Tax evasion. It sounds like the type of crime that is used by the government to prosecute heinous offenders who have otherwise hidden evidence and appear innocent of wrongdoing. When people think of tax evasion crimes they may think of Al Capone and other mafia leaders or drug lords. In […]
Category: Tax Evasion
Cristiano Ronaldo, soccer superstar from Portugal, has agreed to plead guilty to charges of tax evasion. Ronaldo entered a Madrid court this past Tuesday and plead guilty, agreeing to pay a fine of $21.6 million dollars for his alleged tax fraud crimes. A bit of history: The basis of the allegations In […]
The Supreme Court of the United States issued a decision last year that will change the future of online shopping. The decision, Wayfair v. South Dakota, resulted in the ability of states to tax online purchases. Previously, a state would need to establish that the online business had a physical presence […]
The United States Department of Justice (DOJ) has joined in the fight against tax evasion. A recent case involving a Swiss bank provides an example of the government’s interagency efforts to hold those who evade tax obligations accountable for their wrongdoing. The agency has reached a settlement with the Swiss […]
The United States Attorney for the Southern District of Texas recently announced an obstetrician gynecologist out of Houston, Texas agreed to a plea deal after facing allegations of tax evasion. The government accused the physician of failing to file income tax returns for the last twenty years. How did the […]
Retirement is a time to get out there and explore. You have planned, saved and taken steps to ensure you are healthy enough to make the most of this stage of life. Why not use this well-earned time to enjoy a different part of the world? Before you take that […]
Over the last decade, offshore account compliance has been at the top of the IRS priority list. The first of the Offshore Voluntary Disclosure Programs began in 2009. The strong interest led the IRS to create several iterations over the years. As of late 2016, the IRS reported that 55,800 taxpayers had […]
The Foreign Account Tax Compliance Act (FATCA) is a tool the government uses to help better ensure United States citizens comply with tax obligations. This law requires foreign financial institutions to report information about United States customers to the U.S. government. Under this law, a foreign bank must report any […]
The Internal Revenue Service (IRS) recently published a tax filing reminder to United States citizens and resident aliens living abroad. Although the tax filing was originally due on April 18, the IRS allows an extension through June 15 in one of two situations. The first applies for those who have their […]
The Internal Revenue Service (IRS) recently announced the Offshore Voluntary Disclosure Program (OVDP) will come to an end in September of 2018. The OVDP was essentially a set of rules that outlined how United States taxpayers could voluntarily come into compliance with tax obligations for foreign assets. In exchange for voluntarily […]