Archive | May, 2016

7 Arts Film Company: Tax Shelter Gone Wrong

May 31, 2016  |   Posted by :   |   Tax Evasion,Theft Loss   |   1 Comment

By Gary Wolfe and Muthupandi Ganesan In the Mel Brooks film, The Producers, the promoters of a Broadway play set up a “sure failure” to leave their investors with a tax loss while they absconded with the money raised for the show (too bad the show was a big hit and the promoters wound up […]

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IRS Tax Audits: Protecting Assets Against IRS Seizure

May 25, 2016  |   Posted by :   |   Asset Protection   |   1 Comment

For US taxpayers who are under an IRS tax audit, asset protection is a real concern since they are subject to immediate asset seizures under IRS jeopardy assessments (if the IRS determines that collection is at risk). If they lose the audit and do not appeal may have tax liens filed against them which subjects […]

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The IRS and The Estate of Michael Jackson

May 24, 2016  |   Posted by :   |   IRS Tax Audits   |   0 Comments

In the ongoing dispute of the Estate of Michael Jackson, in a previously unreported court filing the IRS has increased their original claim for tax and penalty from $702m to $731m. The IRS now values the Estate (and Lifetime Taxable Gifts) at $1.178B compared to the Estate Form 706 Valuation of $7m, a valuation difference […]

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Panama Papers – New Rules

May 23, 2016  |   Posted by :   |   Panama Papers   |   0 Comments

As an outgrowth of the Panama Papers, the US Treasury Dept. has promulgated new rules effective 2018 to force financial institutions (i.e. banks, brokers, mutual funds et al) to disclose ownership of shell companies. The new rules requires financial institutions to obtain identities of “beneficial owners” of their client companies and at least one manager who controls […]

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Panama Papers Infographic

May 19, 2016  |   Posted by :   |   Panama Papers   |   0 Comments
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Panama Papers and The US Government

May 12, 2016  |   Posted by :   |   Panama Papers   |   0 Comments

The Obama Administration, the US Treasury Department and the IRS are waging an all-out war on offshore tax evasion and money laundering. Their actions have been stimulated by the shocking disclosures in the Panama Papers of world-wide tax cheating and corruption by celebrities, politicians and the wealthiest Americans who hide their criminal activities thru anonymous […]

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US Launches Crackdown on International Tax Evasion

May 09, 2016  |   Posted by :   |   Panama Papers   |   1 Comment

In an explosive new development, the White House announced on May 5, 2016 that President Obama has signed executive orders to attack tax evasion, money laundering and corruption. The executive orders focus is on increasing transparency regulations as a tool to flush offshore tax abuses into the public view and subject them to both criminal […]

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