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 […]
Category: Tax Evasion
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 […]
Contentious tax litigation can take a very long time to resolve. For over two years, we’ve been following a complicated fraud and tax evasion case involving two Texas brothers, Charles and Sam Wyly, who set up a series of offshore tax shelters that ran afoul of federal regulators. The twists […]
The wheels of government don’t always grind quickly. But when there is enough momentum and legal direction behind an initiative, they do grind. To be sure, it has taken most of this year for the IRS to organize a program to implement a directive from Congress that private contractors be […]
Avoiding paying taxes that the IRS requires is one of the most common tax crimes in the United States. It’s called tax evasion, and it’s a type of tax fraud that the IRS prosecutes seriously. Of course, there are ways people legally do not pay taxes on certain money, like […]
No one wants to pay taxes. But some people seek creative approaches to lower the amount that they owe. The problem is that many cross the fine line that separates tax avoidance and tax fraud. When does nonpayment or underpayment of a tax bill become criminal? To start this discussion, […]
Let’s continue the discussion of tax inversion transactions that we began in a post last week. As we noted, transactions by which a U.S. company acquires a partner abroad and avoids U.S. taxes by reincorporating have attracted increasing attention from federal regulators. Last spring, the Treasury Department put into effect […]
Litigated cases – involving tax or any other subject – can take a long time to unfold. In this post, we will update you on a long-running Texas case involving tax fraud allegations. The case grew out of a federal investigation into offshore tax shelters set up by two brothers, […]
“Waiting for the other shoe to drop” is a curious expression. It is an idiomatic way of expressing a sense of inevitability. The idea is that when one event in a linked-sequence happens, it’s just a matter of time before the next one follows. This appears to be what’s happening […]
Let’s resume our discussion of the closely watched tax evasion case involving Lionel Messi, the famed soccer star. As we noted in part 1, Messi contends he signed tax returns and contracts without really knowing the contents. He told the Spanish court that he did so because he trusted his […]