Theater Of The Courtroom

In this podcast, I discuss how to calculate the 5 percent miscellaneous offshore penalty under the streamlined domestic procedures. The miscellaneous offshore penalty is equal to 5 percent of the highest aggregate balance/value of the taxpayer’s foreign financial assets that are subject to the miscellaneous offshore penalty during the years in the covered tax return period and the covered FBAR period. For this purpose, the highest aggregate balance/value is determined by adding the year-end account balances and year-end asset values of all the foreign financial assets subject to the miscellaneous offshore penalty for each of the years in the covered tax return period and the covered FBAR period and selecting the highest aggregate balance/value from among those years. A foreign financial asset is subject to the 5-percent miscellaneous offshore penalty if the asset should have been, but was not, reported on an FBAR (FinCEN Form 114) for that year. A foreign financial asset is subject to the 5-percent miscellane

In this podcast, I discuss the instructions for making a submission to the streamlined domestic offshore program. For each of the most recent 3 years for which the U.S. tax return due date (or properly applied for extended due date) has passed, submit a complete and accurate amended tax return using Form 1040X, Amended U.S. Individual Income Tax Return, together with any required information returns (e.g., Forms 3520, 3520-A, 5471, 5472, 8938, 926, and 8621) even if these information returns would normally not be submitted with the Form 1040 had the taxpayer filed a complete and accurate original return.     Include at the top of the first page of each amended tax return "Streamlined Domestic Offshore" written in red to indicate that the returns are being submitted under the streamlined procedures.   Complete and sign a statement on the Certification by U.S. Person Residing in the U.S. (Form 14654) certifying: (1) that you are eligible for the Streamlined Domestic Offshore Procedures; (2) that all required

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In this episode I discuss eggshell audits and what to do when it comes to filing returns for tax periods subsequent to periods under examination.

In this podcast, I discuss the important inter-connections between civil tax and criminal tax. Below is a quick and dirty outline to help you follow along. Timing Since time and memorial, the government has proceeded w/ criminal tax investigation and prosecution first, suspending audit and collection until completion of the criminal proceedings This policy reflects several considerations, the most important of which is that civil discovery could reveal too early, too much of the government’s criminal case. The gov’t was concerned that TPs could use civil discovery procedures to find out more about its case than what the criminal discovery procedures otherwise allowed Why is the gov’t afraid of discovery of its case? Is the gov’t trying to send people to jail by secrecy or by ambush? That historic rationale has diminished. Prosecutors today are more inclined to err on the side of caution and tend to voluntarily disclose more in light of recent and notable cases admonishing prosecutors for withholding relevant

In this podcast, I discuss the pre-sentence investigation report. Below is a quick and dirty outline: After conviction and prior to sentencing, a probation officer will interview the def. and prepare a PSR. In the PSR, the probation officer will: Calculate the defendant’s offense level and criminal history category, State the resulting sentencing range and kinds of sentences available, Identify any factors relevant to the kind of sentence (e.g., probation, imprisonment), Recommend a sentence w/in the applicable sentencing range, and Identify any basis for departing from the applicable sentencing range The PSR includes: The defendant’s prior criminal record, The defendant’s financial condition, and Information sufficient to calculate restitution The defendant is entitled to be represented by an attorney at the interview w/ the probation officer and I strongly recommend it. Why is the pre-sentence investigation report important? For the following two reasons: Judges give deference to the recommendations

Below is a quick and dirty outline of the steps that I cover in this podcast for determining the sentence of a defendant who has been convicted of a tax crime in federal court. If you would like the full outline, please email me or send me a message on Linked In. Enjoy! Step 1: Determine the base offense level by reference to the tax loss number Step 2: Adjust the offense level in light of specific offense characteristics Step 3: Calculating the sentence Step 4: Fines Step 5: Court will determine whether restitution should be imposed Step 6: Departures

This is a webinar that I presented in partnership with CPA Academy. I'm honored to lecture for such a fine CPE provider. For those who are interested in obtaining CPE credit, click here to sign up. Below is more information about the program: Course Description In one of the climactic scenes from 1954’s On The Waterfront, Crime Commission prosecutors had to make their corruption case against union boss Johnny Friendly (a/k/a Michael Skelly) by convincing a reticent yet pure-hearted Terry Malloy to come forward and tell what he knew about corruption in the International Longshoremen’s Association, beginning with the murder of Joey Doyle, because an underling insisted that “we were robbed last night and can’t find no books.” If that same case came up in 21st Century tax court, Eva Marie Saint and Karl Malden could’ve stayed at home rather than serving as Marlon Brando’s cheering section, because government prosecutors could reconstruct the ILA’s income, based on the records retention requirements in Section 65

