Florida Probate & Trust Litigation Blog: If a married couple transfers their tenants by the entireties (TBE) property to a joint trust, have they forfeited its creditor protection shield? (July 12, 2021)

Juan C. Antúnez, in his Florida Probate & Trust Litigation Blog, discusses the implications of using a joint revocable trust between married couples with regards to creditor protection. The article begins as follows: If a married couple transfers their tenants by the entireties (TBE) property to a joint revocable trust, have they forfeited its creditor protection shield? That’s … Continue reading Florida Probate & Trust Litigation Blog: If a married couple transfers their tenants by the entireties (TBE) property to a joint trust, have they forfeited its creditor protection shield? (July 12, 2021)

Christopher Arakaky (Dunlap Bennett & Ludwig PLLC): Asset Protection Trusts and Alternatives (June 14, 2021)

Christopher Arakaky of Dunlap Bennett & Ludwig PLLC, has made available for download his article, "Asset Protection Trusts and Alternatives," published in JDSupra. The abstract is as follows: We live in an incredibly litigious nation. Every year, billions of dollars are spent on lawsuits across the country. Business owners, professionals, and high-profile individuals, among others, … Continue reading Christopher Arakaky (Dunlap Bennett & Ludwig PLLC): Asset Protection Trusts and Alternatives (June 14, 2021)

Jack Townsend (Federal Tax Crimes Blog): FBAR Civil Willful Penalty Sustained Against Long Time Accountant and Tax Preparer Who Claimed He Did Not Have Time to Read the Schedule B Instructions (June 4, 2021)

Jack Townsend has made available for download his article, "FBAR Civil Willful Penalty Sustained Against Long Time Accountant and Tax Preparer Who Claimed He Did Not Have Time to Read the Schedule B Instructions", published on his Federal Tax Crimes blog. The abstract is as follows: In United States v. Kronowitz (S.D. Fla. No. 19-cv-62648 … Continue reading Jack Townsend (Federal Tax Crimes Blog): FBAR Civil Willful Penalty Sustained Against Long Time Accountant and Tax Preparer Who Claimed He Did Not Have Time to Read the Schedule B Instructions (June 4, 2021)

Forbes: Swiss Life Companies Enter Into Deferred Prosecution Arrangement For Abusive Private Placement Life Insurance Policies (May 28, 2021)

Forbes has published an article, “Swiss Life Companies Enter Into Deferred Prosecution Arrangement For Abusive Private Placement Life Insurance Policies,” which discusses private placement life insurance (PPLI) policies, more specifically their supposed benefits and drawbacks as well as the legal ramifications of the use of these policies. The article begins as follows: A private placement life … Continue reading Forbes: Swiss Life Companies Enter Into Deferred Prosecution Arrangement For Abusive Private Placement Life Insurance Policies (May 28, 2021)

Federal Tax Crimes: CFC Grants Summary Judgment Based on Bank Account Record Ownership Even Though Others May Have Been Beneficial Owners (April 20, 2021)

Jack Townsend, in his Federal Tax Crimes Blog, discusses the case: Landa v. United States. In Landa v. United States, 2021 U.S. Claims LEXIS 635 (Fed. Cl. Apr. 19, 2021), here, the Court entered summary judgment for the Government on the FBAR civil willful penalty.  The facts are not good for the plaintiff, Leon Landa, hence the … Continue reading Federal Tax Crimes: CFC Grants Summary Judgment Based on Bank Account Record Ownership Even Though Others May Have Been Beneficial Owners (April 20, 2021)

Sean McKissick (Downey Brand LLP): No Bad Faith Required – Trustee of Spendthrift Trust May Be Compelled to Pay Attorney Fees Under Family Code Section 2030 (May 18, 2021)

Sean McKissick, of Downey Brand LLP, has made available for download his article, "No Bad Faith Required – Trustee of Spendthrift Trust May Be Compelled to Pay Attorney Fees Under Family Code Section 2030", published in JDSUPRA. The abstract is as follows: Section 2030 of California’s Family Code provides an important safeguard to ensure the fairness of marriage dissolution proceedings. … Continue reading Sean McKissick (Downey Brand LLP): No Bad Faith Required – Trustee of Spendthrift Trust May Be Compelled to Pay Attorney Fees Under Family Code Section 2030 (May 18, 2021)

