Posts Tagged ‘offshore tax evasion’

Tax Relief Weekly News Round-Up: Top Tax Stories

Friday, July 26th, 2013

Happy Friday!
The cases and stories that caught our attention this week ranged from offshore tax evasion and estate tax issues, to a prison sentence for failing to file tax returns and July’s Tax Client of the Month.

Estate/IRS tax issues:
Proof that the IRS is going after wealthy Americans is evidenced in the stories of large estates receiving massive tax bills from the IRS. The post Tax Problems-Pohlad Estate
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Businessman Pleads Guilty to Hiding Offshore Accounts

Monday, July 22nd, 2013

In a previous blog post, I noted that since 2009, the IRS has collected $5.5 billion in unpaid taxes and IRS penalties through the amnesty programs it offered. With offshore tax collection a major government focus, it’s hard to imagine anyone attempting to conceal offshore assets. Yet a recent article by Accounting Today titled: “Businessman Pleads Guilty to Not Declaring Israeli Bank Account on Tax Return” reports on a man
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Swiss Adopt Plan to Cooperate with U.S. and Avoid Charges

Monday, July 15th, 2013

For anyone who still thinks that hiding money offshore in a Swiss bank account is a good idea, this next bit of news might have you reconsidering that notion. An article by USA Today titled: “Swiss seek to avert U.S. charges against banks” reports that Switzerland has finally adopted a plan that allows banks to hand over financial data to U.S. authorities seeking information about wealthy Americans suspected of offshore
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Tax Relief Weekly News Round-Up

Friday, November 23rd, 2012

Happy Friday! Here are some of the tax relief news headlines we reported on this short holiday week:
IRS Audits-Back Taxes
It appears that comedian and actress Janeane Garofalo never thought she was married believing her 20 year “sham wedding” in Las Vegas to writer and producer Rob Cohen decades ago was not real. However, the IRS may not see it that way. They couple could face an IRS audit and IRS
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Former IRS Commissioner on Offshore Tax Strategy

Monday, November 19th, 2012

Douglas Schulman, the 47th IRS Commissioner spoke on November 7th before the professional association of the American Institute of Certified Public Accountants (AICPA) in Washington, DC.  In his speech, he talked about his last five years and where he sees the IRS focusing its attention in the future. The IRS posted former Commissioner Schulman’s prepared remarks that outlined major IRS strategic priorities. On the top of the list is a
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Senator Rand Paul Challenges U.S. and Swiss Banking Treaty

Monday, April 30th, 2012

In another chapter of the IRS versus the Swiss Banks saga, Republican Senator Rand Paul from Kentucky has recently blocked an amendment to a U.S.-Swiss tax treaty that provides the IRS data on Americans with hidden offshore bank accounts. Paul believes the protocol is too “sweeping” and would threaten taxpayers’ Fourth Amendment rights that guard against unreasonable search and seizure.
Bloomberg’s article Rand Paul Seeks to Block Tax Treaty Change on
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Tax Man Explains IRS on Big Biz Show

Wednesday, April 11th, 2012

Countdown to Tax Day: 6 Days
On a recent episode of the Big Biz Show, we discussed the creation of the Tax Man TV show on Biz Television that morphed out of yours truly giving tax advice as a guest on the Big Biz Show for five years.
The Tax Man Show combines my 30 plus years in the tax business including running Tax Resolution Services, Co. for 15, to gives taxpayers
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Senate Confirms Keneally to Fight Tax Crime

Wednesday, April 4th, 2012

The Obama Administration is continuing aggressive efforts to stamp out tax crime by appointing the right people with the right experience to get the job done. A recent Bloomberg article entitled, Keneally Confirmed to Lead Justice Department Tax Division announced Senate confirmation of Kathryn Keneally as the assistant attorney general of the Justice Department’s tax division. She is expected to continue the crackdown of tax crimes such as identity theft
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Obama Proposes More Money for IRS Enforcement

Tuesday, February 28th, 2012

A major focus of the Obama Administration has been to reduce the “tax gap” (the difference between the amount of taxes reported and what the government actually collects). Nowhere has this become more obvious than with the President’s 2013 budget request.  A recent article in OMB Watch entitled Obama Proposes Exempting IRS from Budget Caps, reports on the Administration’s request to have some IRS enforcement spending be “excluded” from budget
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Swiss Bank Wegelin Indicted for U.S. Tax Evasion

Saturday, February 4th, 2012

The latest chapter of the IRS versus the Swiss Banks, reveals U.S. Prosecutors taking on the oldest Swiss bank of them all: Wegelin & Co.,
An article in the Wall Street Journal entitled Swiss Bank Wegelin Indicted on U.S. Tax Charges, outlines the criminal charges filed by U.S. Prosecutors on February 2, 2012 against Wegelin & Co., Switzerland’s oldest bank (founded in 1741) alleging that Wegelin knowingly aided wealthy Americans in
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Offshore Tax Evaders Get Preferred IRS Help

Tuesday, January 24th, 2012

An article in Bloomberg entitled IRS Called Easy on Criminal Tax Evaders in Watchdog’s Critique outlines Nina Olson of the National Taxpayer Advocate’s concerns that intentional tax evaders get more IRS help than those who weren’t intending to hide money from the U.S. government. Olson warns that future IRS collection efforts could be jeopardized due to confusion over the treatment of accidental tax evaders.

The IRS sees
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Tax Cheats Warning: IRS is ‘Turning Up the Pressure’

Tuesday, January 17th, 2012

The head of the Internal Revenue Service described how the tax-collecting agency will place more pressure on tax cheats and companies that facilitate cheating. It’s time for tax cheats to worry.
The Internal Revenue Service is “turning up the pressure” on tax cheats.
Those were the exact words from IRS Commissioner Douglas H. Shulman when he spoke in December at the IRS/George Washington University 24th Annual Institute.
The IRS will direct much of the
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Offshore Tax Evasion by Diamond Merchant

Monday, December 19th, 2011

Richard Werdiger, a former client of Swiss bank UBS, was sentenced to one year and one day in prison for conspiring to defraud the Internal Revenue Service. He had hid more than $7.1 million at UBS and evaded nearly $400,000 of taxes.
Werdiger pleaded guilty in March 2011 and agreed to pay a civil penalty of more than $3.8 million for his failure to report his overseas accounts to the IRS.
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IRS Compliance Could Cost Big Banks Big Money

Wednesday, November 30th, 2011

As a certified tax resolution specialist, I have said it many times before; it never pays to hide from the IRS. Nowhere is that more apparent than with the government crackdown on off-shore tax evaders. The creation in 2010 of Foreign Account Tax Compliance Act (FATCA) set into motion serious U.S. efforts to combat tax evasion by U.S. taxpayers with investments in offshore accounts. Not only do FATCA regulations have
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Tax Shelters Spring a Leak-Offshore Tax Evaders Take Note

Monday, October 3rd, 2011

In less than a month after the voluntary offshore bank declaration amnesty deadline expired, the results are showing that tax collection efforts from once elusive off-shore account holders appears to be working. A recent Reuters News Article – America’s Rich Losing Tussle with Taxman dated September 30, revealed that since 2008, the IRS has been successful at cracking down on off-shore tax shelters and going after Swiss banks (initially) and
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