Remember, today is the deadline for electronically-filing Form 114, the “FBAR” disclosure of foreign financial accounts totalling over $10,000 at any time during 2013. The penalties for failure to file are ferocious — up to 50% of the account balance.
Roger McEowen, Valuing Minority Interests in Closely-Held Businesses – The Business Judgment Rule, Fiduciary Duties and Reasonable Expections. ” Clearly, the decisions point out that a well-drafted buy-sell agreement can go far in protecting the rights of minority shareholders in closely-held corporations.”
Laura Saunders, The Hazards of Offshore-Account Disclosure: Here’s What Taxpayers Need to Consider Before They Confess (Via the TaxProf).
TaxProf, The IRS Scandal, Day 417
Noah Rothman, ‘Phony scandals’ and an election year ‘demon’: Lois Lerner’s unconvincing defenders (Hot Air).
The Hill, IRS staredown not going away.
Elaine Maag, Misguided Expansion of the Child Tax Credit (TaxVox). The Maag version, with phaseouts at higher incomes and their accompanying poverty-trap high marginal tax rates, would be worse.
Jack Townsend, Sentencing Tales Told in Spreadsheet. “I offer today three spreadsheets offered in two sentencing proceedings from prominent convictions of Beanie Babies founder, Ty Warner, and of lawyer/tax shelter promoter, Paul Daugerdas.”
Cara Griffith, Live Free and Be Censored: What’s New Hampshire Hiding? ($link). A disturbing case of the New Hampshire Department of Revenue Administration trying to control the content of a blog covering New Hampshire taxes. From the article:
The New Hampshire DRA has crossed the line into tyranny by attempting to suppress information regarding how it administers the state’s tax system. The tax community shouldn’t stand by while the DRA shrouds itself in secrecy and threatens to punish those who exercise their First Amendment rights.
It looks like the Free State Project has some work to do.
Jordan Yohiro, Business Tax Incentives in Nebraska: Is There a Better Way? (Tax Policy Blog) Hmm. How about a low-rate, simple system that is easy for everyone to understand and inexpensive to obey?
Robert D. Flach takes to the pixels of Accounting Today to explain why There Are So Many Things Wrong with the Annual Filing Season Program. “The announcement of the “Annual Filing Season Program” is a clear indication that the IRS should not be the organization to offer and maintain a voluntary tax preparer designation.”
Well, that’s a relief. Marion Barry Doesn’t Want To Tax Your Yogurt (TaxGrrl) ” The question posed to Barry was about a proposed tax on yoga.”
News from the Profession. Retire From EY, Receive a Free Scrapbook of Career Highlights (Adrienne Gonzalez, Going Concern)