Tag Archives: tax evasion

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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The IRS and Panama Papers – Lessons Learned

July 18, 2016  |   Posted by :   |   Panama Papers,Tax Evasion   |   0 Comments

In a 7/7/16 Hearing before the House Oversight/Government Reform Committee, James B. Comey, FBI Director said: “We don’t want to put people in jail unless we prove that they knew they were doing something they shouldn’t do”. In 2016, the “Panama Papers” named hundreds of thousands of wealthy international investors with offshore accounts (set up […]

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IRS and Offshore Tax Evasion: June 2016 Update

June 06, 2016  |   Posted by :   |   Panama Papers,Tax Evasion   |   0 Comments

In 2016 two epic events have made battling offshore tax evasion a key priority to the IRS. Both the Panama Papers, which disclosed how hundreds of thousands of wealthy clients of international banks used anonymous shell companies to hide assets from governments around the globe, and the implementation of the Foreign Account Tax Compliance Act (“FATCA”); […]

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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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IRS/OVDP Risks and Perils: Recent Cases

March 30, 2016  |   Posted by :   |   OVDP   |   0 Comments

1. Ty Warner On 7/11/15 Forbes reported that a three Judge 7th Circuit Court of Appeals Panel rejected Federal Prosecutors’ request that billionaire, Ty Warner, owner of Beanie Babies, Forbes 400 billionaire (worth $2.5B+) do jail time for hiding $107m in UBS/Switzerland from 1996-2007, failing to report $24.4m interest income (over the 11 tax years) […]

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After Nearly 20 Years, International Fugitive in Multi-Million Dollar Fraud Scheme Apprehended in Greece and Extradited to United States to Serve Prison Sentence

July 28, 2015  |   Posted by :   |   Tax Evasion   |   0 Comments

From Justice.gov A former New York businessman, who disappeared the same day a federal jury sitting in the U.S. District Court in Newark, New Jersey, began deliberating in his tax evasion and fraud trial, was caught while in Greece more than 18 years after his conviction, and appeared in federal court in the District of […]

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EU releases world tax havens blacklist

June 30, 2015  |   Posted by :   |   Tax Evasion,Unreported Income   |   0 Comments

EU releases world tax havens blacklist by AFP.com The European Union published its first list of international tax havens on Wednesday as part of a crackdown on multinational companies trying to avoid paying tax in the 28-nation bloc. The full list is: Andorra, Liechtenstein, Guernsey, Monaco, Mauritius, Liberia, Seychelles, Brunei, Hong Kong, Maldives, Cook Islands, […]

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More Offshore Banks Reveal Account Data, As IRS Amnesty For Many Involves 50% Penalty

June 25, 2015  |   Posted by :   |   Tax Evasion,Unreported Income   |   0 Comments

Recently, a number of new Swiss Banks have agreed to deferred prosecution agreements with the U.S. government, in exchange paying fines and disclosing non-tax compliant U.S. taxpayers. Additionally, 25 banks are subject to a 50% OVDP penalty for taxpayers who had accounts in these banks. As a final matter, the IRS is warning about quiet […]

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Barcelona soccer star Leo Messi to face trial over €4.1m tax fraud

June 11, 2015  |   Posted by :   |   Tax Evasion   |   0 Comments

Court turns down appeal, saying there is evidence to suggest player benefited from scheme. By Jesus Garcia elpais.com Soccer star Leo Messi is to face trial for alleged tax fraud after a Barcelona court turned down an appeal made by his lawyers aimed at avoiding him having to sit in the dock. The Barcelona Provincial […]

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