Barbara T. Kaplan and Shira Peleg (Greenberg Traurig LLP): IRS Establishes Office of Promoter Investigations with Emphasis on Conservation Easements and Micro-captive Insurance Arrangements (April 21, 2021)

Barbara T. Kaplan and Shira Peleg, of Greenberg Traurig LLP, have made available for download their article, “IRS Establishes Office of Promoter Investigations with Emphasis on Conservation Easements and Micro-captive Insurance Arrangements,” published in a Greenberg Traurig Alert. The abstract is as follows: On April 19, 2021, the IRS announced the establishment of a new Office of Promoter Investigations (OPI). The creation of OPI … Continue reading Barbara T. Kaplan and Shira Peleg (Greenberg Traurig LLP): IRS Establishes Office of Promoter Investigations with Emphasis on Conservation Easements and Micro-captive Insurance Arrangements (April 21, 2021)

Haghnazarzadeh, T.C. Memo. 2021-47: Married Couple Had Unreported Income in Bank Accounts Now Owes IRS Nearly $3 Million (April 29, 2021)

The Tax Court released Memorandum Opinion for Josef Haghnazarzadeh and Catherine Y. Haghnazarzadeh v. Commissioner of Internal Revenue, T.C. Memo. 2021-47 (April 29, 2021) and announced that decision will be entered under Rule 155. A married couple had unreported taxable income for two tax years at issue. The taxpayers did not produce books or records … Continue reading Haghnazarzadeh, T.C. Memo. 2021-47: Married Couple Had Unreported Income in Bank Accounts Now Owes IRS Nearly $3 Million (April 29, 2021)

Steven Dean and Attiya Waris: Ten Truths About Tax Havens: Inclusion and the ‘Liberia’ Problem (April 8, 2021)

Steven Dean and Attiya Waris, of Brooklyn Law School and University of Nairobi, have made available for download their article, Ten Truths About Tax Havens: Inclusion and the ‘Liberia’ Problem, published in Emory Law Journal, Vol. 70, No. 7, 2021 and Brooklyn Law School, Legal Studies Paper No. 670. The abstract is as followed: There … Continue reading Steven Dean and Attiya Waris: Ten Truths About Tax Havens: Inclusion and the ‘Liberia’ Problem (April 8, 2021)

United States v. Rum: IRS Properly Assessed Penalty for Willful Violation (April 23, 2021)

In United States v. Rum, No. 19-14464 (11th Cir. April 23, 2021), the United States Court of Appeals for the Eleventh Circuit affirmed the district court’s decision in granting summary judgment in favor of the government, enforcing the IRS assessment of a penalty for a willful FBAR violation. The individual placed money in a foreign … Continue reading United States v. Rum: IRS Properly Assessed Penalty for Willful Violation (April 23, 2021)

IRS Memorandum 20211601F-20211606F: Variants of Micro-Captive Insurance Transactions Same As Specific Transaction

In each of six IRS Memoranda cases, the IRS stated that variant of the micro-captive insurance transactions promoted by an entity were the same as, or substantially similar to, the transaction of interest in Notice 2016-66 , I.R.B. 2016-47, 745. The micro-captive transactions involved captives formed by business owners to purportedly insure risks of their … Continue reading IRS Memorandum 20211601F-20211606F: Variants of Micro-Captive Insurance Transactions Same As Specific Transaction

Federal Tax Crimes: Court of Federal Claims Rejects Taxpayer Games in Partial Payment FBAR Civil Penalty Refund Suit (April 10, 2021)

Jack Townsend, in his Federal Tax Crimes Blog, discusses the case: Mendu v. United States. In Mendu v. United States, 2021 U.S. Claims LEXIS 537 (4/7/21), Mendu filed a partial payment FBAR penalty refund suit for $1,000 and the Government counterclaimed for the unpaid balance on the FBAR assessment of about $752,000 (plus additions).  The Court … Continue reading Federal Tax Crimes: Court of Federal Claims Rejects Taxpayer Games in Partial Payment FBAR Civil Penalty Refund Suit (April 10, 2021)

Procedurally Taxing: Appointing a Receiver to Protect Value and Innocent Third Parties (April 16, 2021)

Keith Fogg, Clinical Professor of Law at Harvard Law School, discusses how the ambiguities in federal tax lien IRC 6331 pose problems for the IRS. The Supreme Court has said that Congress could not have written a broader lien than the federal tax lien.  In addition to the lien, Congress gave the IRS broad powers … Continue reading Procedurally Taxing: Appointing a Receiver to Protect Value and Innocent Third Parties (April 16, 2021)

