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How the IRS Weighs “Reasonable” Versus “Reckless” When Payroll Taxes Go Missing

How the IRS Weighs “Reasonable” Versus “Reckless” When Payroll Taxes Go Missing

At face value, it seems the IRS has a very low barrier to personally penalize a member of business management when payroll taxes withheld from employee paychecks (called trust fund money) aren’t submitted to the IRS. Time after time, the IRS seems to win these cases. What it really comes down to is whether the stakeholder knowingly and recklessly disregarded the risk of non-payment. It’s why a Seinfeld icon and soup mogul was recently on the hook for back taxes (read that story here) and why tax practitioners rarely seem optimistic when the IRS claims a trust fund penalty is due. However, a recent case shows there is light at the end of the tunnel and that light is called “reasonable belief.”

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Why “Pleading the Fifth” Doesn’t Work in Tax Cases

Why “Pleading the Fifth” Doesn’t Work in Tax Cases
From corporate leadership to government officials, it seems invoking the Fifth Amendment and declining to provide information during legal proceedings has

become popular. But if you assume the tactic can be used as a defense for not filing taxes, think again.

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Hulk Hogan's Litigation Financing Lessons

Hulk Hogan's Litigation Financing Lessons

In April, we introduced the growing trend of third-party litigation financing to help offset the cost of litigation. Since then a specific case has catapulted the idea into the mainstream. The Wall Street Journal recently reported that Peter Thiel, founding investor in PayPal and Facebook, has provided about $10 million to support pro-wrestler Hulk Hogan in an invasion-of-privacy lawsuit against Gawker Media

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Is Litigation Financing a Viable Option?

  • 30 March 2016
  • Author: Cari Holbrook
  • Number of views: 1596
  • 0 Comments
Is Litigation Financing a Viable Option?

You may have a great track record in the courtroom, but are you willing to bet on it? An increasing number of U.S. litigators are, following a trend called third party litigation financing (TPLF) or alternative litigation financing (ALF). This type of litigation financing often uses hedge funds and other investment principles to fund the litigation process for plaintiffs’ attorneys.

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Qualified Settlement Fund: Nirvana for Plaintiffs and Their Attorneys!

  • 10 December 2014
  • Author: Cari Holbrook
  • Number of views: 0
  • 0 Comments
Qualified Settlement Fund: Nirvana for Plaintiffs and Their Attorneys!
A Qualified Settlement Fund ("QSF") is a powerful tax vehicle used to control the taxability of legal settlements. Properly done, an attorney can use a QSF to defer receipt and subsequent taxation of legal settlements or awards. 
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When you hire Steven Bankler and his team of certified public accountants, you get seasoned, knowledgeable CPAs.

The IAPA International LogoRather than experienced bookkeepers, promising CPAs-in-training or studious interns in the process of completing their accounting degrees, you get professional CPAs. We Solve Problems. We provide creative solutions to our clients’ unique problems including tax and estate planning, forensic accounting, expert witness and litigation support.

Testimonials

For corporate professionals handling multi-million dollar budgets and VIP accounts, the day-to-day accounting can be daunting.  “We sought out Steven because of his expertise with start-up capital issues. His team has propelled us forward... --Jason and Colleen Benavides, Bahama Buck's Leon Springs, Owners   >>Read more

"The Bankler motto is true; we really have saved money. Steven helped us restructure and find smarter ways to do business. Other accountants will tell you, ‘I don’t see anything in the tax code that says we can do it.’ Steven will tell you, 'I don't see anything in the tax code that says we cannot do it... --John F Dini and Leila Dini, MPN, Inc., Owners   >>Read more

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Steven Bankler understands business. As a businessman who is also a CPA since 1977, his proven track record speaks for itself. View his detailed experience here:

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Quoted Opinions

For over 30 years, daily newspapers, television networks and affiliates and prominent newstalk radio programs have published and broadcasted Steven Bankler’s insights on a wide range of forensic accounting and tax topics. His expert opinion is highly regarded in informing and educating the public, as well as judges, and juries on complex issues.

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