A recent publication in the New York Times has led to some questions about alleged wrongdoing by the Trump family. The wrongdoings center on allegations of tax fraud and have raised a number of questions throughout the country.
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.
Former campaign chair manager for President Donald Trump, Paul Manafort, is currently facing criminal charges. The charges, which include tax evasion, can come with serious criminal penalties. These penalties can include very high monetary fines and potential imprisonment. In this case, Mr. Manafort faces a sentence of lifetime imprisonment.
The Department of Justice recently indicted five individuals for obstruction of the Internal Revenue Service’s (IRS) administration of the Foreign Account Tax Compliance Act (FATCA). These individuals allegedly agreed to open offshore accounts without collecting required FATCA information. The agency accuses these individuals of scheming to evade reporting requirements.
The Report of Foreign Bank and Financial Accounts (FBAR) is generally required for United States citizens and residents that have an interest in foreign accounts. A failure to properly report these assets can result in fees and other penalties, including imprisonment.
The Swiss insurance industry is now under close scrutiny by the United States Department of Justice (DOJ). One insurance provider in the nation, Swiss Life, recently announced that it is under investigation by the DOJ.
In some cases, those who conduct certain qualifying transactions using a foreign trust, those who own a foreign trust or those who receive a gift or bequest from a foreign person must file special tax documentation. It is important to make sure these dealings are in compliance with tax laws, or else harsh penalties can apply.
The Internal Revenue Service (IRS) is not relaxing its crackdown on the proper taxation of foreign financial accounts. Part of the agency’s efforts include requiring foreign financial institutions (FFIs) to provide the agency with information about persons from the United States that hold accounts within their institutions.