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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Will Starbucks Succeed in Securing New U.S. Tax Breaks?

Starbucks Corporation and roughly a dozen other large conglomerates are taking individual appeals to lawmakers in the hopes of overhauling current tax law policies and expanding certain tax breaks, a new analysis reveals. The Financial Times reports that the popular coffee chain, which maintains a global presence, reached out to lawmakers who are considering making changes to […]

Author: Frank L. Brunetti

June 14, 2013

IRS Scrutiny Over Spending Continues

The Internal Revenue Service has come under heat recently for questions over spending, particularly as it faces budgetary shortfalls and sequestration cuts that may impact its ability to detect, investigate, and prosecute potential tax law violations. Most recently, the preliminary findings of a report conducted by the Treasury Department’s inspector general reveals the agency spent roughly $50 […]

Author: Frank L. Brunetti

June 12, 2013

Procrastinating Succession Plan Can Leave You Open to Costly Mistakes

Running a business requires a great deal of time and commitment, and owners who are operating a busy enterprise may sometimes make the mistake of putting their succession plan on the back burner. However, an accident or unexpected medical disaster can change a business owner’s circumstances quickly, making it imperative that they plan for the […]

Author: Frank L. Brunetti

June 10, 2013

Swiss Bank Julius Baer Receives IRS Information Request

Julius Baer, Switzerland’s third-largest wealth manager, recently informed a number of American clients that the details of their accounts may receive an IRS information request. The Swiss bank noted that many of its American clients’ accounts fall in line with the tax evasion probing criteria outlined by the IRS, and therefore must be disclosed to the […]

Author: Frank L. Brunetti

June 7, 2013

Faltering on Estate Planning Can Lead to Thorny Wealth Transfer Issues

Most business owners and affluent Americans were pleased when lawmakers announced the $5.25 million – or $10.5 million for couples – estate tax exemption. Many middle-income individuals or local business owners may have put off estate planning strategies, thinking that they will never accrue or pass on enough wealth to meet the new thresholds. However, estate planning […]

Author: Frank L. Brunetti

June 5, 2013

Tax Planning

Lawmakers Encourage IRS to Focus Attention on Payroll Services Fraud

Many small businesses seeking to improve efficiency and ensure compliance with U.S. tax law outsource their payroll services to third-party providers. These companies typically manage online payroll processing for workers and employee payroll tax filing, giving business owners more freedom to focus on their operations. However, payroll tax fraud is an increasingly common tax law […]

Author: Frank L. Brunetti

June 3, 2013

IRS Budget for 2014 Focuses on Increasing Manpower to Ensure Tax Compliance

The ramifications of the sequester may have an impact on the Internal Revenue Service’s ability to effectively audit potential tax law violators. In response, the agency is shoring up its 2014 budget to avoid auditing and compliance disruptions. According to Fox Business, the IRS will decrease its customer service departments and operations by 1 percent and instead redistribute […]

Author: Frank L. Brunetti

May 31, 2013

Former Florida Mayor and Wife Charged with Tax Evasion

Julio Robaina, former mayor of Hialeah, Florida mayor, and his wife, Raiza Villacis Robaina, were recently charged with tax evasion in a Miami federal court, and are expected to turn themselves into the authorities to await further proceedings. The couple was charged with fraud, conspiracy, lying to federal agents, and falsifying documents. Additionally, they were accused […]

Author: Frank L. Brunetti

May 30, 2013

Tax Evasion

AICPA Urges IRS to Change Home Office Deduction 'Safe Harbor' Provision

Thousands of business owners run operations directly out of their residence each year, and many reduce their tax liabilities to the Internal Revenue Service by claiming a home office deduction. While the write-off is perfectly legal and valid under federal tax law, home office deductions are also one of the most heavily scrutinized by IRS […]

Author: Frank L. Brunetti

May 27, 2013

IRS Goes After Billionaire Sumner Redstone for 1972 Tax Gift

Billionaire Sumner Redstone may be on the hook for a large sum of money relating to a tax gift he made to his children in 1972 if the Internal Revenue Service has its way. The federal agency claims Redstone owes $1.1 million in taxes, penalties, and interest relating to stock given to his children 41 […]

Author: Frank L. Brunetti

May 24, 2013

IRS 'Robo-Audits' & Privacy Concerns

The Internal Revenue Service was not wholly unaffected by budget cuts and the federal sequester, and saw many of its financial resources diminished as a result. In response, the IRS may lean on technology solutions to detect tax law violations and penalize criminals. However, the agency’s use of new data mining innovations has raised a […]

Author: Frank L. Brunetti

May 20, 2013

Harsh Tax Law for American Expatriates

Tax law for American expatriates continues to be a hot topic of debate. While financial experts think that employees in this position may be getting the best of the tax system, many Americans living abroad say it’s actually punishing them. This is a particularly large issue for American executives who spend a major portion of their careers […]

Author: Frank L. Brunetti

May 17, 2013

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