Audit Defence. Legal news and articles for June 22 - 30, 2016

Trump on Rival Pledge Breakers: Shouldn't Be Allowed to Run for OfficeJudge Hands Entrepreneur Sam Wyly a $1.1 Billion Tax Bill#ShowUsYourTaxes: Here's Every Time Donald Trump Has Said He Would Release His Tax ReturnsF. Lee Bailey Bankruptcy Rooted In Poor Record KeepingHere's Every Time Donald Trump Has Said He Would Release His Tax ReturnsStop ducking, Donald on your taxes because we have the proofAccountants Ask IRS to Clarify Bitcoin Transactions' Tax StatusThree Cumberland County restaurant owners indicted on sales tax theft chargesThe Latest Bitcoin Hurdle: How to Tax ItNo, Trump Should Not Release His Tax Returns.Death and Taxes: IRS Begins Procuring Offshore Client Accounts, Records from UBSThe Great Trump Tax Mysteries: Is He Hiding Loopholes, Errors, or Something More Serious?Hondo's “God's Country” Signs Come Under ScrutinyEx-UN President Charged in Bribery Scheme Dies, Lawyer SaysUBS Gives IRS Records on U.S. Citizen's Account in Singapore

Top Picks in News

Do Partnerships Now Need to Reserve for Taxes?
The National Law ReviewJune 6, 2016

The Bipartisan Budget Act of 2015, P.L. 114-74, added new partnership audit rules, which are generally effective for tax years beginning in 2018. These new rules will allow the Internal Revenue Service (IRS) to assess and collect tax due on partnership ...more »

Arthur S. Demoulas seeks injunction over IRS audit
Sentinel & EnterpriseJune 13, 2016

BOSTON -- A Suffolk Superior Court judge is considering a request by the lawyers for Arthur S. Demoulas' side of the feuding Demoulas family to grant a preliminary injunction to allow his representative to participate in an IRS audit of the Demoulas ...more »

Audit Defence. News and Stories

Trump on Rival Pledge Breakers: Shouldn't Be Allowed to Run for Office
NewsmaxJune 30, 2016

Didn't he say he would release them when the IRS audit is over? Frankly if I was a candidate, I wouldn't release my tax information to anyone, it's not your business to know that! ... Why doesn't Trump release the tax return for 2014 and back, they ...more »

Judge Hands Entrepreneur Sam Wyly a $1.1 Billion Tax Bill
Wall Street JournalJune 28, 2016

U.S. Securities and Exchange regulators later sued Mr. Wyly for securities fraud, a dispute that led to a $198.1 million judgment. He filed for ... He “simply waited for the IRS to come after him, all the while continuing his offshore activities,” she ...more »

#ShowUsYourTaxes: Here's Every Time Donald Trump Has Said He Would Release His Tax Returns
The National Memo (blog)June 28, 2016

That's the question journalists and commentators have been asking for months now, prompting the Republican nominee to repeatedly insist that he cannot do so while he is undergoing an IRS audit. But transcripts from over a dozen interviews he has given ...more »

F. Lee Bailey Bankruptcy Rooted In Poor Record Keeping
ForbesJune 28, 2016

The F. Lee Bailey bankruptcy discussed in the Washington Post is not much of a surprise to me. F. Lee Bailey's resumption of his pre-Sam Shephard practice of tax litigation, this time on his own behalf lit up the tax blogosphere over four years ago ...more »

Here's Every Time Donald Trump Has Said He Would Release His Tax Returns
The National Memo (blog)June 28, 2016

That's the question journalists and commentators have been asking for months now, prompting the Republican nominee to repeatedly insist that he cannot do so while he is undergoing an IRS audit. But transcripts from over a dozen interviews he has given ...more »

Stop ducking, Donald on your taxes because we have the proof
New York Daily NewsJune 27, 2016

On June 7, Trump tax lawyer Joel Marcus emailed DOF, asking the department to verify that Trump had never applied for STAR and stating: “Please cancel any Star benefits . . . they were imposed by the City in error.” DOF responded by asking Marcus to ...more »

Accountants Ask IRS to Clarify Bitcoin Transactions' Tax Status
CryptoCoinsNewsJune 25, 2016

The American Institute of CPAs has sent the IRS a letter to clarify tax status of small virtual currency transactions and nine other virtual currency issues, according to The Wall Street Journal. A bitcoin payment for a small purchase can have an ...more »

Three Cumberland County restaurant owners indicted on sales tax theft charges
Press HeraldJune 24, 2016

The owners of J's Oyster Bar in Portland, Anjon's Italian Restaurant in Scarborough and DiSanto's Restaurant in Gray are the latest to be indicted on a slew of charges, including a Class B charge of felony theft by misapplication of sales tax against ...more »

The Latest Bitcoin Hurdle: How to Tax It
Wall Street JournalJune 24, 2016

Given this growth, the IRS has already conducted audits of taxpayers holding bitcoin, according to Bryan Skarlatos, a tax lawyer with Kostelanetz & Fink in New York. Some clients under audit paid his fee using bitcoin, he says. A spokesman for the IRS ...more »

No, Trump Should Not Release His Tax Returns.
ForbesJune 24, 2016

In Nixon's case and that of any sitting president, the purported rationale behind this coercion to make a voluntary disclosure is to ensure that the tax laws are applied fairly to all, including those occupying the highest offices in the land ...more »

Death and Taxes: IRS Begins Procuring Offshore Client Accounts, Records from UBS
Finance MagnatesJune 23, 2016

According to Assistant Attorney General Caroline D. Ciraolo of the Justice Department's Tax Division in a statement on the agreement: “The Department of Justice and the IRS are committed to making sure that offshore tax evasion is detected and dealt ...more »

The Great Trump Tax Mysteries: Is He Hiding Loopholes, Errors, or Something More Serious?
Vanity FairJune 23, 2016

The I.R.S. has interpreted this rule very broadly, says Ed Kleinbard, professor of law and business at the University of Southern California's Gould School of Law and author of We Are Better than This, a book on the U.S. fiscal system. “So a swap ...more »

Hondo's “God's Country” Signs Come Under Scrutiny
Texas Monthly (subscription)June 23, 2016

Often those that find themselves in the FFRF's crosshairs realize (or become persuaded by lawyers) that they are on shaky constitutional ground, and rather than risking losing taxpayer money in expensive lawsuits, accede to the freethinkers, and ...more »

Ex-UN President Charged in Bribery Scheme Dies, Lawyer Says
BloombergJune 23, 2016

IRS agents served a summons on UBS in 2013 for records of Hsiaw's UBS account from 2001 to 2011. Hsiaw transferred his account to Singapore in 2002, according to the Justice Department. The bank said it couldn't produce the information because ...more »

UBS Gives IRS Records on U.S. Citizen's Account in Singapore
BloombergJune 22, 2016

IRS agents served a summons on UBS in 2013 for records of Hsiaw's UBS account from 2001 to 2011. Hsiaw transferred his account to Singapore in 2002, according to the Justice Department. The bank said it couldn't produce the information because ...more »

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