ...more »

Dow court case pushes limit of US R&D tax credit
Business Recorder (blog)March 29, 2012

The IRS has tagged the R&D tax credit a high risk audit concern due to frequent abuses. "The credit is a big waste of money," said Calvin Johnson, a law professor at the University of Texas, who favours dumping the present credit for one that defines ...more »

USDOJ: Federal Court Permanently Bars San Diego Accountant from Preparing Tax ...
7thSpace Interactive (press release)March 29, 2012

The government alleged that the IRS audited more than1,000 tax returns as a result of the pair's alleged tax schemes, and it estimated that the harm to the United States Treasury from the schemes exceeded $10.8 million. The civil injunction case ...more »

Bain Gave Staff Way to Swell IRAs by Investing in Deals
Wall Street JournalMarch 29, 2012

Several tax lawyers who work with private-equity firms said it was rare for such firms to let employees co-invest in deals via tax-deferred accounts, and even rarer to let them do so using a special share class. Victor Fleischer—a tax-law professor at ...more »

Md. House seat long held by GOP put in play
NOLA.comMarch 28, 2012

Another Garagiola attack, involving an Internal Revenue Service audit of CapitalSource's tax returns during the three years it operated as a Real Estate Investment Trust, is an exaggeration of a fairly standard IRS practice, Delaney says.more »

Top lawyer helped win many college chiefs' perks
Boston.comMarch 28, 2012

Cotton, who works for the Boston-based law firm Mintz Levin, has carved out a niche as one of the nation's most prominent consultants on academic salaries, helping to negotiate or assess contracts for more than 250 clients.more »

Top lawyer helped win many college chiefs' perks
Boston.comMarch 28, 2012

Cotton, who works for the Boston-based law firm Mintz Levin, has carved out a niche as one of the nation's most prominent consultants on academic salaries, helping to negotiate or assess contracts for more than 250 clients.more »

Meet Raymond Cotton, the college president's secret weapon for pay and perks
Boston GlobeMarch 28, 2012

Cotton, who is based in Washington, DC, helped make former Suffolk University president David Sargent one of the highest-paid college presidents in the nation under an agreement that is now the subject of an IRS audit. He also crafted a contract that ...more »

Sorkin's disingenuousness on corporate taxes
Reuters Blogs (blog)March 27, 2012

If Congress wants to apply the transportation tax to private jet owners — which would probably be applauded by many people — it should pass a clear law that says so. There's a lot of disingenuousness packed in to this one short paragraph, so it's ...more »

All IRS Tax Audits Not Created Equal
Kansas City infoZineMarch 27, 2012

Kansas City, MO - infoZine - Marketwire - Data for last year shows the IRS audited the tax returns of approximately 1 percent (1.6 million) of taxpayers. However, further inspection indicates that the tax returns of an additional 6.5 percent (9.2 ...more »

Surviving an Audit: Understanding the Audit Process
Dallas Morning News (subscription) (blog)March 27, 2012

Several factors can lead to an IRS audit. Taxpayers with no income who are self-employed and receive much of their income in tips, or run cash-intensive businesses, are more susceptible. The IRS also pays more attention to doctors, lawyers, ...more »

Analysis: Dow court case pushes limit of R&D tax credit
WTAQMarch 27, 2012

The IRS has tagged the R&D tax credit a high risk audit concern due to frequent abuses. "The credit is a big waste of money," said Calvin Johnson, a law professor at the University of Texas, who favors dumping the present credit for one that defines ...more »

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