Going through an inheritance after a loved one dies is a difficult and emotional time. In addition to the emotional turmoil, those who are left behind must also deal with the logistics that come with the estate.
On June 18, 2019, Virginia Governor Northam and the Virginia Department of Taxation released an important reminder to taxpayers, who still haven't filed individual income taxes, that returns must filed by midnight on July 1, 2019, to qualify for the Tax Relief Refund. Virginia implemented the Tax Relief Refund in response to the federal Tax Cuts and Jobs Act. Per the Tax Relief Refund, individual filers could receive up to $110, while married couples filing joint returns could receive up to $220. The release emphasized that the refund must not exceed the taxpayer's liability, and checks must be mailed out by Oct. 15, 2019. Finally, the release indicated some factors that can reduce the tax relief refund, including: (1) the Virginia Department of Taxation will withhold all or part of the refund and apply it to the taxpayer's outstanding Virginia state tax liabilities, and (2) the Virginia Department of Taxation will withhold all or part of the refund to help pay a taxpayer's delinquent liabilities with the Virginia local governments, courts or other state agencies, or the IRS.
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.