Yearly Archives: 2021

I am pleased to announce that I will be speaking in an upcoming Strafford live video webinar, "Pre-Immigration Estate and Gift Tax Planning: Foreign Assets, Reporting Requirements, Strategies for Estate Planners" scheduled for Tuesday, April 27, 1:00pm-2:30pm EDT.

The U.S. imposes tax on its residents' worldwide income requiring significant planning for would-be immigrants. Trusts and estates counsel must align planning strategies with current U.S. tax law for those seeking to become U.S. residents to avoid unintended tax liability for certain income and foreign assets.

Future immigrants must assess their financial situation and plan accordingly before becoming U.S. taxpayers to preserve their wealth. In some cases, for income tax purposes, it may be advantageous to accelerate income and gains and defer deductions/losses before establishing U.S. residency if, for example, the U.S. statutory tax rate is higher than the immigrant's current tax home. In other cases, the focus may be on sheltering worldwide assets from the U.S. tax system, especially if the person has or will inherit significant assets.

With thoughtful planning, clients may avoid unexpected aspects of U.S. tax law that could significantly impact family wealth. Estate planners must review client's foreign companies and offshore mutual funds, consider the implications of foreign trusts, establish a gifting program, explore the use of insurance, and other methods of preserving wealth and minimizing income, estate, and gift taxes.

Our panel will provide trusts and estates attorneys with a practical guide to pre-immigration estate planning tools and techniques. The panel will go beyond the basics to detail intricate strategies for minimizing income tax, including basis strategies for non-U.S. situs assets, structuring "drop-off" trusts, and planning for the possibility of the nonresident alien's return to the country of origin.

We will review these and other key issues:

• What are the residency and tax consequences of immigrants coming to the U.S.?
• What are the key pre-immigration estate planning considerations?
• What are the income tax challenges and methods to minimize taxes?
• What estate and gift tax planning techniques are available under current tax law?
• What are the key basis strategies for non-U.S. situs assets?
• What are the key considerations in utilizing and structuring trusts?

After our presentations, we will engage in a live question and answer session with participants so we can answer your questions about these important issues directly.

I hope you'll join us on Tuesday, April 27, 1:00pm – 2:30pm EDT: 

Click this link for more information: https://www.sp-04.com/r.php?products/tlhdxhhgna

Sincerely,

Ronald A. Marini, Esq. &
Anita W. Friedlander, Esq.
Marini & Associates PA
Miami
888 8TAXAID
888 882-9243
www.TaxAid.com

Read more at: Tax Times blog

The IRS has posted a statement on its website acknowledging that it mistakenly sent non-filer notices to thousands of taxpayers regarding their 2019 returns (“CP59 notices”). The IRS shouldn't have sent the CP59 notices because it hasn’t finished processing all the 2019 returns that were filed.

The IRS sends CP59 notices to taxpayers who failed to file the federal tax return that was due during the prior filing season (e.g., tax year 2019 returns that were due to be filed in 2020). 

At the beginning of the COVID-19 pandemic, the IRS scaled back its operations to focus on mission-critical activities, including accepting returns and sending refunds. The IRS shut down all its Taxpayer Assistance Centers (TACs) and reduced its mail processing operations. 

The reduction in mail processing caused a significant backlog, which the IRS is still dealing with. 

In Early February 2021, The IRS Issued CP59 Notices To Approximately 260,000 Taxpayers. These Notices Claimed The Notified Taxpayers Didn’t File Their 2019 Federal Tax Returns.

However, due to pandemic-related shutdowns, the IRS hasn’t finished processing all the 2019 returns that have been filed.

According to its statement, the IRS shouldn’t have sent the CP59 notices because some of the notice recipients may have filed a 2019 return that still hasn’t been completely processed. 

The IRS says that taxpayers who filed their 2019 tax return, but still received a CP59 notice, can disregard the notice and do not need to take any action. There is no need to call or respond to the CP59 notice.

 Contact the Tax Lawyers at

Marini & Associates, P.A. 

for a FREE Tax HELP Contact us at:
www.TaxAid.com or www.OVDPLaw.com
or Toll Free at 888 8TAXAID (888-882-9243) 

Read more at: Tax Times blog

According to Law360, the son of a businessman convicted in the Panama Papers tax evasion scandal has pled guilty to three counts and been sentenced to time served, according to a judgment filed in federal court.

