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 […]
Category: Tax Evasion
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 […]
Entrepreneurs know that paperwork can become unmanageable while running a business. Business owners are constantly making decisions on which material to keep and which to shred. But what if you inadvertently shred important tax documents or fail to file taxes at all? The Supreme Court of the United States (SCOTUS) […]
SCOTUS recently heard oral arguments on a case involving a New York businessman convicted of several counts of tax evasion for failing to pay personal or company taxes for a number of years. The government presented evidence that Carlo Marinello II purposely destroyed business records (including bank statements, receipts, employee […]
Offshore accounts are in the news again. Another massive data leak, this one referred to as the Paradise Papers, has resulted in the disclosure of the identity of a number of people and businesses that use these accounts. So what have we discovered from this most recent leak? Basically, we are […]