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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Department of Justice Considers Personal Benefit an Important Factor in Prosecuting Employment Tax Cases

Since 2008, the U.S. economy has struggled and employers faced with the dilemma of either paying employees and vendors, or paying employment tax often chose the former. The belief is that they can always catch up. Unfortunately, I have seen many employers incur substantial tax liability for employment taxes, interest and penalties, and have found […]

Author: Frank L. Brunetti

September 24, 2013

IRS Goes After Michael Jackson's Estate for $702 Million Tax Bill

The estate of the late pop icon Michael Jackson is embroiled in a bitter battle with the IRS over a tax bill, interest, and penalties that involve a range of his assets. The agency issued an official Notice of Deficiency to the estate in May. The $702 million tax bill revolves around Jackson’s Neverland Ranch, his […]

Author: Frank L. Brunetti

September 20, 2013

Report: Rising Number of Americans Relinquish Citizenship to Avoid High Taxes

A growing number of Americans are renouncing their U.S. citizenship and handing in their passports at faster rates in an effort to avoid rising high tax rates and complicated tax law, according to a newly-published government report. The Internal Revenue Service released its Quarterly Publication of Individuals who have chosen to Expatriate in the Federal Register. The […]

Author: Frank L. Brunetti

September 18, 2013

Tax Evasion

IRS Defends $2 Billion Tax Dispute with Bill Davidson's Estate

The Internal Revenue Service is not backing down on a tax dispute claiming that the estate of the late Piston’s owner Bill Davidson owes more than $2 billion in estate taxes. The agency said the large estate bill is the result of Davidson’s misuse of gift tax law and his underpayment for sizable gifts made […]

Author: Frank L. Brunetti

September 9, 2013

IRS Launches New Online FATCA Recording System

The Internal Revenue Service is one step closer to strengthening an international community devoted to fighting tax evasion and sharing information about potential tax cheats. After several stops and starts, the agency announced it has unveiled a new online registration for American and foreign financial institutions that need to comply with the Foreign Account Tax […]

Author: Frank L. Brunetti

September 3, 2013

Tax Evasion

Key Questions to Ask During Business Succession Planning

Succession planning is an essential component to business continuity, a smooth transition, and effective estate and tax planning. Succession planning is an essential component to business continuity, a smooth transition, and effective estate and tax planning. However, when there are several individuals under consideration for the job, making a decision can be challenging when there is […]

Author: Frank L. Brunetti

August 30, 2013

Tax Planning

Spouses Should Be Aware of 'Gift-Splitting' Criteria when Gifting Assets

Lawmakers’ decision to both set the estate tax at $5.25 million for 2013 and increase the annual gift tax to $14,000 has been a welcomed sigh of relief for many affluent individuals and business owners. The gift tax, in particular, has historically been a key strategy Americans have used to transfer wealth to future generations […]

Author: Frank L. Brunetti

August 26, 2013

Bezos May Have Trouble Securing Tax Benefits With WaPo

Amazon.com founder and chief executive Jeff Bezos turned some heads when the billionaire decided to purchase the Washington Post for a reported $250 million. While it remains to be seen what direction Bezos will take the newspaper, one thing some experts agree on is that he will need to utilize a hands-on approach with it […]

Author: Frank L. Brunetti

August 21, 2013

Tax Breaks

Oil, Gas Industry Faces Scrutiny for Labor Practices

In light of a recent government report that shed light on the prevalence of incorrect worker classification, many companies are coming under fire for their own labor practices. However, some industries are facing more scrutiny than others, particularly the oil and gas industries, a new report reveals. The Pittsburg Post-Gazette reports that the U.S. Department of […]

Author: Frank L. Brunetti

August 16, 2013

Tax Law Violations

Six U.S. States Involved in Norwegian Tax Evasion Case

In another example of international cooperation to quell Norwegian tax evasion, a quiet investigation is expected to reveal the identities of Norwegian taxpayers with secret U.S. bank accounts and of residents of Norway who should be, but aren’t, paying taxes there. Federal courts in six U.S. states have granted the Internal Revenue Service permission to […]

Author: Frank L. Brunetti

August 12, 2013

Understanding the Estate Tax Portability Provision

Many affluent Americans and business owners breathed a sigh of relief when lawmakers prevented the federal estate tax exemption from reverting back to $1 million at the beginning of the year. Instead, Americans can exempt an indexed $5.25 million from federal estate taxes or $10.5 million for those who are married and file joint returns. […]

Author: Frank L. Brunetti

August 9, 2013

New York to Provide Estate Tax Refund to Surviving Gay Spouses

In light of the Supreme Court’s recent Defense of Marriage Act ruling, many states are quickly adjusting their tax law guidelines to comply with the new mandates. New York is one of the states leading the charge, and recently announced that they will provide an estate tax refund to surviving same-sex spouses, in accordance with […]

Author: Frank L. Brunetti

August 5, 2013

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