Tax Evasion

Taxpayers who have tried to hide some of their assets in overseas bank accounts currently have two options: voluntarily reveal these accounts to the IRS via the Offshore Voluntary Disclosure Program, or face prosecution. The first OVDP began in March 2009 as a way of giving taxpayers the chance to avoid legal problems, while also […]

Even if he or she does his or her best to be careful, a business owner in Washington, D.C. may someday find themselves accused by the IRS of employment tax evasion. The agency is aggressive in pursuing businesses it accuses of failing to pay the appropriate amount of employment tax. According to the IRS, there […]

Having to deal with the Internal Revenue Service on your own is probably something that you really don’t relish. When you are dealing with the IRS because of a criminal investigation, the horror of dealing with the government tax agency alone is amplified. It is at that point that keeping your interests secured and knowing […]

There is no doubt that tax evasion can be severely punished. If you are lucky, a tax evasion conviction will result in only fines and penalties. If you are unlikely, it could mean time behind bars. In a recent tax evasion case involving two brothers, the Securities and Exchange Commission is trying to send a […]

It seems that just about anyone can get into tax trouble, including religious leaders. Late this July, a prominent Rabbi involved in a number of charitable organizations was convicted on charges of tax evasion. As it turns out, many of the charitable endeavors operated by the Rabbi were actually ghost entities. In a guilty plea, […]

If you are an American citizen, you must file a U.S. tax return, even if you live abroad and keep all your money overseas. If you are a U.S. citizen living in American, you must inform the IRS of any foreign accounts. Despite these requirements, foreign assets often go overlooked by the IRS — for […]

The tax information swapping network being created by FATCA, the Foreign Account Tax Compliance Act, took a big leap forward this week. The U.S. Treasury Department announced today that nearly 50 countries are now officially listed as “in compliance” with the law. More are expected to be added as the months of 2014 progress. FATCA […]

The federal law known as the Foreign Account Tax Compliance Act, or FATCA, doesn’t take effect until July, but some bankers in the U.S. say it’s already costing their industry some significant dollars. They also say the law threatens to hurt foreign investment in the country, so they’re waging a legal fight to try to […]

Not all criminal investigations by the Internal Revenue Service wind up in criminal prosecution. The processes that the IRS follows for pursuing the case can involve many twists and turns. All of that can take time and each step may provide opportunities for limiting exposure to prosecutorial action. An experienced tax attorney’s help can be […]

Officials tasked with implementation of the U.S. Foreign Account Tax Compliance Act appear to be making solid headway in their efforts to get other nations aligned with the requirements. Treasury Department officials recently confirmed they have reached agreements with 12 governments. Bloomberg also reports they also have agreements in substance with 17 other foreign governments […]