This is the first of several parts. There is a lot of information to discuss that it might feel like drinking water out of a fire hydrant. Sentencing issues are arguably the most important part of a federal criminal tax case. Because the likelihood of conviction is so high, the best that defense counsel can do for his client is minimize the sentence. The law surrounding federal criminal sentencing is in a stage of upheaval. The Booker case fundamentally altered the legal landscape. This is an unsettled area. This podcast will cover five topics:  The U.S. sentencing guidelines – generally Sentencing procedures Booker and its immediate aftermath Specific applications of the sentencing guidelines to criminal tax prosecutions. Recent developments Enjoy the show!  

This presentation breaks down the FBAR, FinCEN's most common international reporting form.

This is a recent presentation that I did with Marino Legal Academy. I am honored to present with such a prestigious CLE provider. Enjoy.

A number of events can give rise to taxable income even though you haven't received any cash. In this podcast, we'll discuss constructive receipt and what it means to have a legal right to a payment; tax consequences for a plaintiff in a personal injury action or employment-related matter; cancellation of debt income; and phantom income from pass-through entities and how partners have an obligation to report it even if the partners don't receive a payout.  

You've come up with a creative mobile app idea and you want to protect your idea with a patent. This is smart. Patenting a mobile app is a critical part of protecting your intellectual property and allowing you to seek damages in the event it is infringed upon.  Here's what you should know. First, applying for a patent is not easy. It's a detailed and cumbersome process. In this masterclass, I hope to demystify this process by teaching you some key things about the patenting process so you don't have to rack your brain trying to figure it out for yourself. In this podcast, I'll cover the following topics: 1. Why Should You Patent a Mobile App? 2. The United State Patent and Trademark Office (USPTO) Rule; 3. The Requirements for a Patent; 4. How Much Does a Patent Cost? 5. Factors to Consider when Deciding Whether to Apply for a Patent; 6. Other ways to Protect your App Besides Patenting It; 7. Four Step-Process for Patenting Your App i. Step One: Do a patent search. ii. Step Two: Create designs for your App i

This podcast deals with the importance of taking action against a third party who misappropriates your trademark and contains a valuable lesson. Enjoy.

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This is an update on IRS Collection issues as they affect taxpayers in the following areas: financial standards in Collection Information Statements (CIS), the updated offer in compromise booklet, and the impact of the new law on the time to file wrongful levy claims.

As both a lawyer specializing in entertainment law and an actor, this topic fascinates me. Because it's so broad, I'm splitting it up into two episodes. In Part I, I cover the basics. In Part II, I will delve into the most common issues that arise when it come to buying or selling a screenplay. See my blogpost on this topic here. 

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I realize this is a topic entrepreneurs would rather not talk about. But with a recent statistic showing that approximately one in every three new businesses fail within the first two years, it can no longer be ignored.  As harsh as this might sound, businesses don’t fail by themselves. Instead, businesses usually fail on account of the owner. The sad part about it is that in most cases, the business owner is oblivious to the fact that the ship is sinking until it is too late. However, with the availability of professional counsel and advice, inexperience no longer has to be "the Mean One (i.e. the Grinch)." It need not be an obstacle to success. Surrounding yourself with the "key players" will help you build a strong and healthy business for years to come. In this podcast, I discuss the twelve reasons why new businesses fail. I've assembled this list not because I want to discourage you or take the wind out of your sails but instead, so that you won't repeat these mistakes. I want to see your business succee

I realize this is a topic entrepreneurs would rather not talk about. But with a recent statistic showing that approximately one in every three new businesses fail within the first two years, it can no longer be ignored.  As harsh as this might sound, businesses don’t fail by themselves. Instead, businesses usually fail on account of the owner. The sad part about it is that in most cases, the business owner is oblivious to the fact that the ship is sinking until it is too late. However, with the availability of professional counsel and advice, inexperience no longer has to be "the Mean One (i.e. the Grinch)." It need not be an obstacle to success. Surrounding yourself with the "key players" will help you build a strong and healthy business for years to come. In this podcast, I discuss the twelve reasons why new businesses fail. I've assembled this list not because I want to discourage you or take the wind out of your sails but instead, so that you won't repeat these mistakes. I want to see your business succee