For many years, Americans were able to hold money in offshore accounts without worrying about being prosecuted by U.S. authorities. All of that has changed in the past few years. Since the United States began its intense crackdown on undisclosed offshore accounts in 2009, it has used its long-arm to […]
In recent years, layoffs have become a frequent and seemingly permanent part of the national economic landscape. Even with the Great Recession officially over for more than four years, there are still plenty of people losing their jobs. Many of these people get severance pay. And so the tax treatment […]
The partial shutdown of the federal government is now in its second day. The shutdown is “partial” in that some services remain operative while others do not. In Texas and across the nation, people are therefore asking themselves what is open and what is not. National parks are easily the […]
We live in a high-performance culture. Year after year, in school and in the workplace, we are taught to build on our strengths, minimize weaknesses and strive for success. This mindset usually means moving quickly to correct the human errors that inevitably occur. When it comes to filing taxes, however, […]
“I hate to beat a dead horse, especially one from the Civil War era,” said Justice Department Tax Division lawyer Gilbert Rothenberg while attempting to defend the Obama administration’s effort to regulate the tax return preparation business for the first time in U.S. history. The administration’s case was based largely […]
A Saskatoon accountant was fined nearly $50,000 and sentenced to a nine month conditional jail term after being found guilty of tax evasion. Robert Tiffin, 70, was fined $49,561 for understating his net income from his accounting practice by $204,779 for the 2004 to 2007 tax years. Tiffin will also […]
European Union finance ministers called for a united global fight against tax fraud, while attempting to downplay concerns over disagreements within the bloc on crucial banking sector reforms. Officials say that tax fraud and firm’s aggressive efforts to avoid taxation have cost the 28-nation bloc’s governments an estimated 1 trillion […]
Who would’ve thought that someone able to create such sweet and loveable toys would also plead guilty to tax evasion? That’s just what millionaire businessman, Ty Warner, the creator of Beanie Babies, did on Wednesday. Warner was charged with federal tax evasion for failing to report income he earned in […]
If sugary drinks are your bread and butter then you may not be too happy with the Mexican government’s proposal to penalize sugary beverages with a special tax in an attempt to contain obesity and Type 2 diabetes. Mexico would be following the example of France and Hungary by taxing […]
Edgar A. Lockett Jr., 70, was convicted on Friday of six counts of tax evasion by an Amarillo jury after failing to pay more than $1.4 million in income taxes. Lockett, an anesthesiologist, faces up to five years in prison and was taken into custody of the U.S. Marshals Service […]