Archive by Author

Monaco striker Radamel Falcao pays €8.2m in tax case

July 24, 2017  |   Posted by :   |   Tax Evasion   |   0 Comments

Monaco forward Radamel Falcao has paid E8.2m ($9.3m US) to tax authorities in Spain as part of an ongoing investigation into alleged tax evasion. Spanish Tax Authorities are investigating Falcao for tax evasion. They allege he failed to correctly declare 5.6m Euros in income earned from image rights between 2012-2013 while at Atletico Madrid. If […]

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Recording Artist and Performer DMX Charged With Tax Fraud

July 17, 2017  |   Posted by :   |   Tax Evasion   |   0 Comments

Rapper DMX (aka Earl Simmons) was arrested in NY on 7/13/17 and charged with 14 separate counts of tax fraud and tax evasion for a multi-year scheme to hide millions in income from the IRS and pay $1.7m due in taxes. He faces 40 years in jail for not paying $1.7m in taxes incurred between […]

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Global High Net Worth Investors: Money Laundering & Luxury Real Estate

July 13, 2017  |   Posted by :   |   International Investors,International Tax Planning   |   0 Comments

In July 2016 the US Treasury Dept. expanded its pursuit of international criminals who launder money (hide the illicit funds) through all cash US luxury real estate purchases. According to the NY Times, nearly 1/2 of luxury real estate nationwide is purchased using shell companies. Effective August 2016 the US Treasury Department has ordered title […]

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Chinese Investors and US OECD Tax Issues

July 10, 2017  |   Posted by :   |   International Investors   |   0 Comments

For Chinese investors who become EB5 Visa holders or other US green card they will be subject to annual US world wide tax reporting for income and disclosure of all offshore Financial Accounts over $10,000 that they own or control (FBAR filing: FinCen Form 114) and foreign financial assets over $50,000 (FATCA/Form 8938 attached to […]

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Offshore Tax Evasion & Worldwide Soccer

July 05, 2017  |   Posted by :   |   Tax Evasion   |   0 Comments

With the publication of the Panama Papers in 2016, some of the world’s wealthiest individuals were revealed as tax cheats who hide their assets offshore through anonymous companies. Worldwide soccer has now been thrust under a similar spotlight as some of its brightest stars are being prosecuted for tax evasion, fraud and related crimes. In […]

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Offshore Tax Evasion and Celebrities: Soccer Star, Christiano Renaldo

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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