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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Report: IRS Contract Workers Owe $5.4M in Back Taxes

Close to 700 contract workers of the Internal Revenue Service owe the agency $5.4 million in back taxes, according to a report released on Oct. 23 by a Treasury Department inspector general. “The IRS takes tax compliance for taxpayers and those who work for the IRS very seriously,” the IRS said in a statement. “For […]

Author: Frank L. Brunetti

November 8, 2013

States Increase Scrutiny on Construction Companies That Mislabel Workers

The construction industry was one of the hardest-hit sectors when the recession struck, and state investigations indicate that many contracting firms may have broken federal and state tax laws by mislabeling employees as independent contractors. The tax treatment for contractors differs greatly from that of employees, as companies that employ the former are not required […]

Author: Frank L. Brunetti

November 4, 2013

Independent Contractor

Government Shutdown Prompts IRS to Delay Start of Tax Season

The 16-day government shutdown officially came to an end last week, but many federal agencies are still overcoming the effects of furloughs and stunted projects that cost the economy an estimated $24 billion. The Internal Revenue Service is one of the federal branches trying to play catch up, and the delays it experienced during the […]

Author: Frank L. Brunetti

November 1, 2013

Private Swiss Bank Closes Over Tax Evasion Dispute With U.S.

Private Swiss bank Frey & Co AG announced that it’s closing its doors due to “unsustainable costs” stemming from the country’s dispute with the U.S. over alleged tax evasion. Frey will be the second bank – following Wegelin and Co. – to close after allegations of helping Americans evade U.S. tax law. U.S. authorities have launched […]

Author: Frank L. Brunetti

October 28, 2013

Ireland Announces Plan To Close Apple's Tax Loophole

Following the announcement of several international tax agreements and a higher level of scrutiny over corporate tax strategies, Ireland recently announced its plans to close a tax loophole that a number of companies – most notably Apple, Inc. – have used to significantly lower their tax liabilities. Ireland’s Department of Finance released a new report […]

Author: Frank L. Brunetti

October 25, 2013

Tax Liability

Supreme Court to Determine Whether Severance Pay is Taxable

The U.S. Supreme Court has agreed to explore whether companies and employees must pay Federal Insurance Contributions Act (FICA) taxes on severance compensation. The results of the ruling could force the U.S. Department of Treasury to pay out roughly $1 billion in tax refund claims. The case centers around a dispute between bankrupt Quality Stores Inc. […]

Author: Frank L. Brunetti

October 18, 2013

Affluent Urged to Focus on State Estate Taxes

Many affluent Americans and business owners who may be subject to federal state estate taxes focus a great deal of attention on understanding their obligations under tax law, utilizing gift tax allowances, and establishing wealth management plans that will help lower their liability. However, a recent analysis indicates that too few individuals give the same […]

Author: Frank L. Brunetti

October 16, 2013

IRS Audits Suspended in Light of Government Shutdown

The Internal Revenue Service is not immune to the far-reaching effects of the government shutdown, and many key services and responsibilities may be delayed or temporarily suspended. Existing tax law requires that the federal agency continue to collect payments, interest, and penalties, regardless of whether the government is functioning at full capacity. However, those individuals […]

Author: Frank L. Brunetti

October 14, 2013

Report: IRS Needs to Reevaluate Tax Gap Estimate

The Internal Revenue Service needs to improve or update the strategies it uses to estimate the federal tax gap, according to a recent report conducted by the Treasury Inspector General for Tax Administration. The TIGTA analysis argued that the IRS needs to work on the comprehensiveness, accuracy, reliability, and timeliness of the tax gap estimate, particularly as […]

Author: Frank L. Brunetti

October 11, 2013

Beanie Baby Founder Pleads Guilty to $53-Million Tax Evasion

Ty Warner, founder of the iconic Beanie Baby empire, has agreed to plead guilty to federal tax evasion charges. His admission comes only days after being listed by Forbes as one of the richest people in the world. Warner was formally charged last week in a U.S. District Court for hiding more than $3.1 million in […]

Author: Frank L. Brunetti

October 7, 2013

IRS Scores $13 Million Victory Against BMC Software

The Internal Revenue Service landed a huge victory in U.S. Tax Court recently, and the ruling may have significant implications for multinational companies who have profits abroad. The court ruled that BMC Software will be forced to pay $13 million – plus penalties and interest – to the IRS in relation to a dispute about […]

Author: Frank L. Brunetti

October 2, 2013

Income Tax

Crossword Puzzle in Honor of the 100th Anniversary of the Revenue Act of 1913

Myles Mellor presented this crossword puzzle to Tax Note Today yesterday in honor of the 100th anniversary of the creation of the Internal Revenue Code. As you may know our federal tax code was born as a result of the 16th amendment to our constitution and it’s having its 100th birthday March 31. Let’s see […]

Author: Frank L. Brunetti

October 1, 2013

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