Archive | September, 2014

Wylys Must Pay ‘Staggering’ $300 Million They Don’t Have

September 30, 2014  |   Posted by :   |   Tax Evasion,Unreported Income   |   0 Comments

By Bob Van Voris, Bloomberg.com Samuel Wyly and the estate of his brother Charles must pay more than $300 million they say they don’t have after having been found liable for using offshore trusts to hide stock holdings and engage in illegal trading. U.S. District Judge Shira Scheindlin in Manhattan today ruled that the Wylys […]

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Treasury takes actions to combat tax inversions

September 25, 2014  |   Posted by :   |   Tax Evasion   |   0 Comments

By Everett Rosenfeld & Eamon Javers, cnbc.com The Treasury and the Internal Revenue Service took action against tax inversions Monday. The issue of what are known as tax inversions—when a company buys a foreign firm to switch its tax domicile to a country with lower rates—has been a major policy point for President Barack Obama […]

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Florida man, 83, admits hiding $1.1M from IRS

September 23, 2014  |   Posted by :   |   Tax Evasion,Unreported Income   |   0 Comments

By Kevin McCoy, USAToday.com An 83-year-old Florida man pleaded guilty Tuesday to hiding at least $1.1 million from the IRS in secret Switzerland and Israel bank accounts for more than a quarter century. Delray Beach resident Bernard Kramer held the secret accounts from 1987 to about 2012. He used the code phrase “Hot Lips” to […]

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Six Corporate Executives and Six Corporate Entities Indicted for Orchestrating a $500 Million Offshore Asset Protection, Securities Fraud, and Money Laundering Scheme

September 17, 2014  |   Posted by :   |   Tax Evasion,Unreported Income   |   0 Comments

There are those who use foreign accounts to shield their assets from the IRS, because they believe they will never get caught. They think the IRS is in disarray and that they don’t have the resources to aggressively go after offshore cheats. However with FATCA, the playing field has changed. In this particular case, not […]

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IRS says it has lost emails from 5 more employees

September 10, 2014  |   Posted by :   |   IRS Tax Audits   |   0 Comments

By Sharyl Attkisson, Associated Press WASHINGTON (AP) – The Internal Revenue Service has lost emails from five more employees who are part of congressional probes into the treatment of conservative groups that applied for tax-exempt status, the tax service disclosed Friday. The IRS said in June that it could not locate an untold number of […]

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10 Facts About FATCA, America’s Manifest Destiny Law Changing Banking Worldwide

September 05, 2014  |   Posted by :   |   FATCA/FBAR   |   0 Comments

by Robert W. Wood, Forbes.com Never heard of FATCA? You will. FATCA-the Foreign Account Tax Compliance Act-is America’s global tax law. It was quietly enacted in 2010, and after a four-year ramp up, it’s finally in effect. What is most amazing is not its impact on Americans-although that is considerable-but its impact on the world. […]

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