Archive | March, 2015

BSI SA of Lugano, Switzerland, is First Bank to Reach Resolution Under Justice Department’s Swiss Bank Program

March 31, 2015  |   Posted by :   |   Tax Evasion,Unreported Income   |   0 Comments

The Department of Justice announced today that BSI SA, one of the 10 largest private banks in Switzerland, is the first bank to reach a resolution under the Department of Justice’s Swiss Bank Program. “Because of the department’s continuing efforts to root out offshore tax evasion, Swiss banks are operating much differently today than they […]

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UK unveils new measures to combat tax evasion

March 24, 2015  |   Posted by :   |   Tax Evasion,Unreported Income   |   0 Comments

The British Government is aggressively pursuing offshore tax evasion. In the past 4 years they have collected $147 billion in additional tax revenue from pursuing offshore tax evaders. By contrast the IRS 3 Offshore Voluntary Disclosure Programs (2009, 2011, 2012), over the last 5 years have only recovered less than $7 billion in unpaid taxes. […]

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Swiss Leaks: Tax Evasion in Times of Austerity

March 19, 2015  |   Posted by :   |   Tax Evasion,Unreported Income   |   0 Comments

by Ibrahim Warde, The French tax authorities, striving to combat fraud, keep replaying the hall-of-mirrors scene from Orson Welles’ 1947 film The Lady from Shanghai where the jealous husband’s shots keep hitting the lady’s reflection in the mirrors, and eventually she escapes. It will be the same for the investigation into HSBC’s Swiss subsidiary, […]

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Financial Advice for Athletes

March 11, 2015  |   Posted by :   |   Income Tax,International Tax Planning   |   0 Comments

In a recent article by Kevin Chupka, Preventing a financial fumble: Brett Favre’s advice to athletes, it is noted that within 2 years of retirement 78% of NFL players are under financial stress or broke and 60% of NBA players, are in similar straits within 5 years of retirement. Recently, former baseball star Darryl Strawberry […]

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Celebrity Tax Problems

March 05, 2015  |   Posted by :   |   Tax Evasion,Unreported Income   |   0 Comments

Robert De Niro Hit With $6.4M Tax Bill: A Cautionary Tale by Robert W. Wood, Robert De Niro owed $6.4 million to the IRS for his 2013 tax return, but it appears he just learned of it. The Oscar winner’s tax debt surfaced in the Smoking Gun. Mr. De Niro has an estimated worth […]

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IRS Audits (Update)

March 03, 2015  |   Posted by :   |   IRS Tax Audits   |   0 Comments

On 2/24/15, the USA Today article, IRS Audit Rate for Individuals Drop by Kevin McCoy, confirmed that in 2014 the IRS Audit Rate dropped to .86% its lowest level since 2005. Previously, IRS audits rose between 2005-2010 and have fallen 21.4% from 2011-2015. In 2014 the IRS audited 1.1m taxpayers with income less than $200k […]

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