Joachim Alexander von der Goltz also was sentenced to pay $230,000 in restitution for three counts of conspiracy to commit tax evasion, making false statements and failing to report foreign bank accounts, said the judgment, filed Thursday in the U.S. District Court for the Southern District of New York.

Von der Goltz participated from 2000 to 2016 in a scheme to defraud the U.S., according to court documents. He had failed to file reports of foreign bank and financial accounts or FBARs from 2001 through 2016 and filed a fraudulent return in 2016, court documents said. Von der Goltz in 2003 concealed the U.S. residence and assets of a taxpayer who owned an overseas account.

Von der Goltz has paid the full amount of his restitution, according to court documents. He also will have to serve three years and one year of probation on different counts, running concurrently, the judgment said.

Von der Goltz is the son of private equity manager Harald Joachim von der Goltz, who was sentenced in September to a four-year prison term for his role in the Panama Papers investigation.

Harald von der Goltz in 2020 admitted to concealing his assets from the Internal Revenue Service with the help of Panamanian law firm Mossack Fonseca. Millions of the firm's documents were leaked to the news media in 2016, providing a glimpse into how the world's powerful people hide their wealth offshore.

Harald von der Goltz pled guilty to nine criminal counts, including tax evasion, fraud and making false statements. He was sentenced to four (4) years in prison, fined $30,000 and ordered to pay $3.4 million in restitution to the U.S. A federal judge in December delayed the start of his sentence until March to give him a chance to receive the coronavirus vaccine.

 Contact the Tax Lawyers at

Marini & Associates, P.A. 

for a FREE Tax HELP Contact us at:
www.TaxAid.com or www.OVDPLaw.com
or Toll Free at 888 8TAXAID (888-882-9243) 

Read more at: Tax Times blog

Jami Kopacz SOURCE: TWITTER

A Florida man was sentenced on March 5, 2021 to 21 months in prison for filing a false tax return. 

Jami Kopacz, of Fort Lauderdale, pleaded guilty to filing a false corporate tax return on Dec. 16, 2020. According to court documents and statements made in court, Kopacz worked as a paid escort for clients across the United States. Kopacz received payments directly from his escort clients, and from a private business for whom he worked as an independent contractor. 

From 2015 to 2018, Kopacz used his corporation, JK Training LLC, to receive income, and then filed false corporate tax returns (Forms 1120S) that substantially underreported the company’s gross receipts and total income. 

Kopacz, described as a “paid escort” by authorities, was the manager and sole shareholder of JK Training LLC, which was located at 901 NE 3rd St. in Fort Lauderdale. Both he and his business received cash, checks and wire transfers from clients, according to a factual statement filed with his plea agreement. Kopacz’s company also received payments from a private business for whom he worked as an independent contractor and escort. 

The false reporting of income on JK Training’s corporate tax return flowed to Kopacz’s individual tax return.

But for tax years 2015, 2016, 2017 and 2018,
Kopacz acknowledged in the factual statement that he
filed false IRS returns by “knowingly” under-reporting
his corporate and personal income.

The amount of unreported income grew higher during the four-year span, resulting in a failure to pay back taxes of $27,208 in 2015, $34,920 in 2016, $101,875 in 2017 and $114,322 in 2018 for a total IRS loss of $278,325, according to federal prosecutor Christopher Browne. 

“Specifically, the defendant failed to report large amounts of cash and check payments he had received from clients,” said the factual statement, which was signed by Kopacz and his defense attorney, Richard Lubin, along with Browne and Justice Department tax attorney Grace Albinson.

In addition to the term of imprisonment, U.S. District Court Judge Roy K. Altman ordered Kopacz to pay $278,325 in restitution to the IRS. 

 Contact the Tax Lawyers at

Marini & Associates, P.A. 

for a FREE Tax HELP Contact us at:
www.TaxAid.com or www.OVDPLaw.com
or Toll Free at 888 8TAXAID (888-882-9243) 

Read more at: Tax Times blog