Archive | Tax Evasion

The US and World Wide Tax Evasion

August 31, 2017  |   Posted by :   |   FATCA/FBAR,Tax Evasion   |   0 Comments

Although with the implementation of the Foreign Account Tax Compliance Act (FATCA), America has taken the lead in attacking US taxpayers who evade taxes by hiding assets offshore (held thru anonymous companies) in 2017 America has become the world’s biggest tax haven. In America, today 14 states allow US Companies to be formed without the […]

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Offshore Tax Evasion & Compliance: OECD/CRS and FATCA

August 07, 2017  |   Posted by :   |   International Tax Planning,Tax Evasion   |   0 Comments

For foreign investors who become EB-5 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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Panama Papers Update: Pakistan Prime Minister Resigns

July 31, 2017  |   Posted by :   |   Panama Papers,Tax Evasion   |   0 Comments

As reported on 7/28/17 by the NY Times Nawaz Sharif, Pakistan Prime Minister, resigned after the Pakistan Supreme Court ordered his removal for corruption. In 2016, the Panama Papers disclosed that Sharif and 3 of his children owned expensive residential real estate in London held anonymously thru offshore companies. The Court held that Sharif was […]

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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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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 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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