Tax

  • Tax Reform

    … If you’re not aware that Congress is working on a major revision to federal tax law, you’ve not been paying much attention to the news. The House of Representatives passed its version of the Tax Cuts and Jobs Act, then the Senate passed a similar, but not identical, bill. The bill went to conference committee to work out the differences between…

    Michael Smith/ Indiana Business Law Blog- 19 readers -
  • The Effects of Tax Reform on Charitable Organizations

    … Although the tax reform bill just passed by the U.S. House of Representatives retains the income tax deduction for individuals who make contributions to charitable organizations (i.e., organizations that are tax exempt under Section 501(c)(3) of the Internal Revenue Code), it may nonetheless have significant effects on the amount of charitable…

    Michael Smith/ Indiana Business Law Blog- 10 readers -
  • Tax Fraud Send New York Couple to Prison

    … a million dollars a year between the two of them. They had a teenage son in high school. In short, the Steins were living the American dream. There was only one Achilles heel in their seemingly perfect setup: they were not very keen on paying their taxes. As an IRS audit recently revealed, the glamorous couple broke the law several times in order…

    Due Diligence- 33 readers -
  • The Long Arm of the IRS (Tax Evasion Post)

    … be reported. Foreign accounts are reported on one’s individual income tax return and on an FBAR, Report of Foreign Bank and Financial Accounts. The willful failure to file an FBAR is a felony punishable by up to 5 years. Taxpayers who create fictitious account names (called nominee entities or shell companies) can also be charged with tax evasion…

    Due Diligence- 41 readers -
  • 2 More Swiss Banks Settle with US in FBAR Probe

    … SB Saanen and Privatbank Bellerive Have Agreed to Cooperate with the IRS At least once a week we report on the latest Swiss bank or banks settling with the government. This week is no exception. According to the Justice Department’s Tax Division, Privatbank Bellerive AG and SB Saanen are the latest two Swiss banks to cooperate…

    Due Diligence- 31 readers -
  • Three More Swiss Banks Cooperate – FBAR Post

    … of $780 million. The charge? Helping wealthy Americans evade taxes and avoid FBAR filings. Shortly thereafter, Switzerland’s oldest private bank, Wegelin & Co. pleaded guilty and paid similar large fines. Wegelin, however, couldn’t afford the fines and publicity and promptly closed its doors. More recently Credit Suisse pleaded guilty…

    Due Diligence- 36 readers -
  • Divorce Can Lead to Tax Audit and More

    … +! This entry was posted on July 19, 2015, 11:30 pm and is filed under Tax, White Collar Criminal. You can follow any responses to this entry through RSS 2.0. Both comments and pings are currently closed. …

    Due Diligence- 11 readers -
  • Worst Tax Audit Idea Ever?

    … Ever hear of Doctors Without Borders? It’s a great idea and it helps needy families and children receive life saving medical attention in poor countries. Doctors Without Borders is a great idea. Unfortunately, the United Nations and the Organization for Economic Cooperation and Development (OECD) took that idea one step too far and created Tax…

    Due Diligence- 12 readers -
  • India Signs FATCA Agreement With US

    … in bank accounts at HSBC India and Dubai and sentenced to six months in prison, six months of home confinement, and to pay a staggering $14,229,744 penalty for failing to disclose information about his foreign accounts to the IRS. The Strengthening of FATCA As of today, the US has signed international agreements with over 100 countries. Under FATCA…

    Due Diligence- 16 readers -
  • FATCA and the Presidential Race

    … FATCA and the Presidential Race Post by Veronica Pamoukaghlian, Senior Tax Writer The FIFA scandal and some other high profile prosecutions of tax evaders have brought FATCA to the foreground of US news. Suddenly our treaties with foreign nations and agreements with international banks to disclose information about US taxpayers are becoming…

    Due Diligence- 18 readers -
  • Hong Kong the New Money Laundering Destination?

    …. If you have questions about offshore bank accounts, IRS foreign reporting, FATCA or FBAR reporting, give us a call. All inquiries are protected by the attorney – client privilege and kept strictly confidential. For more information, contact attorney Beth Canfield at bcanfield@mahanyertl.com or by telephone at (414) 223-0464. MahanyLaw – America’s IRS…

    Due Diligence- 18 readers -
  • Two More Swiss Banks… FBAR Post

    … award. UBS paid a fine of $780 million and thus began a new era. Since the UBS case, Credit Suisse has paid $2.6 billion to settle criminal charges of helping wealthy Americans evade taxes. Wegelin, Switzerland’s oldest private bank, also pleaded guilty and soon thereafter closed its doors. Those prosecutions scared the remaining Swiss banks…

    Due Diligence- 13 readers -
  • Madoff Victims Sues IRS for Tax Refund

    … Gladys Luria, however, is a first. Her heirs are suing the IRS for a tax refund. When you hear the story, it makes perfect sense. Gladys Luria died in 2005 at the age of 96. At the time of her death she was supposedly worth $32 million. I say “supposedly” because her worth was mostly based on her account with Bernie Madoff. Three years later…

    Due Diligence- 11 readers -
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