Category Archives: Tax Evasion

Last week, ProPublica dropped a billionaire bombshell revealing that America’s ultra-wealthy have a true federal income tax rate of only 3.4%.

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Last week, Internal Revenue Service Commissioner Charles Rettig told law makers that the tax gap could be well above $1 trillion and increase to an estimated $7.5 trillion over the next decade.

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Examination of the differences between criminal and civil tax penalties, detailing specific penalties that can be handed down by the IRS for various infractions, and how different defenses for differing cases can be beneficial for defendants.

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If you have foreign assets and/or accounts, you need to be aware of reporting requirements under the Foreign Account Tax Compliance Act (FATCA).

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The IRS is ending its Offshore Voluntary Disclosure Program (OVDP), which means that the last chance to take advantage of this hugely beneficial amnesty program is rapidly approaching.

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If you hold foreign assets or earn money overseas, it’s critical that you are aware of your FBAR obligations. Learn more about how to protect yourself in the event of an FBAR audit.

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In an increasingly connected economy, it’s important that private citizens and business owners tread carefully with tax implications both at home and abroad.

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Credit Suisse testifies before Senate about secret Swiss bank accounts and plans to provide more names to IRS. As the United States Department of Justice closes in on its search through FATCA for US taxpayers who hid their funds to avoid tax liability, several international banks and their employees have been charged with aiding these […]

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In September 2013, Beanie Babies creator Ty Warner was in the news for evading taxes through offshore Swiss accounts. In October, Warner pleaded guilty to tax evasion; in January, he was sentenced in U.S. District Court to Chicago to 2 years’ probation and a minimum of 500 hours of community service. Warner also faces a […]

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U.S. bank authorities are actively seeking to find and charge American taxpayers who are suspected of tax evasion by hiding assets and income in foreign bank accounts. Their newest efforts involve authorizing special summonses in order to gather information of American tax evaders of Switzerland’s Zurcher Kantonalbank and Bermuda’s N.T. Butterfield & Son. Even though […]

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