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Foreign Bank Account and Foreign Income Reporting:

By David Welch Foreign bank account and foreign income reporting has been a major concern for certain taxpayers the last several years. For those not aware, the issue is rather straight-forward: If you own foreign bank accounts or other foreign assets, you very well...

IRS Offers Safe Harbor for Losses from Ponzi Schemes

In view of the number of investment frauds recently discovered, and the potential scope of the losses, the Internal revenue Service recently adopted a Revenue Ruling (#2990-9) and Revenue Procedure (#2009-20) aimed at avoiding difficult issues of proof as to how much...

New Regulations In The Lending Industry

As the New Year swept in bitter cold temperatures, 2014 also swept in new regulations in the lending industry. The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act charged the Consumer Financial Protection Bureau (“CFPB”) with the authority to implement...

Business Owners and Tax Free Exchanges

As a small business owner, you own your building and pay rent to yourself. But if your building becomes too small and you need to find a larger space, what should you do? Section 1031 of the Internal Revenue Code allows a business owner to sell a building, acquire a...
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