A year ago, the soccer star Lionel Messi was on the coveted cover of Sports Illustrated (SI). SI touted the success of his professional team and an upcoming match called the Copa America. What a difference a year makes. This week’s news about Messi is that an appeals court has […]
Category: Tax Evasion
The Trust Fund Recovery Penalty (TFRP) is a powerful IRS tool for going after certain individuals who are considered personally responsible for a business’s unpaid employment taxes. We discussed it in considerable detail in an article on which parties can be held responsible. In today’s post, let’s consider a Texas […]
More than 30 years have passed since Congress passed reform of the federal tax code in President Reagan’s second term. The question of whether such reform can happen this year, during President Trump’s first term, will be getting plenty of attention in the coming days. Somewhat beneath the radar, however, […]
The Criminal Investigation division of the IRS plays a key role in a complex regulatory scheme aimed at preventing not only tax evasion, but also money laundering, fraud and violations of the Bank Secrecy Act (BSA). One of the tools the IRS uses to enforce compliance with this regulatory scheme […]
Congress has required the IRS to come up with a program to deny or revoke passports for individuals with certain types of tax debt. As we noted in yesterday’s post, the program will take effect next month. This is not, however, the only story in play regarding taxes and passports. […]
The monetary penalty for failure to file an income tax return is a maximum of 25 percent of the unpaid taxes. Criminal prosecution is also possible, however, if tax authorities believe the failure to file was a willful attempt to evade taxes or commit tax fraud. In this post, we […]
“A rose by any other name would smell as sweet,” goes Shakespeare’s famous line from Romeo and Juliet. The idea is the essence of thing is what matters, apart from the name it is given. Still, names for things do contain important distinctions. In this post, let’s consider the distinction […]
A conviction for criminal tax evasion carries serious penalties, including a stint in federal prison, hefty fines and the costs of government prosecution. Then there is the negative impact on business or individual reputation and the limitations that a criminal record can impose on future opportunity. The role of banks […]
College athletes still aren’t paid (other than receiving scholarships). But the role of agents and advisers is very important in helping players procure pro contracts and managing their money if and when they do. Like other financial advisers, those who represent athletes can run afoul of tax authorities. In this […]
According to some sources, Google searches for “emigrating to Canada,” “moving abroad” and “leaving the U.S.” (among others) spiked the night of the first election debate between Hillary Clinton and Donald Trump. Say what you will about either candidate, the truth remains that this election cycle has been a tumultuous […]