Archive | January, 2015

Theft Loss – IRC Sec 165 – Statement of Law

January 30, 2015  |   Posted by :   |   Theft Loss   |   0 Comments

Theft Losses Summary IRC ยง 165(a) provides as a general rule that “any loss sustained during the taxable year” may be deducted if it is not compensated for by insurance or otherwise. Section 165(a), however, limits this broad rule by restricting an individual’s deductions to: 1. Losses incurred in a trade or business or a […]

Read More »

Offshore Voluntary Disclosure Program does not Save Connecticut CEO from Prosecution

January 27, 2015  |   Posted by :   |   OVDP,Tax Evasion,Unreported Income   |   0 Comments

In my book, Offshore Tax Evasion: IRS Offshore Voluntary Disclosure Program I strongly recommended against taxpayers entering the OVDP program due to risk of rejection and criminal prosecution. On 1/22/15, the Ridgefield Press reported that George Landegger, age 77, CEO of Parsons & Whittemore, a pulp mill company which he sold to Georgia Pacific in […]

Read More »

Theft Loss – IRC Sec 165

January 21, 2015  |   Posted by :   |   Theft Loss   |   0 Comments

US Taxpayers who lose funds due to “fraud” may declare an income tax deduction for their theft loss in the tax year they discover the theft loss (see: IRC sec. 165(a), 165(c)(3), 165 (e) (1). For IRS audits, it is not required that the affected Taxpayer recover their “fraud losses” only that they pursue collection […]

Read More »

EB-5 Visas: International Investors & U.S. Taxes

January 16, 2015  |   Posted by :   |   EB-5 Visa   |   0 Comments

My ebook, EB-5 Visas: International Investors & U.S. Taxes was recently given a glowing review by international tax expert Brian Dooley. 5.0 out of 5 stars (1/11/2015) Fantastic book by a brilliant international tax attorney. The book is easy to read with the information that I needed. I strongly recommend this book. Brian Dooley is […]

Read More »

Offshore Tax Evasion: The IRS and Swiss Banks

January 14, 2015  |   Posted by :   |   Tax Evasion   |   0 Comments

I am pleased to announce, after 12 years of research, the publication of my 10th book, now available for immediate download from the Amazon Kindle store: Offshore Tax Evasion: The IRS and Swiss Banks Switzerland is the epicenter of international tax evasion and money laundering. Under the 2013/2014 US Govt. GAO Report, the IRS Offshore […]

Read More »

Offshore Tax Evasion: IRS Tax Audit

January 08, 2015  |   Posted by :   |   Tax Evasion   |   0 Comments

For those US taxpayers committing offshore tax evasion i.e. not reporting foreign income, not disclosing offshore accounts, they face a myriad of IRS tax audit issues: Civil and Criminal Penalties, and a myriad of Statute of Limitations. The IRS Civil and Criminal Penalty Issues include the following: Civil Penalty Issues 1. Civil Tax Fraud (75% […]

Read More »

IRS Hikes Offshore Account Penalty To 50% For Bank Leumi, Sovereign, 10 Others

January 06, 2015  |   Posted by :   |   OVDP   |   0 Comments

By Robert W. Wood, Forbes.com The IRS has updated its list of so-called bad foreign banks where offshore accounts trigger a 50% (rather than 27.5%) penalty in the Offshore Voluntary Disclosure Program (OVDP). The IRS added Sovereign Management and Legal, Ltd., plus certain branches of Bank Leumi. Neither addition should come as a surprise. Both […]

Read More »