Credit Suisse Group, the second largest bank in Switzerland, announced last Tuesday, November 8 that it was handing over to the IRS the names of offshore bank account holders suspected of tax evasion. Credit Suisse, (the second Swiss bank in the last two years) caved under IRS pressure to collect from financial institutions signifying, quite possibly, the beginning of the end of tax shelters.
Given the aggressive nature of US tax
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The end is near for U.S. taxpayers who are using the world’s most famous tax haven to shield assets and avoid paying Uncle Sam his due.  If you have an offshore account where you’ve been evading taxes, you should be worried!  Did you know that the IRS is offering an extension to the voluntary disclosure program to come clean about undeclared income?
By Michael Rozbruch
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In one of the latest — and
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In a high-profile Tax Day press conference, President Obama announced an even more aggressive war on tax cheats. Now, the IRS is planning the assault.
By Michael Rozbruch
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It was only a couple of months ago that President Barack Obama, still freshly inaugurated, stood in the White House and announced his plan to go after — and go after aggressively — tax cheats, no matter where they hide their money.
His plan focused
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The president outlines a plan to work with overseas banks and target tax cheats. He also wants to hire 800 new IRS agents to hunt down those not complying.
By Michael Rozbruch
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Just months into office, President Barack Obama has publicly announced the targets of his administrations.
Worldwide terrorist networks?
Check.
Guantanamo Bay?
Check.
Carbon emissions?
Check.
Tax cheats?
Che— Say what?!
That’s right. Among President Obama’s high-value targets are tax cheats who hide money in overseas bank accounts. On May
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Though slightly down from 2007, tax enforcement number in 2008 were among the highest in a decade.
By Michael Rozbruch
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The large number of tax evasion and audit cases you’re hearing about today isn’t a symptom of yellow journalism.
In fact, the fiscal-year 2008 tax enforcement numbers released by the Internal Revenue Service are among the highest in a decade.
In fiscal-year 2008, the IRS collected $56.4 billion through collection, examination and document-matching efforts.
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A financial services consultant based in Memphis pleaded guilty in New York to conspiracy to defraud the IRS in connection with tax shelters marketed by the accounting firm Ernst & Young.
According to the information filed in Manhattan federal court and statements made during the guilty plea, 46-year-old Charles Bolton, from 1998 to 2002, was involved with an E&Y group, known initially as “VIPER” for “Value Ideas Produce Extraordinary Results,” and
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Three men were convicted following a ten-week jury trial in Manhattan that addressed the design, marketing and implementation of tax shelters.
John Larson, 57, a former senior manager at KPMG, and Robert Pfaff, 58, a former partner at KPMG, were the founders of Presidio Advisory Services, which purported to be an “investment advisor” for various tax shelter products. R.J. Ruble, 63, was a partner at the law firm of Brown &
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Brazilian race-car driver and “Dancing with the Stars” winner Helio Castroneves faces a tax-evasion trial in March 2009 in a Miami federal courtroom.
Castroneves, 33, a two-time winner of the Indianapolis 500, pleaded not guilty in October and is free on $10 million bail.
Federal prosecutors charged the driver-turned-dancer with one count of conspiracy and six counts of tax evasion, alleging he failed to report $5.5 million in income from 1999 to
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A majority of companies suspected of participating in LILO and SILO transactions agree to make nice with Uncle Sam.
By Michael Rozbruch
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The Internal Revenue Service’s aggressive tax compliance and enforcement initiatives continue.
The U.S. tax-collecting agency announced it has received settlement agreements from more than two-thirds of American corporations suspected of participating in arrangements that pushed away income tax obligations for many years.
These arrangements, known Lease-In/Lease-Out (LILO) and Sale-in/Sale-Out (SILO) transactions, are
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Arnold & Porter the latest to be effected in IRS’s continued push against tax cheats and tax shelters as the government continues to press on.
By Michael Rozbruch
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The onslaught continues.
The Internal Revenue Service’s latest victim: Arnold & Porter, an international law firm and a heavyweight in the corporate world.
The IRS reached a settlement agreement with Arnold & Porter in September which required the law firm to pay a civil tax promoter
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A federal grand jury in Grand Rapids, Mich., returned a five-count indictment charging three tax shelter promoters with conspiring to promote, market and sell fraudulent tax shelters over a 10-year period. Two of the promoters were also charged with the attempted income tax evasion of a Michigan client, who purchased the fraudulent tax shelter.
According to the indictments, beginning in 1995 Peter J. Peggs of Prides Crossing, Mass., and Robert D.
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