Archive | July, 2015

IRS Issues New Examiner FBAR Penalty Guidance

July 30, 2015  |   Posted by :   |   FATCA/FBAR   |   0 Comments

The IRS issued new examiner FBAR penalty guidance (SBSE-04-0515-0025) effective 5/13/15 for all FBAR cases (Fincen Form 114) open as of that date. Most importantly, the examiner is allowed to increase the maximum penalty from 50% to 100% of the offshore account balance (plus interest). Effectively, with the penalty (and interest) on the unreported account […]

Read More »

After Nearly 20 Years, International Fugitive in Multi-Million Dollar Fraud Scheme Apprehended in Greece and Extradited to United States to Serve Prison Sentence

July 28, 2015  |   Posted by :   |   Tax Evasion   |   0 Comments

From Justice.gov A former New York businessman, who disappeared the same day a federal jury sitting in the U.S. District Court in Newark, New Jersey, began deliberating in his tax evasion and fraud trial, was caught while in Greece more than 18 years after his conviction, and appeared in federal court in the District of […]

Read More »

Swiss Banks and the US Dept. of Justice

July 23, 2015  |   Posted by :   |   Tax Evasion,Unreported Income   |   1 Comment

On 7/16/15 Reuters reported that three more Swiss banks will pay penalties to the United States as part of deals that mean they will not face criminal charges for helping Americans avoid taxes. Mercantil Bank (Schweiz) AG will pay $1.172 million, Banque Cantonale Neuchâteloise will pay $1.123 million and Nidwaldner Kantonalbank will pay $856,000. See […]

Read More »

Man Convicted Of Tax Fraud For Disguising Luxuries – $96,000 Massage?

July 21, 2015  |   Posted by :   |   Tax Evasion,Unreported Income   |   0 Comments

Man Convicted Of Tax Fraud For Disguising Luxuries — $96,000 Massage? by Robert W. Wood, Forbes.com Albert S.N. Hee, 61, of Kailua, Hawaii, was convicted on all counts following an 11 day tax fraud trial. The jury found that he filed false income tax returns for 2007 through 2012, and that he obstructed the IRS […]

Read More »

California Winery Email Database

July 20, 2015  |   Posted by :   |   Wine Exports   |   0 Comments

After extensive research CaliforniaWineExports.us has completed an up to date e-mail database of over 2000 California Wineries categorized by county. The cost is $1,000. As a bonus we are also including the following: 1. San Francisco Chronicle 2015 Wine Competition Winners. 5,417 varietals sorted by state, AVA (wine district), vintage, price and award. The San […]

Read More »

Asset Protection 2015: IRS Tax Audits & Lawsuits

July 17, 2015  |   Posted by :   |   Asset Protection   |   1 Comment

I am please to announce the publication of my 13th book, Asset Protection 2015: IRS Tax Audits & Lawsuits. In Asset Protection 2015 our focus is on the two biggest risks to high net worth investors: IRS tax audits and lawsuits. In both arenas one could lose everything. Consider Kim Basinger, international movie star, who […]

Read More »

Greece and Offshore Tax Evasion

July 16, 2015  |   Posted by :   |   Tax Evasion,Unreported Income   |   0 Comments

According to published reports, at the core of Greece’s financial problems is wide spread tax evasion, which is known in Greece as a “National Sport.” It is estimated that Greece has an untaxed economy of up to 25% of GDP with up to $30B in uncollected taxes annually. Wealthy Greek investors hold tens of billions […]

Read More »

The Foreign Account Tax Compliance Act (“FATCA”)

July 09, 2015  |   Posted by :   |   FATCA/FBAR   |   0 Comments

The Foreign Account Tax Compliance Act (“FATCA”) became law in March 2010 but implementation did not begin until February 2015 when foreign financial institutions began reporting US tax payer foreign accounts. FATCA targets tax non-compliance by the US Taxpayer with foreign accounts. If the US taxpayer does not report the account, and file Form 8938 […]

Read More »

The World’s Highest Paid Musicians of 2014

July 07, 2015  |   Posted by :   |   International Tax Planning   |   0 Comments

According to a December 2014 Forbes article, The World’s Highest Paid Musicians of 2014, the top 10 had pre-tax income of $1.4B. The primary source of income was arena tours, corporate sponsors, and celebrity endorsements (e.g. Nike, Pepsi, Cover Girl) album sales, single downloads and monetization of celebrity name and likeness e.g.. clothing lines, restaurant […]

Read More »

Asset Protection Alert – Puerto Rico

July 02, 2015  |   Posted by :   |   International Tax Planning   |   0 Comments

Puerto Rico Governor Padilla announced on 6/27/15 that Puerto Rico is in a “death spiral” and cannot pay $73B in debt. Puerto Rico has more muni bond debt per capital than any US state. Puerto Rico bonds has 8 times the face value of debt of Detroit Bonds (remember what happened to Detroit). The hidden […]

Read More »