Archive | November, 2016

IRS Criminal Tax Cases 2016: Former Chicago Alderman E. Vrdolyak And Attorney D. Genis

November 30, 2016  |   Posted by :   |   Tax Evasion   |   0 Comments

Former Alderman Ed Vrdolyak In November 2016, a federal grand jury charged former Chicago Alderman, Edward R. Vrdolyak with one count of impeding the IRS (a 3 year felony under IRC 7212) and an additional count of income tax evasion (a 5 year felony under IRC 7201). Vrdolyak faces an 8-year maximum prison sentence for […]

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IRS Criminal Tax Case 2016: Ex-Congressman Aaron Schock

November 16, 2016  |   Posted by :   |   Tax Evasion   |   0 Comments

Aaron Schock, former Illinois Republican Congressman, was indicted by the US government for filing false tax returns, wire fraud and theft of government funds for misuse of public & campaign funds to lavishly decorate his offices. The Washington Post, in 2015, reported about lavish decorations in his Capitol Hill office (based on the PBS show […]

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IRS Panama Papers: US Tax Compliance & Foreign Entities

November 10, 2016  |   Posted by :   |   Panama Papers   |   1 Comment

The Panama Papers revealed up to 3000 US taxpayers with offshore accounts held through foreign entities for purposes of anonymity. If the foreign entities were used for tax evasion or money laundering the US taxpayer may be subject to multiple felonies for tax evasion (i.e. tax crimes) and if the funds were wired (or interstate […]

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IRS Tax Audits: The Wealth Squad

November 09, 2016  |   Posted by :   |   IRS Tax Audits   |   0 Comments

For wealthy taxpayers with over $10m in income, the IRS has a special tax audit division, the Global High Wealth Industry Group (the “Wealth Squad”). The IRS Wealth Squad falls under the IRS Large Business and International Division (formerly Large and Midsize Business Division). The Wealth Squad was formed in 2010 to audit “high wealth […]

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IRS Criminal Tax Cases 2016 – Professor Dan Horsky

November 07, 2016  |   Posted by :   |   Tax Evasion   |   0 Comments

The US Attorney announced on 11/4/16 that Dan Horsky, Emeritus Professor of Business Administration at University of Rochester (age 71, citizen of US, UK and Israel) paid a $100m civil penalty for hiding Swiss Bank Accounts from the US government (a FBAR penalty). He pleaded guilty to a conspiracy charge and awaits criminal sentencing in […]

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International Investors and US Income Taxes

November 03, 2016  |   Posted by :   |   International Investors   |   0 Comments

International Investors who immigrate to the United States will either be taxed as a resident alien (subject to US income tax on their world-wide income) or a non-resident Alien (subject to US income tax on US source income, only). United States taxes “U.S. Persons” on their worldwide income according to IRC §61(A). Under IRC §7701(a)(30) […]

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