Federal Tax Crimes: FinCEN Seeks Comments on Issues in Corporate Transparency Act that May Require Regulations (April 7, 2021)

Jack Townsend, in his Federal Tax Crimes Blog, discusses Financial Crimes Enforcement Network (FinCEN) is issuing this advance notice of proposed rulemaking (ANPRM) to solicit public comment on questions about the implementation of the Corporate Transparency Act (CTA). FinCEN has announced an Advance Notice of Proposed Rulemaking (ANPRM) seeking “public comment on a wide range … Continue reading Federal Tax Crimes: FinCEN Seeks Comments on Issues in Corporate Transparency Act that May Require Regulations (April 7, 2021)

Procedurally Taxing: Are FBAR Penalties Taxes for Purposes of the Flora Rule? (April 19, 2021)

Keith Fogg, Clinical Professor of Law at Harvard Law School , discusses Mendu v. United States, No. 1:17-cv-00738 (Ct. Fd. Claims April 7, 2021). In Mendu v. United States, No. 1:17-cv-00738 (Ct. Fd. Claims April 7, 2021) the Court of Federal Claims held that FBAR penalties are not taxes for purposes of applying the Flora rule.  In arguing … Continue reading Procedurally Taxing: Are FBAR Penalties Taxes for Purposes of the Flora Rule? (April 19, 2021)

IRS urges participants of abusive micro-captive insurance arrangements to exit from arrangements (Apr. 9, 2021)

Internal Revenue Service officials urged participants in abusive micro-captive insurance arrangements to exit these transactions as soon as possible. The IRS has stepped up examinations of these arrangements and has recently won yet another case in U.S. Tax Court that such arrangements are not eligible for the tax benefits claimed. On March 10, 2021, the … Continue reading IRS urges participants of abusive micro-captive insurance arrangements to exit from arrangements (Apr. 9, 2021)

Forbes: IRS Warning: FBAR Deadline For Offshore Accounts Is Still April 15 (April 9, 2021)

Forbes has published an article, “IRS Warning: FBAR Deadline For Offshore Accounts Is Still April 15,” which clarifies to readers that the April 15 deadline for those with Foreign Bank and Financial Accounts (FBAR) has not changed despite the May 17 tax filing deadline. The article begins as follows: This year’s tax filing deadline hasn’t … Continue reading Forbes: IRS Warning: FBAR Deadline For Offshore Accounts Is Still April 15 (April 9, 2021)

Nicola Bruce and Karen Corless (Conyers): It’s About Time: Bermuda’s Approach to the Rule against Perpetuities (March 26, 2021)

Nicola Bruce and Karen Corless, of Conyers, has made available for download their article, "It’s About Time: Bermuda’s Approach to the Rule against Perpetuities," published in JDSUPRA. The abstract is as follows: For how long should the dead be able to exert control, from beyond the grave, over the living? This question has arisen in … Continue reading Nicola Bruce and Karen Corless (Conyers): It’s About Time: Bermuda’s Approach to the Rule against Perpetuities (March 26, 2021)

Federal Tax Crimes: Another Failed Judicial Contest of the FBAR Willful Penalty (March 23, 2021)

Jack Townsend, in his Federal Tax Crimes Blog, discusses the failed attempt to overturn the FBAR civil penalty in Kimble v. United States, ___ F.3d ___ (Fed. Cir. 3/22/21). In Kimble v. United States, ___ F.3d ___ (Fed. Cir. 3/22/21), TN here, in an appeal from an adverse holding in a refund suit, the Court sustained the … Continue reading Federal Tax Crimes: Another Failed Judicial Contest of the FBAR Willful Penalty (March 23, 2021)

Forbes: Collateral Attack On Charging Order Via Federal Court Fails In Kerr (March 27, 2021)

Forbes has published an article, “Collateral Attack On Charging Order Via Federal Court Fails In Kerr,” which discusses how debtors will sometimes attempt to collaterally attack a charging order and are usually futile due to abstention doctrines used in federal court. The article, which uses Kerr v. Collier, 2021 WL 972529 (N.D.Ohio, March 16, 2021) … Continue reading Forbes: Collateral Attack On Charging Order Via Federal Court Fails In Kerr (March 27, 2021)