The Internal Revenue Service (IRS) continues its crackdown on the failure to report foreign assets. A recent case provides an example. In this case, the IRS has accused a chiropractor of tax evasion.
The United States government has convicted a former chief business officer and chief executive officer of an off-shore bank with locations in Budapest, Hungary, St. Vincent and the Grenadines for a failure to comply with the United States’ Foreign Account Tax Compliance Act (FATCA).
The Internal Revenue Service (IRS) does not take allegations of tax evasion lightly. The agency suspects a taxpayer has committed this crime, it will investigate and pursue charges. A recent case provides an example.
The use of art to evade tax obligations is not a novel concept. As such, it is not uncommon for those who deal and purchase art to find themselves the subject of a tax evasion investigation.
The Danish government is looking to hold bank executives accountable for illegal use of offshore accounts, according to a recent report by Bloomberg. The push is the result of Danish lenders becoming a hub for money launders.
In a major ruling last June, the U.S. Supreme Court upheld the authority of states to impose sales tax on online transactions. The Court said such taxation is permissible even if a company does not have a physical presence in a state.