Banking Problems for a Whole Industry
By of MillarLaw A Professional Corporation On Tuesday, January 17, 2017
By Ani Galyan About half of the States have legalized marijuana for either or both medical and recreational use. Despite being legal under various state laws, businesses operating in the marijuana industry continue to encounter federal banking issues making it difficult to conduct daily operations. Regardless of state laws, marijuana remains classified as a Schedule … Continue reading Banking Problems for a Whole Industry
Enforcement of Foreign Tax Claims
By of MillarLaw A Professional Corporation On Sunday, January 15, 2017
In many cases we have handled the taxpayers were dual nationals who have not only failed to adequately disclose and report foreign bank account and income to the IRS, but have also failed to report to the other country. This raises the spectre of the taxpayer facing under reporting liabilities in multiple countries. Take for … Continue reading Enforcement of Foreign Tax Claims
Defenses Payroll Tax Fraud
By Sanford Millar of MillarLaw A Professional Corporation On Friday, November 25, 2016
Prosecution for payroll tax fraud is a high priority for the IRS and Department of Justice. Payroll tax fraud occurs in several manners, including false worker classification as independent contractors, understatement of taxable wages through cash payments, use/acceptance of false identification to disguise illegal alien labor. The employer engaging in these forms of payroll tax … Continue reading Defenses Payroll Tax Fraud
Warning to “Marijuana Investors” Consider Federal Enforcement
By Sanford Millar of MillarLaw A Professional Corporation On Sunday, November 20, 2016
The Controlled Substances Act (“CSA”) lists Marijuana (cannabis) as a Schedule 1 drug. That means “the drug or substance has no currently accepted medical use in treatment in the United States. Efforts to reclassify marijuana have recently failed. The enforcement of the CSA has been guided by the 2013 “Cole” Memo issued by the Department … Continue reading Warning to “Marijuana Investors” Consider Federal Enforcement
What happens if you fail to report cash payments to the IRS?
By Sanford Millar of MillarLaw A Professional Corporation On Sunday, November 13, 2016
If you operate a trade or business and receive $10,000 or more in cash for goods or servicesyou must file an IRS From 8300 and report the payment within 15 days. The calculation of the $10,000 threshold includes lump sum and cummulative payments made in a twevle month period. The IRS Form 8300 Reference guide … Continue reading What happens if you fail to report cash payments to the IRS?
Selling Marijuana is still a Federal Crime, but income must be reported
By Sanford Millar of MillarLaw A Professional Corporation On Sunday, November 6, 2016
The prevalence of state laws legalizing the sale of marijuana does nothing to change federal law. Marijuana remains a Schedule 1 drug under the Controlled Substances Act, (21 USC 801, et seq). The act of manufacturing, distribution or sale of marijuana is a federal felony. The Department of Justice in the Cole Memo of 08/29/13 … Continue reading Selling Marijuana is still a Federal Crime, but income must be reported
Failure to Maintain Business Records Can Lead to Prosecution
By Sanford Millar of MillarLaw A Professional Corporation On Monday, October 17, 2016
A recent appellate court case out of New York (U.S. vs. Marinello) affirmed the conviction for tax evasion of a taxpayer for failing to maintain business records and timely file income tax returns. The facts of the case are as follows: “In 1990, Marinello incorporated Express Courier Group/Buffalo, Inc. (“Express Courier”), a New York corporation.Express … Continue reading Failure to Maintain Business Records Can Lead to Prosecution
Reasonable Cause: When can you rely on a tax professional to avoid penalties ?
By Sanford Millar of MillarLaw A Professional Corporation On Sunday, October 2, 2016
When can a taxpayer rely on the advice of a tax professional is fundamental to establishing “reasonable cause” for failure to timely file tax returns. The U.S. Supreme Court stated the standard for what constitutes reasonable reliance on a tax professional and what is a non-delegable duty in United States v. Boyle. In Boyle the … Continue reading Reasonable Cause: When can you rely on a tax professional to avoid penalties ?
Banking Through Shell Companies Just Got Harder
By Sanford Millar of MillarLaw A Professional Corporation On Monday, September 5, 2016
For many U.S. and non-U.S. persons access to the U.S. banking system is key to preservation of the wealth or operation of their business. Anyone looking for banking security and liquidity will maintain an account in a U.S. bank, including, terrorists, drug dealers, arms traffickers, and money launderers. An agency of the U.S Treasury,the Financial … Continue reading Banking Through Shell Companies Just Got Harder
Offshore Enforcement Remains Top Priority of DOJ
By Sanford Millar of MillarLaw A Professional Corporation On Thursday, August 18, 2016
PRINCIPAL DEPUTY ASSISTANT ATTORNEY GENERAL CAROLINE D. CIRAOLO DELIVERS REMARKS REGARDING THE TAX DIVISION’S OFFSHORE TAX ENFORCEMENT EFFORTS AT THE PANAMA BANKERS ASSOCIATION ANTI-MONEY-LAUNDERING CONFERENCE WEDNESDAY, AUGUST 17, 2016 Remarks as prepared for delivery PANAMÁ CITY, PANAMA Good afternoon. I’m very pleased to be in Panama City at the Panama Bankers Association Anti-Money Laundering Conference. … Continue reading Offshore Enforcement Remains Top Priority of DOJ