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Excerpt from FCICA Presents Tax, Insurance, and Cost Reduction Strategies for Small
Business by Lance Wallach
The 1993 tax law changed the amount allowable as a deduction for business meals and
entertainment expenses incurred after. In addition, some special rules were enacted into
the tax law. The limitation for deducting such expenses incurred after December 31, 1993
is 50%. Accordingly, after the general rules and exceptions are applied to meals and
entertainment expenses incurred and the total dollar amount is determined, the 50% rule
must then be applied. Business people must keep current with such rules or face the
wrath of the IRS. The purpose of this chapter is to explain the general rule, the
exceptions, and the special rules that are in effect for all business meals and entertainment
expenses. Read more here
FBAR Offshore Bank Accounts and Foreign Income Attacked by IRS
Offshore International Today Aug 2011
You may want to think about participation in the IRS’ offshore tax amnesty program (called the Offshore Voluntary Disclosure
Initiative). Do you want to play audit roulette with the IRS? Some clients think they are too small to be prosecuted. They are
To the average businessperson, only the guys with tens of millions secretly stashed in Swiss bank accounts get prosecuted.
Don't tell that to Michael Schiavo. He was just prosecuted for hiding money in a Swiss account back in 2003. How much money
does the IRS say he hid? A whopping $90,000. That’s it.
But wait, there is more to the story. Schiavo attempted to do a quiet disclosure during the 2009 amnesty but instead of filling out
the amnesty paperwork, he simply trusted that by coming forward voluntarily he could avoid criminal prosecution. He was
wrong on all counts. Nothing is too small for the IRS, and nothing is too old.
“So, to save a whopping $40,624 in taxes, this guy risked a felony conviction and prison time, not to mention steep penalties that
could very easily eat up the entire $90,000, and also his criminal and civil defense costs.
The smart taxpayers are the ones coming forward and not having to look over their shoulders for the next 10 years.
Time is running out. The tax amnesty runs through August but it takes at least days to jump through all the hoops. We will also
fight hard to reduce the penalties down even more. Remember, the IRS can go as low as 5%. Don’t want this to happen to you?
Visit taxadvisorexpert.com today!
Lance Wallach has worked on behalf of Expert Witness and Advisory Services clients throughout the United States.
Lance provides Expert Witness Services as a consulting and/or designated Expert.
Lance Wallach’s clients have a variety of litigation and arbitration concerns involving economic damages, insurance, pension plans, welfare benefit plans, financial
planning, and tax matters.
These concerns involve technical and complex subject matter. Lance works directly with clients on all matters; his professional services are never out sourced.
Lance provides Expert Witness Services on behalf of both defendants/respondents and plaintiffs/complainants.
As an expert witness Lance Wallach’s side has never lost a case.