Posts tagged "Tax Evasion"

Taxing illegal income: Long after Al Capone, charges still occur

It's been 85 years since the IRS took down Al Capone. Other law enforcement agencies had sought to prosecute the famed gangster for murder, extortion and host of other crimes. But it was the IRS that put him in prison, on a charge of tax evasion.After so long, the Capone case might seem as if it has passed into legend. But prosecutions for willful intent to evade taxes on illegally obtained income still occur.In this post, we will inform you about one of them.

Panama Papers fallout, part 2: impact on U.S. taxpayers

Let's continue our discussion of the consequences of the disclosure last spring of a massive series of documents on foreign tax shelters known as the Panama Papers. The documents cast a harsh light on tax avoidance or evasion strategies used by the very rich.

Panama Papers fallout, part 1: Europeans open official inquiry

The so-called Panama Papers are voluminous files of information from a law firm in Panama that engaged in helping foreign clients avoid or evade taxes with dubious or even illegal shelters. Their publication last spring had immediate and wide-ranging effects around the world, including a new U.S. role on verification of the identities of offshore companies.

Offshore net still entangling taxpayers: a Q & A on the OVDP

The IRS's stepped-up enforcement campaign on offshore account disclosure has been going on for years now. Combined with the rollout of the Foreign Account Tax Compliance Act, it has put great pressure on taxpayers with offshore holding as well as foreign financial institutions.

Common Reporting Standard, Part 2: How does it affect the U.S.?

Let's continue the discussion we began last week about the creation of a common reporting standard (CRS) for revenue agencies around the world to exchange information about tax compliance.The CRS won't take formal effect until September 2017.  But more than 100 counties have already agreed to participate.In this part of the post, we will discuss the U.S. position on CRS and how CRS relates to U.S.'s own sweeping law on preventing international tax evasion, the Foreign Account Tax Compliance Act (FATCA).  

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