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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Maryland Legislators Have Agreed To Cut Estate Tax

After passing on, people want to be sure that their assets are properly disbursed to family members. However, these assets often face estate tax law, which can cut into the value. This tax varies from state to state, and has an impact on where wealthy retirees choose to live after leaving the work force for good. According […]

Author: Frank L. Brunetti

January 27, 2014

Tax Cuts

The Top Tax Deductions for Business Owners

The Internal Revenue Service may have delayed tax season, but that doesn’t mean business owners shouldn’t begin preparing. One of the most important things when filing is deductions, as these can save a company money. The Internal Revenue Service may have delayed tax season, but that doesn’t mean business owners shouldn’t begin preparing. One of […]

Author: Frank L. Brunetti

January 22, 2014

4 Tax Mistakes Often Made by Business Owners

Tax season is just around the corner, which means business owners need to begin getting prepared. While doing so, it is important that the following common missteps are avoided: 1. Filing late: Probably the easiest mistake to avoid is filing taxes late. According to Nolo, this could result in the Internal Revenue Service charging business […]

Author: Frank L. Brunetti

January 20, 2014

Business Owners

State Estate Taxes More Important Than Federal

Tax laws require federal and state estate taxes, and many advisers have put their major focus focus on the federal level in the past. However, with the exemption rising to $5.25 million – unused amounts can be transferred to a surviving spouse – many people actually don’t end up paying federal estate tax, according to The Wall Street […]

Author: Frank L. Brunetti

January 17, 2014

U.S. Signs Six New Bilateral Agreements to Crack Down on Tax Evasion

The U.S. Department of Treasury made positive steps forward in December in its campaign against tax evasion, with the agency signingbilateral agreements with jurisdictions to comply with the tax law provisions outlined by the Foreign Account Tax Compliance Act. In a one-week time span in mid-December, Malta, the Netherlands, The Islands of Bermuda, and three UK […]

Author: Frank L. Brunetti

January 6, 2014

Questions Over the Taxation of Bitcoins Becomes More Pressing

The growing popularity and adoption of the bitcoin among Americans and businesses have put lawmakers and tax agencies in an awkward and tough position when it comes to determining whether they should tax digital currency, and how taxation would work. Following some countries’ decisions to apply tax rules to virtual currency, many U.S. lawmakers are now […]

Author: Frank L. Brunetti

January 3, 2014

Will Corporate Tax Breaks Be Enough To Keep Companies in Certain States?

States have long provided corporate tax breaks and deductions to profitable companies that agree to maintain operations within their territories. While these tax breaks can total into the millions of dollars, they may not always be a reliable way to convince some companies to stay put, a new analysis suggests. Washington state recently made history […]

Author: Frank L. Brunetti

November 29, 2013

U.S., France Sign Intergovernmental Agreement to Combat Offshore Tax Evasion

The U.S. Department of the Treasury and the government of France have partnered up to combat egregious tax law violations carried out through the use of offshore accounts, the federal department said. The two countries have signed an intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA). IGAs have been instrumental in helping countries […]

Author: Frank L. Brunetti

November 25, 2013

U.S. Officials Granted Access to Bank Records in Tax Evasion Probe

A federal judge granted a request made by government officials to obtain the account data and identifying information of American banking clients suspected of committing tax law violations through offshore accounts managed by the Bank of N.T. Butterfield & Son. Butterfield currently has several offices throughout the Caribbean and Switzerland, and officials have long suspected […]

Author: Frank L. Brunetti

November 22, 2013

Offshore Tax Evasion

Treasury Adjusts Flexible Spending Account 'Use It Or Lose It' Provision

Flexible spending accounts have historically been less popular with Americans than health savings accounts Flexible spending accounts have historically been less popular with Americans than health savings accounts, due to a “use it or lose it” provision that requires account holders to forfeit any unused balances at the end of their plan year. However, a […]

Author: Frank L. Brunetti

November 18, 2013

Treasury Releases New Guidance on FATCA

The U.S. Department of the Treasury has released new guidance to foreign institutions to help them comply with the new U.S. anti-tax evasion law, most commonly referred to as the Foreign Account Tax Compliance Act (FATCA). Many foreign banks, investment firms and other financial agencies have expressed some concern over the lack of clarity and guidance […]

Author: Frank L. Brunetti

November 15, 2013

Tax Evasion

IRS Says Juan Pablo Montoya Owes $2.7 Million in Back Taxes

NASCAR driver Juan Pablo Montoya is currently facing a series of tax law violations in the U.S. Tax Court, for allegedly failing to pay nearly $3 million in federal back taxes owed to the Internal Revenue Service. The IRS recently filed a lawsuit against the driver for these back taxes, arguing that he did not disclose the […]

Author: Frank L. Brunetti

November 11, 2013

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