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 ?

Use of Shell Companies To Shield Identity Further Limited

By of MillarLaw A Professional Corporation On Monday, August 1, 2016

On July 27, 2016 the Financial Crimes Enforcement Network, (FinCEN) of the Department of the Treasury issued expanded Geographic Targeting Orders (GTO) that will: “temporarily require U.S. title insurance companies to identify the natural persons behind shell companies used to pay “all cash” for high-end residential real estate in six major metropolitan areas” The areas … Continue reading Use of Shell Companies To Shield Identity Further Limited

Streamline Procedure Risks: Are you really Non-willful?

By Sanford Millar of MillarLaw A Professional Corporation On Sunday, July 10, 2016

According to reports in Tax Analysts there have been 54, 000 Offshore Voluntary Disclosure  (OVDP) participants 30,000 Streamline Procedure filings.  The Streamline Procedure filings are now the subject of intense Department of Justice (DOJ) and IRS review.  The DOJ and IRS ar looking for taxpayers who made improper use of the Streamline Procedures. There are … Continue reading Streamline Procedure Risks: Are you really Non-willful?

What are the Tax Consequences of BREXIT for U.S. Taxpayers?

By Sanford Millar of MillarLaw A Professional Corporation On Monday, July 4, 2016

Recently, The Harvard Law School Forum on Croporate Governance and Finance published a note titled “The Legal Consequence of Brexit, authored by Simon Witty.  We have restated the transactional tax commentary here.  We have added our thoughts on the tax reporting, “information exchange agreements” and federal tax reporting requirements under the heading Compliance. “Tax The … Continue reading What are the Tax Consequences of BREXIT for U.S. Taxpayers?

Foreign Bank Account Reports Due June 30

By Sanford Millar of MillarLaw A Professional Corporation On Sunday, May 22, 2016

U.S. Taxpayers who directly or indirectly controlled foreign financial accounts in 2015 are reminded that the deadline to file a Report of Foreign Financial Account (FBAR) FinCEN Form 114 is June 30. Taxpayers with unfiled FBARs for prior years should be aware of that the information exchange agreements under the Foreign Account Tax Compliance Act … Continue reading Foreign Bank Account Reports Due June 30

Panama Papers To Be Released May 9, 2016. Why Does It Matter?

By Sanford Millar of MillarLaw A Professional Corporation On Sunday, May 1, 2016

Panama Papers To Be Released May 9, 2016. Why Does It Matter? The International Consortium of Investigative Journalists (ICIJ) will release perhaps the largest database of private offshore companies and their ultimate owner ever made public. According to the ICIJ “The data comes from the Panamanian law firm Mossack Fonseca, one of the top players … Continue reading Panama Papers To Be Released May 9, 2016. Why Does It Matter?

Who Are The Likely Targets of the Offfshore Law Firm Data Leak?

By Sanford Millar of MillarLaw A Professional Corporation On Tuesday, April 5, 2016

The reports of a massive leak of confidential client information from files of the Mossack Fonseca & Co., law firm could have far ranging effects from  intelligence, law enforcemnet and commercial perspectives.  The intersting thing about this data leak, is that it appears not to be Internet based, but rather the result of actions taken … Continue reading Who Are The Likely Targets of the Offfshore Law Firm Data Leak?

When Offshore Asset Protection Fails

By Sanford Millar of MillarLaw A Professional Corporation On Monday, March 21, 2016

What happens when The IRS attacks your offshore asset protection plan?  The simple answer is you may face a variety of civil and criminal investigations and penalties.  What constitutes an offshore asset protection plan? The most commonly known form of offshore asset protection plan is a “numbered”foreign financial account. This type of plan relies on … Continue reading When Offshore Asset Protection Fails

Reasonable Cause and Record Reconstruction

By Sanford Millar of MillarLaw A Professional Corporation On Monday, March 14, 2016

Individuals suffering from mental illness or the effects of substance abuse may have a “reasonable cause” for penalty relief.  Example, an indivdual who is suffering from chonic drug dependency who may have been in and out of rehab facilities, (think of any number of celebrities) or an individual with a degenerative mental condition such as … Continue reading Reasonable Cause and Record Reconstruction

Is Mental Impairment a Basis to Claim “Non-willful” Behaivor?

By Sanford Millar of MillarLaw A Professional Corporation On Monday, February 22, 2016

The Tax Crimes Handbook of the Office of Chief Counsel, Criminal Tax Division of the Internal Revenue Service defines “Willfulness ” as follows: “[a] Willfulness is defined as the “voluntary, intentional violation of a known legal duty.” Cheek v. United States, 498 U.S. 192, 200-01 (1991); United States v. Pomponio, 429 U.S. 10, 12 (1976); … Continue reading Is Mental Impairment a Basis to Claim “Non-willful” Behaivor?