Writings by Frank L. Brunetti

Frank Brunetti has been practicing law for over thirty years in the areas of estate and wealth preservation, tax planning for business entities and complex tax matters. He is admitted to the New Jersey and New York Bars as well as the United States Tax Court.

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IRS Summons Wells Fargo to Release Information on Americans with Foreign Accounts

A federal court in San Francisco has authorized the Internal Revenue Service to issue a John Doe summons to Wells Fargo for information on Americans with Foreign accounts at Canadian Imperial Bank of Commerce FirstCaribbean International Bank (FCIB). The FCIB is based in Barbados, has 18 branches in the Caribbean, according to Forbes. However, the institution holds […]

Author: Frank L. Brunetti

May 15, 2013

Lauryn Hill's Deadline to Pay Back Taxes Passes

A U.S. Magistrate Judge has postponed sentencing for Grammy winner Lauryn Hill after she pleaded guilty to tax law violations, but she still must pay back taxes by May 3. In 2012, Hill admitted to failing to file tax returns from 2005 to 2007 on $1.8 million in income earned during that period. Although the […]

Author: Frank L. Brunetti

May 6, 2013

Tax Debt

More Companies Change Business Designation for Tax Purposes

A growing number of companies across a variety of industries are changing their business designations in an effort to lower their liability under federal tax law. The New York Times exclusively reported on this increasingly common scenario, in which corporations that operate in several sectors – including prisons, casinos and infrastructure – are classifying themselves […]

Author: Frank L. Brunetti

May 3, 2013

Tax Attorney

IRS May Lean on Social Media to Gain Information About Taxpayers

The Internal Revenue Service is receiving a great deal of criticism after allegations that it relies on social media and emails as an investigative tool into potential tax law violations being committed by Americans. For example, if a person submits a suspicious tax return in which they claim little income, but then post pictures of a […]

Author: Frank L. Brunetti

May 1, 2013

Business Owners and Wealthy Individuals: Don't Forget to Account for State Estate Taxes

Lawmakers’ decision to allow for a $5.25 million exemption for estates may have served as a great relief to wealthy individuals and small business owners who want to pass on considerable wealth to future generations. However, during estate tax planning, it’s important for individuals to also take estate taxes that their particular state may impose […]

Author: Frank L. Brunetti

April 29, 2013

IRS Data Shows 'Clusters' of Potential Tax Evaders in Five Cities

Internal Revenue Service data analyzed by the National Taxpayer Advocate sheds light on five metropolitan areas in which the likelihood for tax evasion – and audits for potential tax evaders – is the highest. The Associated Press provided an exclusive report on the study’s findings, which reveal that small business owners and individuals living in wealthy areas […]

Author: Frank L. Brunetti

April 26, 2013

IRS to Cut Back on Individual, Corporate Audits in 2013

The Internal Revenue Service is seeking out strategies to maximize its efficiency on a lower budget, and this may translate to fewer individual and corporate audits in 2013, a new report suggests. Documents obtained by a non-partisan watchdog group, Transactional Records Access Clearinghouse, revealed that the IRS plans to reduce the number of staffers it places […]

Author: Frank L. Brunetti

April 22, 2013

Court Denies IRS Request to Reinstate Tax Preparer Rules

The U.S. Court of Appeals for the District of Columbia denied a request made by the Internal Revenue Service to reinstate its tax preparer rules or otherwise known as, tax return preparer regulatory program, pending an appeal. The ruling said that the federal agency had “not satisfied the stringent requirements” to overturn a lower-court judge’s injunction […]

Author: Frank L. Brunetti

April 15, 2013

Tax Attorney

Beaver Convicted of Tax Evasion

Cook County Commissioner William Beavers was found guilty of tax law violations, being convicted of tax evasion in a federal courtroom in Chicago. Beavers was found guilty of one count of attempting to hide money from the Internal Revenue Service and three counts of filing false tax returns in 2006, 2007 and 2008. Recent testimony […]

Author: Frank L. Brunetti

April 5, 2013

IRS Agent Invalidates Beavers' Tax Fraud Defense

Alleged Illegal Use of Campaign Funds lead to Tax Fraud Violations The defense strategy of Cook County Commissioner William Beavers took a hit in a federal Chicago courtroom when an Internal Revenue Services agent testified against him in the ongoing tax fraud trial. Beavers is currently facing prosecution for tax law violations which allege that he […]

Author: Frank L. Brunetti

April 3, 2013

Tax Fraud

IRS Updates Voluntary Worker Classification Settlement Program

The Internal Revenue Service has been cracking down on businesses that misclassify employees as independent contractors. In an effort to urge employers to come forth with this tax law violation without facing heavy penalties, the federal agency has expanded its Voluntary Worker Classification Settlement Program. The expansion is designed to allow more companies to take advantage of […]

Author: Frank L. Brunetti

April 1, 2013

Puerto Rico Entices Wealthy Americans With Chance to Avoid IRS Scrutiny

Puerto Rico is categorized as an unincorporated territory of the United States, and this designation has facilitated its current efforts in appealing to wealthy Americans and corporations. The small island has launched a campaign encouraging wealthy individuals to relocate to shield future income from the Internal Revenue Service without giving up their passports, according to Bloomberg […]

Author: Frank L. Brunetti

March 29, 2013

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