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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Pflueger Cleared of Tax Fraud Charges

A U.S. District Court acquitted Jimmy Pflueger, an 87-year-old retired auto dealer, of four federal tax fraud charges. Pflueger, who founded a string of dealerships, was charged with several tax law violations, including filing false tax returns, hiding roughly $15 million in offshore Swiss bank accounts, and failing to pay roughly $27.5 million in taxes […]

Author: Frank L. Brunetti

March 27, 2013

IRS Clamps Down on Companies that Misclassify Workers

Tax season is officially here, and business owners with independent contractors and employees should not misclassify workers to avoid attracting the ire of the Internal Revenue Service. In an effort to close the tax gap and ensure full compliance with federal tax law, the IRS is focusing more closely on business tax returns and, specifically, […]

Author: Frank L. Brunetti

March 22, 2013

IRS Considers Lowering Financial Incentives for Whistleblowers

The Internal Revenue Service has encouraged Americans to help it detect and prosecute tax law violations by offering financial incentives for those who alert the agency to tax-related crimes. However, the agency is considering lowering these incentives in the future, which may affect how many people come forward. Acting IRS commissioner Steven Miller recently proposed […]

Author: Frank L. Brunetti

March 20, 2013

Auto Mogul James Pflueger Back in Court on Tax Fraud Charges

Retired automobile magnate James “Jimmy” Pflueger will return to federal court on tax law violations that include several counts of tax fraud. Pflueger is being accused of using business assets for personal gain, falsely reporting his income on his tax returns in Hawaii and California, and hiding his assets overseas. The 86-year-old allegedly misconstrued the profits […]

Author: Frank L. Brunetti

March 15, 2013

Tax Crimes

IRS Proposes New Regulations for Third-Party Payroll Providers

When it come to ensuring Social Security, Medicare and federal income taxes are deducted from workers’ paychecks and contractors are classified correctly, existing tax law places these obligations solely on employers. However, new guidelines proposed by the Internal Revenue Service may shift some of the liability onto third-party payroll providers, employer organizations and employee leasing […]

Author: Frank L. Brunetti

March 4, 2013

Splitting Inheritances Evenly May Not Always Be the Best Policy

How Will You Split Their Inheritance? When it comes to dividing up an estate among heirs, many affluent individuals and business owners balk at leaving one child more assets, cash, or property than their other children for fear that it will cause sibling rivalry. However, when business interests or family heirlooms are involved, this may […]

Author: Frank L. Brunetti

February 22, 2013

IRS to Appeal Court's Tax Licensing Decision

Court Makes Decision on Tax Licensing Case The U.S. District Court for the District of Columbia recently ruled the Internal Revenue Service did not have the authority to license independent tax preparers. However, the IRS said it plans to appeal the decision, a move that may affect as many as many as 700,000 professionals who file […]

Author: Frank L. Brunetti

February 20, 2013

Audit-by-Mail to Become More Common for Businesses and Individuals

Small businesses and affluent individuals have no doubt missed the intense scrutiny the Internal Revenue Service has ramped up recently. It also appears that more thorough examinations are likely in the future, albeit in a different format. Although the IRS is aggressively trying to close the $385 billion tax gap, it lacks the financial resources […]

Author: Frank L. Brunetti

February 15, 2013

O.J. Simpson Owes Half A Million Tax Debt to IRS

Former football star O.J. Simpson is facing a slew of legal issues and the latest involves a hefty tax debt owed to the Internal Revenue Service. Simpson, who is currently serving a 30-year prison sentence in Nevada’s Lovelock Correctional Center after a 2008 conviction involving kidnapping and armed robbery, has reportedly skipped out on paying […]

Author: Frank L. Brunetti

February 4, 2013

Educate The Executor to Avoid Wealth Transfer Issues

Steering Clear of Wealth Transfer Dilemmas The estate planning is a multi-layered process that requires individuals and business owners to be well-versed on tax law, wealth building and transferring assets to beneficiaries. However, an often-overlooked planning component involves making sure that executors are also educated on the process and able to meet a person’s wishes. […]

Author: Frank L. Brunetti

January 30, 2013

REIT Investments Spike Due to Relaxation of Tax Rules

Relaxation of REIT Tax Rules More investors have begun incorporating real estate investments trust into their portfolios as the Internal Revenue Service takes a more relaxed stance on how REITs are structured for tax purposes. More investors have begun incorporating real estate investments trust into their portfolios as the Internal Revenue Service takes a more […]

Author: Frank L. Brunetti

January 18, 2013

Advisory Panel Urges IRS to Combat Identity Theft in its Tax Fraud Efforts

Combat Identity Theft The Internal Revenue Service has funneled a significant amount of resources toward combating tax law violations. However, some argue that the federal agency is not paying equal attention to another important crime that is connected to tax fraud. The IRS Advisory Council’s 2012 annual report offers up several suggestions, including a recommendation […]

Author: Frank L. Brunetti

January 14, 2013

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