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September 2013 Archives

IRS Defends its Argument to Regulate Tax Preparers

"I hate to beat a dead horse, especially one from the Civil War era," said Justice Department Tax Division lawyer Gilbert Rothenberg while attempting to defend the Obama administration's effort to regulate the tax return preparation business for the first time in U.S. history. The administration's case was based largely on a 19th century law dealing with horses lost or killed in the Civil War.

Accountant Fined $50k for Tax Evasion

A Saskatoon accountant was fined nearly $50,000 and sentenced to a nine month conditional jail term after being found guilty of tax evasion. Robert Tiffin, 70, was fined $49,561 for understating his net income from his accounting practice by $204,779 for the 2004 to 2007 tax years.

EU to Increase Efforts in Tax Evasion Battle

European Union finance ministers called for a united global fight against tax fraud, while attempting to downplay concerns over disagreements within the bloc on crucial banking sector reforms. Officials say that tax fraud and firm's aggressive efforts to avoid taxation have cost the 28-nation bloc's governments an estimated 1 trillion euros ($1.3 trillion) a year. According to the EU's Taxation Commissioner, Algirdas Semeta, the EU is determined to move towards a global automated exchange of banking information to catch tax cheats holding undeclared assets abroad.

Beanie Baby Founder to Pay $33.5 Million for Tax Evasion

Who would've thought that someone able to create such sweet and loveable toys would also plead guilty to tax evasion? That's just what millionaire businessman, Ty Warner, the creator of Beanie Babies, did on Wednesday.

Anesthesiologist Convicted in Federal Tax Evasion Case

Edgar A. Lockett Jr., 70, was convicted on Friday of six counts of tax evasion by an Amarillo jury after failing to pay more than $1.4 million in income taxes. Lockett, an anesthesiologist, faces up to five years in prison and was taken into custody of the U.S. Marshals Service after the trial.

Mexico to Impose Tax on Sugary Beverages

If sugary drinks are your bread and butter then you may not be too happy with the Mexican government's proposal to penalize sugary beverages with a special tax in an attempt to contain obesity and Type 2 diabetes. Mexico would be following the example of France and Hungary by taxing sweet drinks in the name of public health.

Offshore Adviser Pleas Guilty to Conspiracy

The United States campaign against secret offshore accounts was greatly aided by a high-level Swiss adviser's guilty plea to a single count of conspiracy. On August 16, Edgar Paltzer, a Swiss lawyer formerly with the Zurich firm of Niederer, Kraft & Frey, pleaded guilty in a New York federal court. Paltzer faces up to five years plus fines. However, he is expected to receive a shorter prison sentence due to his cooperation.

Federal Tax Recognition Given to Same-Sex Couples

Thursday's ruling by federal officials marks an historic turn for same-sex couples married in states that recognize their union. These couples will now be treated as married for federal tax purposes, no matter where they choose to live. Gay rights advocates applaud the ruling, but it could lead to complications at the state and local level.

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