Additional Resources
TAX COURT FINDS ASSET PROTECTION TRUSTS WERE SHAMS
May 15, 2013
By Scott E. Vincent, Partner
The Tax Court recently found that trusts allegedly established for asset protection by a physician were shams. Vlach, TC Memo 2013-116. The Court held in favor of the Internal Revenue Service, disregarding the trusts in question and confirming taxes and penalties were owed by the physician and his professional corporation.
CHIP AWAY AT TAX DAY
Our Simple System to End the Day-of-Deadline Rush | April 17, 2013
By Scott E. Vincent, Partner
So another "tax day" has come and gone, with many taxpayers either scrambling to file on time or extending the deadline and still working on 2012 returns as we move through 2013. The IRS has also carefully timed their PR around tax time to encourage compliance.
This year the IRS National Taxpayer Advocate released a study published by the Associated Press on April 14 (Click here to read the full story) that highlighted the increased audit risk faced by small businesses and their owners. With these thoughts in mind, small business owners should review their business structure and operations for ongoing compliance and tax planning.