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Tax Evasion Archives

Congress repeatedly notifies IRS about digital currency issues

Digital currency, such as Bitcoin, has gained in popularity over recent years. As a result, the Internal Revenue Service (IRS) is scrambling to update tax rules and regulations to address this new form of currency. The federal agency was recently chastised twice by Congress for its handling of digital transactions. The concerns were voiced in two separate letters, sent within three weeks of each other.

The Messi tax evasion case, part 2: implications for offshore compliance

In part one of this post, we took note of the unsuccessful appeal by soccer star Lionel Messi of his tax fraud conviction.His attempt to claim lack of knowledge of his father's use of shell companies to hide income didn't go over well with the appeals court. The court upheld Lionel Messi's 21-month conviction, even as it reduced his father's sentence to 15 months due to cooperation with authorities. What does the resolution of the Messi case tell us about tax compliance and enforcement, particularly regarding offshore accounts?

The Messi case, part 1: appeals court affirms tax fraud conviction

A year ago, the soccer star Lionel Messi was on the coveted cover of Sports Illustrated (SI). SI touted the success of his professional team and an upcoming match called the Copa America.What a difference a year makes. This week's news about Messi is that an appeals court has affirmed his conviction on tax fraud charges.In this two-part post, we will use a Q & A format to discuss what can U.S. taxpayers learn, as a cautionary tale, from the Messi case.

Struggling businesses and trust fund penalties: a Texas case

The Trust Fund Recovery Penalty (TFRP) is a powerful IRS tool for going after certain individuals who are considered personally responsible for a business's unpaid employment taxes.We discussed it in considerable detail in an article on which parties can be held responsible.In today's post, let's consider a Texas case that illustrates how this penalty can play out in practice.

Tax inversions: Treasury ordered to review regulations

More than 30 years have passed since Congress passed reform of the federal tax code in President Reagan's second term. The question of whether such reform can happen this year, during President Trump's first term, will be getting plenty of attention in the coming days. Somewhat beneath the radar, however, is a more specific set of issues regarding the review of regulations on so-called tax inversion transactions. In the last few years, numerous U.S. companies have used such transactions - involving the acquisition of a foreign partner and reincorporation abroad -to avoid U.S. income tax.

IRS collaborates with Dutch government over tax info

Government agencies around the globe are working together to find individuals that are hiding assets in an attempt to illegally reduce their tax obligations. A Justice Department statement recently provided an example of these collaborative efforts. It outlined how the Internal Revenue Service (IRS) is pushing a popular credit card company to provide the identity of account holders to the Dutch government.

Expats and passport renunciation: FATCA and the 'Trump bump'

Congress has required the IRS to come up with a program to deny or revoke passports for individuals with certain types of tax debt. As we noted in yesterday's post, the program will take effect next month.This is not, however, the only story in play regarding taxes and passports. In recent years, many people are have renounced their passports because of onerous reporting requirements for offshore accounts.The number of renunciations has escalated in recent months. Unlike the stock market, which has been up since the election, it's been a reverse "Trump bump."

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