The name of Eduardo Saverin recently appeared on the Federal Register list of U.S. citizens who have renounced their U.S. citizenship. Saverin who was born in Brazil and currently resides in Singapore is best known as a Facebook co-founder and a soon-to-be billionaire. The motivation for renouncing his citizenship was thought to be tax related since the planned Faceb [...]

Discussions regarding application of self-employment taxes to income passed through from S corporations have come and gone over the past few years. It appears that this issue is making a comeback. Income passed through from S corporations to their shareholders is not subject to self-employment tax even if these shareholders are actively engaged in the daily operation [...]

Welcome to the first issue of our Entertainment Newsletter, containing content related to the people, news and business issues we see in our day-to-day service to the industry.In This IssueAccounting Rule Changes Could Impact Your Bottom Line – As media technology evolves, companies are seeing changes in their revenue sources. Gone are the days of revenue coming exclu [...]

Companies take numerous precautions to prevent fraud in the work place. Proper internal controls, fair compensation and employee treatment, workplace perks, and appropriate monitoring all help deter fraud in the workplace. The tone and level of involvement from management is crucial. Clear and consistent communication between employees and management is critical to av [...]

On Monday, Apple announced that it is planning to pay a significant dividend to its shareholders for the first time since 1995. The dividend plan is being maneuvered through a maze of U.S. tax issues having to do with repatriating off-shore income. According to its latest regulatory filing, Apple is sitting on a cash hoard of nearly $98 billion. However, $64 billion o [...]

On February 22, the Treasury Department released “The President's Framework for Business Tax Reform.” The document outlines the Administration’s overall view of the tax system and its proposals for reform. The general view of the U.S. tax systems is that high corporate tax rate along with the existing corporate tax “loopholes” has made the system “uncompetitive relati [...]

On February 16, the IRS published its list of top 12 “tax scams” for 2012 dubbed the “Dirty Dozen.” “Taxpayers should be careful and avoid falling into a trap with the Dirty Dozen,” said IRS Commissioner Doug Shulman. “Scam artists will tempt people in-person, on-line and by e-mail with misleading promises about lost refunds and free money. Don’t be fooled by these sc [...]

On February 13th the United States Treasury released its Green Book which is the Treasury’s explanations of the Administration’s Fiscal Year 2013 revenue proposals. There are many proposed tax changes, which are significant. These are the Administration’s proposals and will have a long road before they become law. Below is a list of some of t [...]

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On Monday February 13, 2012, the Administration submitted its fiscal 2013 budget proposal to Congress. The budget proposal contains changes to spending and deficit projections. As is true with all budget proposals, it includes an outline of future tax proposals by the administration. Here are some of the highlights of the tax proposals: The administration is proposin [...]