Category Archives: TAX CRIMES

ARE OFFSHORE CHEATS GETTING OFF TOO EASY?

A recent Wall Street Journal Article, “Leniency for Offshore Cheats,” by Laura Saunders cited statistics that reveal a discrepancy between sentences handed down in offshore cases versus those dolled out in tax shelter criminal cases.  The article reports: The average … Continue reading

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THEY’LL SING NO MORE IN SINGAPORE

Tax cheats holding unreported offshore money in Singapore’s huge financial center will soon either sing no more or sing a sadder tune.  For as many Swiss banking clients were dumped by their bankers facing a new stricter global anti-tax evasion … Continue reading

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“LISTEN, DO YOU WANT TO KNOW A SECRET?”

The Beatles sang in the 1960s of sharing secrets and promising not to tell.  In an age of  prying governments with big eyes and long arms, malicious internet hackers, of snoopers panting to expose, and whistle-blowers coveting gain, what reality remains in these naïve expectations?  The … Continue reading

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IRS TO GET MORE EASY PICKINGS OF OFFSHORE FRUIT

Two high level IRS Criminal Investigation (CI) officials participated an American Bar Association, Tax Section, Webinar, “Criminal Tax Enforcement Hot Topics: The IRS Perspective,” (March 20, 2013).  Edward “Ted” Cronin is the Division Counsel/ Associates Chief Counsel (Criminal Tax) … Continue reading

Posted in 2012 OVDP, AMENDED RETURNS, COMPLIANCE, DELINQUENT RETURN, FBARS, NEW OVDP, TAX, TAX CRIMES, TAX INFORMATION EXCHANGE AGREEMENTS, UNFILED RETURNS, VOLUNTARY DISCLOSURE | Tagged , , , , , , , | Leave a comment

OFFSHORE VOLUNTARY DISCLOSURE UPDATE – JANUARY 2013

LEVEL OF PARTICIPATION IN PROGRAMS On June 26, 2012 the IRS had released IR-2012-64, which stated:  Shulman (IRS Commissioner Doug Shulman) said the IRS offshore voluntary disclosure programs have so far resulted in the collection of more than $5 billion … Continue reading

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FLANAGAN’S RESTAURANT OWNER WHO USED TWO SETS OF BOOKS TO UNDER-REPORT GROSS RECEIPTS WAS TRIPPED UP BY A FACT-SHEET USED TO BROKER SALE OF THE BUSINESS

 The dilemma faced by business owners who cheat on taxes: They don’t want to pay tax based on their true gross receipts but they want to be paid full price when they sell the business.  What to do? Flanagan’s Restaurants … Continue reading

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COMPELLED TO SELF-INCRIMINATE: EROSION OF THE FIFTH AMENDMENT’S PROTECTION FOR PERSONAL FOREIGN BANKING RECORDS REQUIRED TO BE KEPT UNDER BANK SECRECY ACT REGULATIONS

Many legal scholars on both sides of the Obamacare debate have voiced concern about Chief Justice Roberts’ opinion in the Supreme Court’s decision on the Patient Protection and Affordable Care Act, specifically upholding the Act based on Congress’ power to … Continue reading

Posted in FBARS, TAX, TAX CRIMES, Uncategorized, UNFILED RETURNS, VOLUNTARY DISCLOSURE | Tagged , , , , , , , , , , , , , , , | Leave a comment