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Archive for category Tax

Madoff Victims Sues IRS for Tax Refund

The victims of Bernie Madoff lost billions of dollars. To lose that kind of money you first have to have money. And people who have money usually can afford lawyers. We have seen lawsuits against banks, accountants, hedge funds… anyone connected with Bernie Madoff Securities has probably been sued. The lawsuit brought by the estate [...]

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FATCA Leaves No Land Untouched

By Veronica Pamoukaghlian, Senior Journalist During the first half of 2015, 11 new countries have signed effective inter-governmental agreements (IGAs) with the US to reciprocally exchange information about offshore accounts. The new IGA signees include large financial markets like Qatar, South Korea, Colombia, and Iceland. Recently, the signature of an agreement with the Vatican made [...]

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Expatriates Face New Challenges as FATCA Kicks into Full Gear

By Veronica Pamoukaghlian, Senior Journalist By US law, taxation is dependent upon citizenship rather than residency. In spite of this, on migrating out of the US, many Americans assume that they do not have to keep paying US taxes. While there are certain foreign income exclusions that may apply, no matter where you live, if [...]

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The Limits of the Foreign Income Exclusion

By Veronica Pamoukaghlian, Senior Journalist If you are US taxpayer who lives and/or works abroad, the IRS considers your situation through an often convenient regulation called Foreign Income Exclusion. Basically, the exclusion applies if you are either a US citizen or a legal resident with a tax home in a foreign country and you have [...]

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Politician Indicted for Tax Evasion

Tennessee State Representative Joe Armstrong (D. Knoxville) travelled the state in 2007 advocating for an increase in the state’s cigarette tax. Armstrong said the increased tax revenues would be used to benefit education. According to a federal Grand Jury, Armstrong was the one who benefitted. Prosecutors say he purchased thousands of tax stamps at the [...]

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Alleged Tax Evader Loses Transfer Bid (FBAR Post)

Peter Canale is charged with conspiracy to defraud the IRS. The allegations date back to 1993. The indictment didn’t happen until 2014 and was filed in Manhattan. According to the Peter, that is when Peter and his brother Michael allegedly conspired to hide money they inherited from their deceased father. Last month Canale’s lawyer filed [...]

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Pope Helps IRS Crack Down on Tax Cheats – FATCA Post

Pope Francis has repeatedly said that evading taxes is stealing both from the government and the poor. Not one to shy away from controversy, Pope Francis approved an intergovernmental agreement with the U.S. Treasury that will allow the Vatican’s bank to comply with FATCA and disclose account information to the IRS. FATCA is short for [...]

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Drum Beat Continues – Two More Swiss Banks Settle (FATCA Post)

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. Yesterday Societe Generale Private Banking S.A. and Berner Kantonalbank AG became the newest banks to settle with the United States. Both Societe Generale and Berner Kantonalbank agreed to [...]

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FBAR Penalties of 100%? Unfortunately, It’s True

Imagine moving to the United States 20 years. As a recent college graduate with a degree in computer science, you begin a successful career in the U.S. Every year you take some of your income and send it “home.” Over the years, you build up a nice savings account of $250,000. A couple years ago [...]

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Not Even Royalty Safe from FATCA (Rothschild Bank AG and Banca Credinvest SA)

By Veronica Pamoukaghlian, Senior Journalist The IRS is sending a clear message these days: not even European royalty is safe from FATCA´s grip. This became apparent when Baron David de Rothschild, 72, a member of one the old continent´s oldest dynasties and chairman of the Rothschild Group, saw Rothschild Bank AG fined by the U.S. [...]

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