In an unusual turn of events, Beanie Babies founder Ty Warner was shown mercy by a federal judge on Tuesday after being sentenced to two years of probation for failing to pay income taxes on millions of dollars he hid in an offshore Swiss bank account. U.S. District Judge Charles […]
The Internal Revenue Service is widely known by its three-letter abbreviation, IRS. Keep in mind, however, that there are tax-related scams out there that can try to capitalize on the agency’s name. Such scams are especially common this time of year, as another tax-filing season gets underway. In this post, […]
A Wellington accountant found guilty of providing false tax returns and misleading information to the Inland Revenue will no longer enjoy the benefits of name suppression. Imran Mohammad Kamal was granted name suppression until January 10 as part of a ruling made by the Wellington High Court on December 19. […]
Mireitha Minangi, Ilala’s Regional Police Commander vowed to investigate claims that Burgurini police officers have denied Tanzania Revenue Authority access to a container belonging to Gongo la Mboto Baptist Church that is believed to have evaded tax. Minangi made it clear in an interview with the ‘Daily News’ that her […]
In part one of this post, we noted that taxpayers in Texas may be adversely affected by the failure of Congress to continue a long-standing tax break for the payment of state and local sales taxes. As we explained in our January 9 post, Congress has historically allowed a deduction […]
With bitcoin’s phenomenal success this year, many are left to wonder how the virtual currency will be taxed. Released in 2009 by an unknown person or group known only by Satoshi Nakamoto, bitcoin is the most prominent of several “virtual currencies,” and is maintained by a decentralized network of computers […]
Ty Warner, the billionaire responsible for the creation of the popular Beanie Babies toy is hoping that a federal judge will show mercy and sentence him to probation rather than prison for tax evasion. The 69-year-old acknowledged that he failed to report millions of dollars of interest income from an […]
The U.S. Treasury has signed a number of intergovernmental agreements (IGAs) to combat offshore tax evasion and to comply with the Foreign Account Tax Compliance Act (FATCA). The U.S. has completed agreements with the Cayman Islands, Costa Rica, Denmark, France, Germany, Ireland, Japan, Mexico, Norway, Spain, Switzerland, and the United […]
A member of the Spanish royal family, Princess Cristina, could be facing trial after being charged by a Spanish judge for tax fraud and money laundering. After a lengthy investigation, Palma de Mallorca Examining Magistrate Jose Castro brought forth a 200-page ruling citing evidence that the younger daughter of King […]
ust before Christmas, we began a two-part post on how to approach decisions about selecting a tax preparer. As we noted in our December 23 post, basic considerations to consider in sizing up potential tax preparers begin with making sure that the preparer you are thinking of using has a […]