Author Archives: steinbergtaxlaw

THIS GOVERNMENT SHUT-DOWN IS REALLY BAD NEWS

THIS GOVERNMENT SHUT-DOWN IS REALLY BAD NEWS (To the tune of “Learnin’ the Blues,” by Delores Silvers and recorded by Frank Sinatra in 1955) The airports are crazy Those lines are abysmal. The president’s smiling His compassion is dismal. Glad … Continue reading

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PARADISE LOST: THE “PARADISE PAPERS LEAK REVEALS MODERN DIGITAL AGE TRUTHS – (1) ALL FINANCIAL RECORD CAN BE HACKED. 92) THERE ARE NO CYBER SECRETS.  AN OVDP SOLUTION FOR OFFSHORE NONCOMPLIANCE

In John Milton’s epic biblical poem “Paradise Lost,” the fall of Man is depicted. The Devil is banished to Hell.   The Modern Wealthy Man has had his own fall.  The morality-play today devolves around tax-evasion and the loss of privacy. … Continue reading

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DEPARTMENT OF JUSTICE ANNOUNCES FBAR GUILTY PLEA OF GREEN CARD HOLDER

On October 26, 2017, Hyung Kwon Kim (Kim), a Greenwich, Connecticut man pleaded guilty to failing to report funds he maintained in foreign bank accounts to the Department of Treasury. The DOJ Press Release was announced Acting Deputy Assistant Attorney … Continue reading

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THE HOUSE TAX REFORM BILL WOULD REPEAL THE ALIMONY DEDUCTION

The House of Representatives has revealed its Tax Reform Plan encapsulated in The Tax Cuts and Jobs Act (HR 1) The House Committee on Ways and Means Section by Section Summary describes the provision on Alimony as follows: Sec. 1309. … Continue reading

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WHEN IS A JOINT RETURN DEEMED TO HAVE BEEN FILED?

The Tax Court decision in Victor A. Edwards v. Commissioner, TC Summary Opinion 2017-52 contains an instructive discussion of the rules applicable to determining whether a valid joint return has been filed. Bear in mind that this is a summary opinion … Continue reading

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U.S. EXPATRIATES FEEL ABUSED BY FATCA AND OPPRESSIVE TAX REPORTING REGIME

I receive calls every day from U.S. Citizens living abroad who have recently learned that they are not compliant with U.S. tax filing and reporting obligations. They are angry, confused and frustrated. They’ve never heard of these requirements before getting … Continue reading

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