by Brian Mahany (reprinted with permission from MahanyLaw.com)
Government tax authorities asking banks and credit card companies for information on foreign account holders is hardly news these days. The I.R.S. does it, so do Germany, Britain and many other countries. Officials want to know when their citizens transfer wealth overseas or open foreign accounts. Generally the …
by Brian Mahany
(reprinted from our sister firm, MahanyLaw’s blog. www.mahanylaw.com)
In January I wrote a piece titled “Do You Know Who Is Handling Your Money?” That piece discussed how TV star Willie Adams (star of reality television show “Broke and Famous”) was now licensed to be a financial planner. Willie isn’t alone.
The newest entrant in my …
How Stupid Can They Get? Plenty Stupid!
(A discussion of fraudulent conveyances)
by Brian Mahany
(Reprinted from our sister firm’s blog, MahanyLaw, www.mahanylaw.com)
It was inevitable - massive fraud in the government’s bailout program from 2008. The U.S. Troubled Assets Relief Program (or “TARP”) had it’s first major arrest. Charles Antonucci, former head of New York’s Park Avenue Bank, …
by Brian Mahany
The term “clawback” is relatively new. In fact, you won’t find it in most dictionaries and even the on-line Wiktionary is quite vague in its definition; “Any recovery of a performance related payment based on discovery that the performance was not genuine.” But ask the victim or former investor of Bernie Madoff or …
by Brian Mahany
This tasty tidbit comes from published reports in the National Law Journal - Bimbo Bakeries USA is suing a former employee who took a job at rival Hostess Brands. Why? Because he is one a few people in the world who know the recipe for Thomas’ English Muffins.
What makes this case unique is …
Tax Authorities Resort to Illegal Bribes to Get Information
by Brian Mahany
Last summer I discussed the how the German government bribed a Liechtenstein bank employee to obtain confidential tax information - the names and addresses of German account holders with accounts at LGT Bank. What many did not know, however, was that Germany then apparently shared …
By Brian Mahany
The concept of fining people for taking frivolous tax positions sounds pretty good at first. The California Franchise Tax Board announced it was going to fine taxpayers $5000 per offense for those who make “frivolous” arguments or attempt to “delay or impede the administration” of tax laws. The problem, of course, is allowing …
by Brian Mahany
Recently, I represented an individual who was criminally charged by the IRS for fraudulent tax returns. Although we achieved a great result for the client, his attempt to deduct his wife’s breast enlargement surgery was rejected by the court. It turns out, however, that removal of one’s penis is tax deductible. Why the …
By Brian Mahany
Every year at election time someone jokes about “voting early and often.” Those jokes often refer to Chicago politicians and stories of dead people voting two or three times. For this story we head west to California where two men have been indicted for filing 250 refund returns, all fraudulent and all for …