Trending Tax Topics
What’s New in Tax

news & insights

Accounting Firm Admits Criminal Wrongdoing in Connection with Fraudulent Tax Shelter Scheme that Generated at Least $6.5 Billion in Phony Tax Losses Preet Bharara, the United States Attorney for the Southern District of New York, Douglas H. Shulman, the Commissioner of the Internal Revenue Service (“IRS”), and John A. DiCicco, the Principal Deputy Assistant Attorney […]

Read More

Big news from the Offer and Compromise (OIC) front. On May 21, the IRS announced more flexible terms to help a greater number of struggling taxpayers make a “Fresh Start” with their tax liabilities. This phase of Fresh Start will assist some taxpayers who have faced the most financial hardship in recent years, said IRS […]

Read More

In a Tax Notes Today report of statements made at the Eastern Pennsylvania Working Together Conference in Malvern, PA, Jason Kuratnick, IRS Associate Area Counsel (Philadelphia), Small Business/Self-Employed Division is reported to have said. The IRS may send a warning letter in lieu of asserting penalties for failure to file a Form TD F 90-22.1, […]

Read More

Switzerland’s oldest bank was indicted back on February 02, 2012 for conspiring with U.S. taxpayers and others to hide more than $1.2 billion in secret offshore foreign banks and financial accounts and the income they generated from the IRS. It was the first time in history that an overseas bank was indicted by the United […]

Read More

The IRS continues to pursue undisclosed offshore bank accounts aggressively. Although the IRS started with taxpayers hiding money with UBS in Switzerland as outlined below, they have quickly moved to other Swiss banks. UBS (Union Bank of Switzerland) Clients Jan. 30, 2012 — Stephen M. Kerr, Michael Quiel and Christopher M. Rusch were charged in […]

Read More

Yesterday, a federal grand jury in San Jose, California, indicted Ashvin Desai of San Jose on three counts of tax evasion on $1.3 million in unreported interest income, two counts of willfully aiding the preparation of materially false tax returns and three counts of failing to file Reports of Foreign Bank and Financial Accounts (FBARs), […]

Read More

According to an exclusive report by Reuters, U.S. authorities are focusing on Bank Hapoalim, Bank Leumi, and Mizrahi-Tefahot. The three Israeli banks have Swiss outposts and were sent a letter dated August 31, 2011 from Deputy Attorney James Cole of the DOJ giving them until September 23, 2011 to produce broad statistical information on their […]

Read More