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Los Angeles Tax Law Blog

Why the Paul Manafort Case Matters to You.

By of MillarLaw A Professional Corporation On Sunday, March 10, 2019

Why the Paul Manafort Case Matters to You. Paul Manafort, the former campaign manager for president Donald Trump was sentenced to a term of 47 months in prison this week and ordered to pay millions of dollars in restitution.  He will also be assessed a 75% tax fraud penalty.  Some have argued that his prison … Continue reading Why the Paul Manafort Case Matters to You.

Proposition XIII is Under Attack

By of MillarLaw A Professional Corporation On Thursday, February 21, 2019

Proposition XIII is under attack through a proposed amendment to the Constitution of the State of California. The proposed amendment is known as “The California Schools and Local Communities Funding Act of 2018” The proposed amendment would eliminate Prop 13 tax rate increases for “commercial and industrial properties” and would require reassessment to their full … Continue reading Proposition XIII is Under Attack

The Taxpayer -Accountant Relationship Is Under Pressure

By of MillarLaw A Professional Corporation On Monday, January 7, 2019

The beginning of the year is usually a time for thinking about the challenges ahead. This year is no different. The “shutdown” of parts of the federal government, including the IRS, will cause a variety of personal and business hardships for all affected. But among the challenges some taxpayers will face is how to deal … Continue reading The Taxpayer -Accountant Relationship Is Under Pressure

The Tax Cuts and Jobs Acts Eliminates the Tax Deduction for Spousal Support Beginning January 1, 2019

By Sanford Miller of MillarLaw A Professional Corporation On Monday, November 5, 2018

The Tax Cuts and Jobs Acts Eliminates the Tax Deduction for Spousal Support Beginning January 1, 2019, except for support Orders effective by December 31, 2018. For decades the Internal Revenue Code and the California Revenue and Taxation Code have allowed an income tax deduction to payors of “Spousal Support”. The recipient ex-spouse was required … Continue reading The Tax Cuts and Jobs Acts Eliminates the Tax Deduction for Spousal Support Beginning January 1, 2019

The Offshore Voluntary Disclosure Program Ends September 28, 2018. What happens next?

By Sanford Miller of MillarLaw A Professional Corporation On Sunday, September 2, 2018

The end of the Offshore Voluntary Disclosure Program (“OVDP”) may mean nothing at all to the hard core taxpayers who will never voluntarily come forward. For many of those individuals. who chose the “wrong” foreign financial institution or financial advisor the prospect of paying fifty percent (50%) of the highest account balance in the preceding … Continue reading The Offshore Voluntary Disclosure Program Ends September 28, 2018. What happens next?

Accountants: Practice Alert-Dealing With IRS-Criminal Investigation Division

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

The following is abstracted from an article appearing in the July, 2018 edition of the Journal of taxation (WG&L). It is well written and covers the major points of concern and practice recommendations for an accountant or enrolled agent approached by an agent of the Criminal Investigation Division of the IRS and/or when facing an … Continue reading Accountants: Practice Alert-Dealing With IRS-Criminal Investigation Division

Did FinCEN just Destroy Cryptocurrency annonymity?

By Sanford Miller of MillarLaw A Professional Corporation On Monday, June 11, 2018

The Financial Crimes Enforcement Network (“FinCEN”) of the U.S. Dept of the Treasury issued revised Customer Due Diligence (CDD)rules which may seriously impair the ultimate benefit of cryptocurrency, “Secrecy”. In is news release FinCEN stated: FinCEN issued the CDD Rule, which amends Bank Secrecy Act regulations, to improve financial transparency and prevent criminals and terrorists … Continue reading Did FinCEN just Destroy Cryptocurrency annonymity?

The OVDP Is Coming to an End; What’s Next?

By Sanford Miller of MillarLaw A Professional Corporation On Sunday, June 3, 2018

The Offshore Voluntary Disclosure Program (“OVDP”), ends in September, 2018.  All taxpayer who want to participate in the OVDP must have their Voluntary Disclosure Letter submitted by September 28, 2018 or they will not be considered for  the program.  The reality is that the last day to be considered eligible of the OVDP will be … Continue reading The OVDP Is Coming to an End; What’s Next?

Are Cryptocurrencies Subject to FBAR and Form 8938 Reporting?

By Sanford Miller of MillarLaw A Professional Corporation On Sunday, May 13, 2018

On May 2, 2018 The Section of Taxation of the ABA issued its  “Comments  Regarding OVDP and Streamlined  Procedures” in the form of a lengthy letter to Acting IRS Commissioner Kautter.  Section II B  provides “Guidance on Treatment of Undisclosed Cryptocurrencies”.   It is reprinted in pertinent part below (footnotes have been omitted in the interests … Continue reading Are Cryptocurrencies Subject to FBAR and Form 8938 Reporting?

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

By Sanford Miller 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?

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