Inversion is by no means a new strategy for big businesses in avoiding high corporate taxes. However, the country to which companies are now moving is the dark horse known as the United Kingdom. For decades, Ireland was the destination of choice for inversion plans for U.S. companies, but after […]
Category: Tax Evasion
White House officials said U.S. President Barack Obama will call for an end to a corporate loophole that gives companies a way to avoid taxes by reincorporating overseas, a practice known as inversion. The president plans to make these comments during a three-day fundraising swing for Democrats in Los Angeles […]
Senate investigators claim in a report released Monday that hedge funds used a tax avoidance technique known as basket options to dodge federal leverage trading limits, saving one well-known trading firm around $6.8 billion in U.S. taxes. The Internal Revenue Service, which warned in a 2010 memo against claiming a […]
Paul M. Daugerdas, a Chicago-area attorney and accountant, has been labeled by the government as history’s most prolific and unrepentant tax cheat. The judge overseeing Daugerdas’ case referred to the attorney as having “incredible greed.” Daugerdas was then ordered to pay nearly half-billion dollars in restitution and forfeit $164 million […]
The Foreign Account Tax Compliance Act (FATCA) has been deeply controversial ever since it was passed by Congress in 2010. It has taken a long time for the new law’s implementation to take shape. The challenges have been many. As we discussed in our September 6 post last year, this […]
The Real Housewives of New Jersey stars Teresa and Joe Giudice are facing very real trouble after pleading guilty to several charges of their 41-count indictment on various fraud and tax charges, according to US Weekly. Originally, the couple had pled not guilty to two charges in November. “Teresa and […]
This is a follow-up to our post two weeks ago on the hearing in Congress on the status of U.S. investigations into alleged offshore tax evasion facilitated by Swiss banks. As we noted in our February 20 post, the large bank at the center of the current controversy is Credit […]
Tax evasion charges can be of many different types. Sometimes, tax evasion is charged on its own, apart from any other offenses. We discussed such a case in our December 2 post last year, concerning a former football player with ties to Texas who bought into a bogus anti-tax argument […]
Michael Hoffman, a jeweler in Grand Rapids, MI, is hoping that the court will grant him mercy when he is sentenced on Thursday for filing false corporate and personal income tax returns. The 59-year-old has asked for home confinement and probation, so that his business might survive. “Mr. Hoffman acknowledges […]
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 […]