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Archive for category Tax

High Roller Developer Convicted of Tax Evasion

Ah the good life… private airplane, two homes in Palm Springs, a $6 million penthouse in Bellevue, Washington, expensive artwork, country club memberships, thoroughbred horse racing and even a butler. Sounds pretty amazing, but tonight, Seattle developer Thomas Hazelrigg III is a convicted felon and faces 10 years in prison. Last week a federal jury [...]

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No Time Limit for FBAR Audits?

The general rule for tax audits is 3 years. If the IRS wants to audit your tax return, they have just 3 years to do so. If you understate your income by 25% or more, however, the IRS gets 6 years. Fail to report offshore income or fail to file an FBAR and the rules [...]

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Children and FBAR Reporting

The end of the year is quickly approaching. Although foreign bank accounts don’t have to be reported for a few more months, the year end is a good time to start getting one’s financial house in order. (FBAR reports are generally due on June 30th.) Earlier this summer, the Treasury Department clarified the FBAR filing [...]

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Moonlighting Police Chief in Tax Fraud Beef

The recently retired police chief of Oregon, Wisconsin has been charged with tax fraud after allegedly failing to report income earned while moonlighting at an area club. The charges were brought by the Wisconsin Department of Revenue. According to a criminal complaint filed in Madison, Wisconsin, retired chief Douglas Pettit failed to disclose $14,000 of [...]

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Feds Accuse Deutsche Bank of Abusive Tax Shelter

The IRS and Justice Department have filed a civil suit against Deutsche Bank seeking to collect $190 million in taxes. The government accuses the German bank of using shell companies in a complex abusive tax shelter scheme. The lawsuit comes on the heels of $554 million criminal penalty paid by the bank in 2010. That [...]

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Restaurant Owner Headed to Prison for False Tax Returns

A federal judge in Madison, Wisconsin sentenced a 62 year old restaurant owner to prison for 1 year after finding that Rennell West filed 5 years of false tax returns. According to court records, West owned the Family Affair Restaurant in Friendship, Wisconsin. As business soured, West began skimming cash and not reporting the income [...]

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IRS Guidance on “Willful” FBAR Penalties

U.S. taxpayers with financial accounts opened outside the United States are generally required to disclose these accounts to the IRS. Reporting is done on a Report of Foreign Bank and Financial Accounts (FBAR) and on Schedule B of the income tax return. Because FBAR forms are technically a Treasury Department function, the penalties laws are [...]

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Crooked Chiro Gets Prison for Tax Evasion

After being convicted by a federal jury earlier this year, a Neptune, New Jersey chiropractor was sentenced to 54 months in a federal prison. When he is released, he must serve an additional 5 years on supervised release. Jurors convicted David Moleski in February of 3 counts of submitting false tax returns, 1 count of [...]

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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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Will The Cayman Islands Honor FATCA?

The Cayman Islands was one of the first countries that agreed to FATCA, the Foreign Account Tax Compliance Act. A recent spat between the Cayman Islands and Australia, however, has us wondering if the Caymans will actually enforce the law in the years to come. FATCA is a 2010 law designed to reduce tax evasion [...]

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