One of the threads we are following in this blog is the role Congress has tasked the IRS to play in the implementation of the Affordable Care Act (ACA). This role includes much more than imposing (fairly light) tax penalties on people who do not comply with the so-called “individual […]
In spite of an $8.6 million spending spree and nearly 19 months to rally its troops in an effort to enforce a new law against offshore tax evasion that takes effect next year, the IRS remains unprepared. According to the Treasury Inspector General for Tax Administration, more IRS computer and […]
With bitcoin surging in price over this year from $17 to $1,200, many invested in the virtual currency are wondering what sort of taxes they should expect to pay from gains, if any. While the Federal Reserve stated that “virtual currencies like bitcoin have legitimate uses and should not be […]
In what appears to be an attempt to shed its image as a haven for tax evaders, the Swiss government has cleared the first batch of banks to cooperate with U.S. authorities under a deal to stem tax evasion. The country once known for its misuse of famous banking secrecy […]
Former regional leader for the ruling Popular Party in Castellon, Carlos Fabra, of eastern Spain was found guilty on four counts of tax evasion and ordered to pay a fine of €693,000 on top of the amount he already owed. Luckily for Fabra, he was acquitted of accepting bribes and […]
Two U.S. Federal Courts have approved the issuing of summonses to five U.S. banks regarding transfers made for two foreign banks. The first bank, Zuercher Kantonalbank (ZKB), is in Switzerland, where the Department of Justice has aggressively pursued banks that have assisted U.S. taxpayers in concealing assets from the U.S. […]
In a case that is likely to have a chilling effect among tax professionals, a Kentucky judge has ordered accounting giant Grant Thornton to pay $100,200,000 to a former client, for selling what is being referred to as an “abusive tax shelter.” The scheme, which would purportedly allow the client […]
“Let them eat cake” was the notorious phrase attributed to Marie Antoinette, the queen who was beheaded during the French Revolution. In the field of tax law, there is a similarly short saying that reflects comparable hubris. That saying is: “Only the little people pay taxes.” It is attributed to […]
Manny Pacquiao performed well in his recent fight against Brandon Rios, but unfortunately for Pacquiao, it appears he will be heading into another bout almost immediately – a bout with the Internal Revenue Service. The IRS claims the boxer has failed to paid taxes from 2008-2009 with back taxes amounting […]
Raoul Weil, a former UBS banker who was charged by US authorities five years ago for helping rich Americans evade taxes with the aid of secret Swiss bank accounts, has agreed to stand trial in the US after being arrested in Italy. US authorities issued an international arrest warrant for […]