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Posts tagged "IRS Investigation"

Texas banks help IRS fight money laundering and tax evasion

A conviction for criminal tax evasion carries serious penalties, including a stint in federal prison, hefty fines and the costs of government prosecution. Then there is the negative impact on business or individual reputation and the limitations that a criminal record can impose on future opportunity.

Ex-UBS Banker Testifies Against Former UBS Chief Executive

The former head of UBS AG (UBSN)'s global wealth-management business, Raoul Weil, referred to accounts hidden by U.S. clients from the Internal Revenue Service as "toxic waste," at his tax-conspiracy trial.

IRS Targets Silicon Valley Cafeterias

Silicon Valley employees at technology companies like Google Inc., Facebook Inc. and Twitter Inc. have enjoyed free cafeterias as well as pizza joints and kitchens stocked with organic produce, on behalf of their employers. The benefit has become ingrained into much of the valley's culture and is believed to encourage collaboration and longer work hours.

DOJ Increases Efforts to Prevent Fraudulent Tax Returns

Federal authorities are increasing their efforts to battle what they say is a growing problem of fraudulent filings seeking tax refunds based on stolen identities. Even those not normally associated with white-collar crime are being attracted to the simplicity of the scam which involves repeatedly filing false tax returns electronically and receiving refunds within days.

IRS Gains Access to 60M Medical Records for Tax Fraud Investigation

The identity of one healthcare entity that filed a class action lawsuit against the Internal Revenue Service in March over allegedly seizing private records of 10 million Americans has been revealed. The lawsuit came after an extensive investigation into the company's owner, who was indicted last summer on 13 counts of tax evasion for conspiracy and filing fraudulent tax returns.

The IRS Remains Unclear on Bitcoin

With bitcoin's phenomenal success this year, many are left to wonder how the virtual currency will be taxed. Released in 2009 by an unknown person or group known only by Satoshi Nakamoto, bitcoin is the most prominent of several "virtual currencies," and is maintained by a decentralized network of computers called "miners." These miners process and verify transactions. All bitcoins in circulation are estimated to be worth a total of $8 billion, according to CoinDesk.

Charleston Attorney Defrauds Clients

A Charleston attorney has been charged with tax evasion Wednesday along with mixing up his client's money with his own. This federal charge against Harold S. Albertson mirrors ethics charges filed against him earlier this month by the State Bar's Office of Disciplinary Counsel.

U.S. Tightens the Noose on Tax Evaders

Pressure on U.S. tax evaders intensified on Friday as a US District Judge in New York issued an order authorizing the Internal Revenue Service to issue summonses requiring Mellon, Citibank, JP Morgan, HSBC Bank USA and Bank of America to produce information in connection with undisclosed accounts at The Bank of N.T. Butterfield & Son Limited and its affiliates in the Bahamas, Barbados, Cayman Islands, Guernsey, Hong Kong, Malta, Switzerland, and the United Kingdom.

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