Cryptocurrency and Asset Protection: Is Cryptocurrency the new Swiss Bank Account?

By of MillarLaw A Professional Corporation On Sunday, April 29, 2018

Perhaps the most popular feature of cryptocurrency is a promise of anonymity (read secrecy).  Cryptocurrency in many respects has replace the “numbered” Swiss bank account but without the protections of the bank secrecy laws of a sovereign country.  What cryptocurrency offers instead is the promise of the ability to move and store large amounts of … Continue reading Cryptocurrency and Asset Protection: Is Cryptocurrency the new Swiss Bank Account?

Make the California Top 500 Delinquent Taxpayer List and Lose Your Professional LIcense

By of MillarLaw A Professional Corporation On Sunday, April 22, 2018

In FRANCESCHI V. YEE, the Ninth Circuit Court of Appeals affirmed the right of the State of California to publish a list of the Top 500 Delinquent Tapayers and to suspend their drivers and professional licenses. “This action challenges the constitutionality of Section 19195 of the California Revenue and Taxation Code and Section 494.5 of the California Business … Continue reading Make the California Top 500 Delinquent Taxpayer List and Lose Your Professional LIcense

Audit Defense: The time to prepare for an audit is before the return is filed

By of MillarLaw A Professional Corporation On Sunday, April 15, 2018

A recent Tax Court case illustrates how a taxpayer should anticipate an audit by maintaining proper books and records. The case involved the deductibility of losses as “ordinary losses” as opposed to “passive losses” by an owner of a private jet. The specifics of the case are unnecessary to this discussion but the general principle … Continue reading Audit Defense: The time to prepare for an audit is before the return is filed

The End of the Offshore Voluntary Disclosure Program is Near!!! What Can I do?

By of MillarLaw A Professional Corporation On Sunday, April 8, 2018

On March 13, 2018 the IRS announced that the formal Offshore Voluntary Disclosure Program  (“OVDP”would end  September 28, 2018. The rationale for ending the the OVDP is as follows: “Taxpayers have had several years to come into compliance with U.S. tax laws under this program,” said Acting IRS Commissioner David Kautter. “All along, we have … Continue reading The End of the Offshore Voluntary Disclosure Program is Near!!! What Can I do?