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Tax Controversies Archives

Should you use an accountant or a tax attorney for your business?

Running a business is more than just monitoring and ordering inventory, managing employees and finding ways to stay competitive in the marketplace. It also takes knowledge of accounting principles and a sound grasp of the U.S. Tax Code.

Huge data leak reveals offshore accounts in use by celebs, execs

In what seems to a recurring theme, a mass data release - this one known as the "Paradise Papers" - has disclosed the identities of high-profile users of offshore accounts. It is vitally important to note prior to discussing the content of the Paradise Papers that there is nothing inherently wrong with having offshore or foreign accounts. The IRS even recognizes the validity of these accounts, which is why it established protocols for reporting income from them via the FATCA and FBAR.

Tax bill used to taunt famous fighter

The Internal Revenue Service (IRS) does not hold back punches. The federal agency is currently attempting to gather late tax payments from one of the world's best fighters. Floyd Mayweather Jr. reportedly owes the federal agency $7.2 million in taxes from 2010 as well as $22.2 million from 2015.

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