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Israel-US Citizen Owes $1.1M In FBAR Penalties, US Says

by usoftax_admin | Oct 15, 2024 | Tax News

A dual Israeli-American citizen who owns a Chicago pub faces more than $1 million in penalties for failing to report bank accounts that he maintained in Israel, the U.S. government told an Illinois federal court.

Texas Overreaches In Data Processing Tax Plan, COST Says

by usoftax_admin | Oct 15, 2024 | Tax News

Amending Texas’ tax rules to clarify that some data processing services are subject to the state’s sales tax represents an expansion of the Texas sales tax base without legislative backing, the Council on State Taxation said in comments on a proposed state...

Colo. Panel Advances Sales Tax Search Engine Plan

by usoftax_admin | Oct 15, 2024 | Tax News

Colorado’s online sales and use tax license and exemption certificate search engine would expand to allow searches using a retailer’s and federal identification number under a proposed bill advanced to next year’s legislature by an oversight panel...

New ABA Tax Chair Wants To Revamp Practice’s Dry Image

by usoftax_admin | Oct 15, 2024 | Tax News

The new chair of the American Bar Association Section of Taxation told Law360 she wants to boost the section’s recent efforts to revamp the tax practice’s image as a boring, numbers-intensive profession with limited opportunities to improve society and...

Alvarez & Marsal Tax Brings On Restructuring Leader

by usoftax_admin | Oct 15, 2024 | Tax News

Alvarez & Marsal’s tax affiliate added a restructuring professional from investment bank Houlihan Lokey to serve as its head of global restructuring tax services.
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