Archive | June, 2017

Offshore Tax Evasion and Celebrities: Soccer Stars Christiano Renaldo and Lionel Messi

June 29, 2017  |   Posted by :   |   Tax Evasion   |   0 Comments

On June 13, 2017 Bloomberg News reported that Christiano Renaldo, the world’s best paid athlete ($93m last 12 months), who lead Real Madrid to Championship and Spanish Titles (and was 4 time world soccer player of the year) was accused by Spanish prosecutors of $16.5m tax evasion. According to prosecutors, for the 3-year period (2011-2013), […]

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Panama Papers Update – OECD

June 28, 2017  |   Posted by :   |   Tax Evasion   |   0 Comments

In a major development the Paris based Organization for Economic Co-operation and Development (OECD) confirmed on 6/28/17 (Financial Times) that the resulting uproar and political pressure from the Panama Papers has lead to all uncooperative tax havens agreeing to commit to international transparency reporting standards (known as CRS i.e. Common Reporting Standards). These new agreements […]

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Offshore Tax Evasion – Panama Papers Update

June 26, 2017  |   Posted by :   |   Tax Evasion   |   0 Comments

A recent study based on the Panama Papers and HSBC Swiss Bank Private Bank public information leaks verify that the superrich evade nearly 1/3 of their taxes due (See Guardian 6/1/17 article, “Super rich evade nearly 1/3 of their tax due”). The study was lead by researchers at the Norwegian University of Life Sciences and […]

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Offshore Tax Evasion and the City of London (UK)

June 19, 2017  |   Posted by :   |   Tax Evasion   |   0 Comments

In an explosive article for the UK Independent, author Paul Holden poses a rhetorical question, “David Cameron vowed to crack down on offshore tax evasion so why has it disappeared from the Tory Manifesto?” Previously in 2016, Italian Mafia expert and author Roberto Saviana labeled the UK “the world’s most corrupt country” citing the vast […]

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The IRS and Married Couples: Real Estate

June 15, 2017  |   Posted by :   |   International Tax Planning,IRS Tax Audits   |   0 Comments

Two new cases in 2017 have been recently decided by the US Tax Court, which involves married couples with Real Estate: 1. Asad, TC Memo. 2017-8: Husband & Wife who each owned rental property deducted large losses on their joint tax returns. They later divorced. As per the divorce agreement, the divorced couple wanted to […]

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IRS, Celebrities and Taxes

June 14, 2017  |   Posted by :   |   IRS Tax Audits   |   0 Comments

Celebrities though famous (and adulated by fans) like the rest of the US taxpayers must pay their taxes timely or have IRS tax problems. Whether due to an adverse audit result or failures to pay taxes due, American legends like Willie Nelson once had his entire estate seized by the IRS for his advisor’s failure […]

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IRS Tax Audits: Taxpayer Good Faith Misinterpretation of the Law

June 05, 2017  |   Posted by :   |   IRS Tax Audits   |   0 Comments

Under the case, Mortensen v. Commr. 440 F.3d 375, 385 (6th Cir. 2006), it was held that reasonable minds could differ over tax reporting. In the US Supreme Court case of United States v. Bishop, 412 US 346, 360, 36 L.Ed. 2d 941, 93 S.Ct. 2009 (1973) the Supreme Court stated: “In our complex tax […]

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