Code, Not Divorce Decree, Determines Dependency Exemption
Posted by Kim Chen on October 7th, 2017
The Tax Court denied a divorced, noncustodial parent the dependency exemption for his minor daughter because he did not meet the qualifying child requirements of IRC Sec. 152(c). The taxpayer neither showed he met the support requirements under IRC Sec. 152(d), nor submitted Form 8332 (Release/Revocation of Release of Claim to Exemption for Child by […]
FinCEN FBAR Relief for Victims of Hurricane IRMA
Posted by Kim Chen on October 4th, 2017
[Updated- October 03, 2017] FinCEN is re-issuing this Notice, dated September 12, 2017, which provides FBAR-filing relief to victims of Hurricane Irma, to expand the relief to include victims of Hurricane Maria, as well as victims of Hurricane Irma in additional areas that the Federal Emergency Management Agency (FEMA) designated as qualifying for individual assistance […]
District Court Denies IRS Maximum FBAR Penalty
Posted by Kim Chen on October 2nd, 2017
The District Court for the eastern district of Pennsylvania ruled that the maximum Report of Foreign Bank and Financial Accounts (FBAR) penalty imposed on a taxpayer was invalid because the reporting failure was not willful. Despite (1) filing an inaccurate FBAR by omitting one of two Swiss bank accounts, (2) likely learning of the existence […]
Some resources that may be of help to you and your business
Posted by Kim Chen on September 21st, 2017
The Collier County Office of Business & Economic Development and FGCU’s Small Business Development Center have set up a Business Recovery Center at the Naples Accelerator, 3510 Kraft Road, Suite 200. The location is open Monday through Friday from 9 a.m. to 6:30 p.m. For more information, call 239-252-8990 or 850-989-3489. Businesses can also email […]
Recent Breach Highlights the Vulnerability of Your Personal Data
Posted by Kim Chen on September 21st, 2017
Equifax, one of the nation’s three major credit reporting agencies, recently reported a massive data breach. Are you among the 143 million U.S. consumers whose personal information was hacked? Here’s how to find out — and how to help protect yourself against future breaches. What Went Wrong? On July 29, Equifax discovered that, starting in […]
