[Updated April 2020] The IRS has identified 10,000 tax return preparers who they say make too many errors. Errors that ultimately cost their clients money. The IRS plans to visit approximately 2,500 of those preparers over the next several months. Many people use professional tax preparers for their returns. Wealthier individuals often use CPAs while […]
IRS Whistleblower Post – Another Offshore Tax Scam Fails
[Post Updated March 2020to include a response from Mr. Cooley.] When will they learn? Otherwise educated, smart and very wealthy Americans continue to hide money offshore in an effort to evade taxes. And the U.S. Department of Justice and IRS Criminal Investigations Division continues to find and prosecute these folks. Whistleblowers who report these schemes […]
FBAR & Whistleblowers – IRS Hands Out $13.6 Million FBAR Whistleblower Reward
We haven’t written an IRS whistleblower reward post in several months. For years we advocated whistleblowers step forward and report tax cheats engaged in a wide variety of wrong doing including offshore tax violations. Because failure to file a Foreign Bank Account Report (FBAR) carries such huge penalties, the rewards in offshore reporting violations are […]
Drum Beat Continues – More Swiss Banks Settle (Whistleblower Post)
[Updated August 2019 – Important Information for Offshore Tax Evasion whistleblowers below.] As the government dramatically ramps up its efforts to ferret out unreported foreign accounts, reports of Swiss banks settling with the Justice Department become almost everyday news. When this post was first written, tow more Swiss banks, Societe Generale Private Banking S.A. and […]
The Long Arm of the IRS (Tax Evasion Post)
Uncle Sam has become quite adept at ferreting out foreign bank accounts. Get caught with an unreported offshore account and you could even wind up in prison. One man in Kentucky thought he could outsmart the IRS by hiding his money in a Swiss account. Today that man, Peter Canale, is awaiting his fate when […]
TARP Fraud Leads to Prison, $118 Million Restitution Order
Chutzpah is an ancient Yiddish word that roughly translates to “shameless audacity or “unmitigated gall.” It is also the term used by U.S. District Court Judge Naomi Reice Buchwald in sentencing Wilbur “Anthony” Huff to 12 years in prison. Huff was accused of defrauding over 1500 people out of more than $118 million. Along the […]
John Doe Summons Issued Regarding Sovereign Management
[Updated May 2019] The IRS is on the hunt again for unreported foreign bank accounts. Already quite adept at finding taxpayers with hidden or undisclosed accounts overseas, the IRS recently obtained permission from a federal judge to issue a John Doe summons to several companies. This time, the IRS will be seeking records of shipments […]
Accounting Malpractice and Tax Fraud Scheme Leads to Prison
A 54 year old accountant from Chagrin Falls, Ohio is headed to prison after being convicted of fraud and obstructing the IRS. Andrew Zelenkofske was sentenced to 36 months in prison. He must also serve an additional 3 years on supervised release once out of prison and pay almost $1 million in restitution. Prosecutors say […]
Christmas Wishes and the Look Ahead
Christmas in Manhattan! After a busy week meeting with whistleblowers, prosecutors and other lawyers, today is a day to relax and reflect and New York City is the perfect place. Although the battle against fraud never stops, as individuals we all should pause to reflect on the blessings of the past year and think about […]
FBAR Reporting and Accounting Malpractice
Back in January, we posted a piece directed at practitioners – accountants and enrolled agents – on their FBAR reporting responsibilities. Since that post, we continue to hear from taxpayers who claim their preparer failed to file FBARs and failed to report their foreign accounts. When the IRS assesses huge penalties, the taxpayer’s first stop is usually […]
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