In a crackdown on offshore accounts, the Internal Revenue Service has placed more focus on the disclosure of foreign accounts. In addition, the Foreign Account Tax Compliance Act went into effect in July and requires foreign financial institutions provide the agency information on U.S. taxpayer clients. A recently unsealed indictment […]
Category: Tax Crimes
A Durham, North Carolina woman is in hot water after being convicted and sentenced on charges that she falsified hundreds of thousands of dollars’ worth of tax returns in what seems to be an elaborate scheme that took place while she worked for a tax preparation business. Tasha Renee Smith […]
A few weeks ago, we covered the 15-year prison sentence handed down in a tax fraud case against Paul Daugerdas for his role in designing and promoting sophisticated tax shelters. This week, a U.S. District Judge sentenced a cooperating witness in the criminal tax case to prison for six months. […]
Today the breaking news in tax circles includes the story about a U.S. congressman who has been indicted on fraud charges in connection with payroll taxes at the business he once operated. Federal authorities contend that U.S. Rep. Michael G. Grimm of New York, a former FBI agent, concealed what […]
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 […]
The multi-front effort by U.S. authorities to enforce reporting requirements for offshore accounts is taking place on a complicated international stage. As we discussed in our September 6 post last year, there has been considerable pushback by U.S. taxpayers against the stepped-up enforcement. Surprisingly large numbers of those taxpayers have […]
ust before Christmas, we began a two-part post on how to approach decisions about selecting a tax preparer. As we noted in our December 23 post, basic considerations to consider in sizing up potential tax preparers begin with making sure that the preparer you are thinking of using has a […]
“Let them eat cake” was the notorious phrase attributed to Marie Antoinette, the queen who was beheaded during the French Revolution. In the field of tax law, there is a similarly short saying that reflects comparable hubris. That saying is: “Only the little people pay taxes.” It is attributed to […]
Manny Pacquiao performed well in his recent fight against Brandon Rios, but unfortunately for Pacquiao, it appears he will be heading into another bout almost immediately – a bout with the Internal Revenue Service. The IRS claims the boxer has failed to paid taxes from 2008-2009 with back taxes amounting […]
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. Prosecutors say Albertson tried to avoid […]