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Posts tagged "Tax Evasion"

Will Texas require businesses to pay an online state sales tax?

The Supreme Court of the United States issued a decision last year that will change the future of online shopping. The decision, Wayfair v. South Dakota, resulted in the ability of states to tax online purchases. Previously, a state would need to establish that the online business had a physical presence within the state in order to charge a state sales tax on an online transaction.

Swiss bank to settle tax evasion allegations with DOJ

The United States Department of Justice (DOJ) has joined in the fight against tax evasion. A recent case involving a Swiss bank provides an example of the government’s interagency efforts to hold those who evade tax obligations accountable for their wrongdoing. The agency has reached a settlement with the Swiss bank after it states the bank admitted to “conspiring to defraud the United States on taxes, commit tax evasion and file false federal tax returns from 2002 through 2012.”

TX doctor pleads guilty to tax crime, faces 5-year imprisonment

The United States Attorney for the Southern District of Texas recently announced an obstetrician gynecologist out of Houston, Texas agreed to a plea deal after facing allegations of tax evasion. The government accused the physician of failing to file income tax returns for the last twenty years.

IRS accuses four of tax crime based on FATCA violation

The Foreign Account Tax Compliance Act (FATCA) is a tool the government uses to help better ensure United States citizens comply with tax obligations. This law requires foreign financial institutions to report information about United States customers to the U.S. government. Under this law, a foreign bank must report any account containing assets at or above $50,000.

IRS reminds of upcoming filing deadline for those living abroad

The Internal Revenue Service (IRS) recently published a tax filing reminder to United States citizens and resident aliens living abroad. Although the tax filing was originally due on April 18, the IRS allows an extension through June 15 in one of two situations. The first applies for those who have their residence outside of the United States. The second, for those serving in the military. The tax payer must indicate which situation applies in a statement attached to their return in order to receive this extension.

Big changes coming for U.S. taxpayers with foreign assets

The Internal Revenue Service (IRS) recently announced the Offshore Voluntary Disclosure Program (OVDP) will come to an end in September of 2018. The OVDP was essentially a set of rules that outlined how United States taxpayers could voluntarily come into compliance with tax obligations for foreign assets. In exchange for voluntarily bringing these obligations into compliance, the taxpayer would face minimal penalties. This often-included freedom from criminal persecution.

SCOTUS narrows government's ability to pursue tax evasion charges

Entrepreneurs know that paperwork can become unmanageable while running a business. Business owners are constantly making decisions on which material to keep and which to shred. But what if you inadvertently shred important tax documents or fail to file taxes at all? The Supreme Court of the United States (SCOTUS) recently addressed this question.

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